Published on 2/9/2021 in the Prospect News Structured Products Daily.
New Issue: CIBC sells $5.25 million contingent coupon autocallable notes on indexes, ETF
By Wendy Van Sickle
Columbus, Ohio, Feb. 9 – Canadian Imperial Bank of Commerce priced $5.25 million of contingent coupon autocallable yield notes due Aug. 3, 2023 linked to the worst performing of the S&P 500 Index, the Russell 2000 Index and the SPDR Dow Jones Industrial Average ETF, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a monthly coupon at an annualized rate of 15.204% if each asset closes at or above its barrier level, 70% of its initial level, on a related observation date.
The notes will be called at par plus the coupon if each asset closes above its initial level on any monthly autocall observation date.
The payout at maturity will be par plus any coupon due unless any asset finishes below its 65% principal barrier level, in which case investors will be fully exposed to any losses of the least-performing asset.
CIBC World Markets Corp. is the agent.
Issuer: | Canadian Imperial Bank of Commerce
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Issue: | Contingent coupon autocallable yield notes
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Underlying assets: | S&P 500 Index, Russell 2000 Index and SPDR Dow Jones Industrial Average ETF
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Amount: | $5,248,000
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Maturity: | Aug. 3, 2023
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Coupon: | 15.204% per year, payable monthly if each asset closes at or above its coupon barrier level on observation date
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Price: | Par
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Payout at maturity: | Par plus any coupon due unless any asset finishes below principal barrier level, in which case full exposure to any losses of the least-performing asset
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Call: | At par plus coupon if each asset closes above initial level on any monthly autocall observation date
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Initial levels: | 3,787.38 for S&P, 2,106.609 for Russell, $306.07 for ETF
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Coupon barrier levels: | 2,651.17 for S&P, 1,474.626 for Russell, $214.25 for ETF; 70% of initial levels
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Principal barrier levels: | 2,461.8 for S&P, 1,369.296 for Russell, $198.95 for ETF; 65% of initial levels
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Pricing date: | Jan. 29
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Settlement date: | Feb. 3
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Agent: | CIBC World Markets Corp.
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Fees: | 0.5%
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Cusip: | 13605WV99
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