Published on 12/29/2019 in the Prospect News Structured Products Daily.
New Issue: CIBC prices $1.53 million contingent coupon autocallable notes on stocks
Chicago, Dec. 30 – Canadian Imperial Bank of Commerce priced $1.53 million of contingent coupon autocallable notes due Dec. 29, 2020 linked to the lowest performing of the stocks of Amazon.com, Inc., Boeing Co, Stryker Corp. and Walgreens Boots Alliance, Inc., according to a 424B3 filing with the Securities and Exchange Commission.
The notes will pay a contingent quarterly coupon at an annual rate of 11% if each stock closes at or above its 60% coupon barrier on the observation date for that quarter.
The notes will be called at par plus the contingent coupon if each stock closes at or above its initial level on June 23, 2020 or Sept. 23, 2020.
The payout at maturity will be par plus the coupon unless any underlying stock finishes below its 60% principal barrier price, in which case investors will be fully exposed to the losses of the worst performing stock.
CIBC World Markets Corp. is the agent.
| Issuer: | Canadian Imperial Bank of Commerce
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| Issue: | Contingent coupon autocallable notes
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| Underlying stocks: | Amazon.com, Inc., Boeing Co, Stryker Corp. and Walgreens Boots Alliance, Inc.
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| Amount: | $1,528,000
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| Maturity: | Dec. 29, 2020
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| Coupon: | 11% annualized, payable quarterly if each index closes at or above 60% coupon barrier on observation date for that quarter
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| Price: | Par
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| Payout at maturity: | Par plus coupon unless any stock finishes below barrier, in which full exposure to losses of worst performing stock
|
| Call: | At par if each index closes at or above initial level on June 23, 2020 or Sept. 23, 2020
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| Initial levels: | $1,793.00 for Amazon, $337.55 for Boeing, $212.54 for Stryker and $58.57 for Walgreens
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| Barrier levels: | $1,075.80 for Amazon, $202.53 for Boeing, $127.52 for Stryker and $35.14 for Walgreens, 60% of initial levels
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| Pricing date: | Dec. 23
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| Settlement date: | Dec. 27
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| Agents: | CIBC World Markets Corp.
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| Fees: | 1%
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| Cusip: | 13605WUZ2
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