Published on 3/16/2020 in the Prospect News Structured Products Daily.
New Issue: CIBC prices $3.1 million contingent coupon autocallable notes on energy stocks
By Kiku Steinfeld
Chicago, March 16 – Canadian Imperial Bank of Commerce priced $3.1 million of contingent coupon autocallable notes March 11, 2026 linked to the lowest performing of the common stocks of ConocoPhillips, Chevron Corp. and Exxon Mobil Corp., according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent quarterly coupon at an annual rate of 16% 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 any coupon observation date.
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
|
| Issue: | Contingent coupon autocallable notes
|
| Underlying stocks: | ConocoPhillips, Chevron Corp. and Exxon Mobil Corp.
|
| Amount: | $3,102,000
|
| Maturity: | March 11, 2026
|
| Coupon: | 16% annualized, payable quarterly if each index closes at or above 60% coupon barrier on observation date for that quarter
|
| Price: | Par
|
| 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 plus coupon if each index closes at or above initial level on any coupon observation date
|
| Initial levels: | $45.33 for ConocoPhillips, $95.32 for Chevron, $47.69 for Exxon Mobile
|
| Barrier levels: | $27.20 for ConocoPhillips, $57.19 for Chevron, $28.61 for Exxon Mobile, 60% of initial levels
|
| Pricing date: | March 6
|
| Settlement date: | March 11
|
| Agents: | CIBC World Markets Corp.
|
| Fees: | 0.25%
|
| Cusip: | 13605WWP2
|
|
|
|
|
|
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
