Published on 8/1/2017 in the Prospect News Structured Products Daily.
New Issue: CIBC prices $3.00 million contingent coupon autocallables on gold, oil & gas ETFs
By Marisa Wong
Morgantown, W.Va., Aug. 1 – Canadian Imperial Bank of Commerce priced $3,001,000 of contingent coupon autocallable notes due July 31, 2021 linked to the worse performing of the VanEck Vectors Gold Miners exchange-traded fund and the SPDR S&P Oil & Gas Exploration & Production ETF, according to a 424B3 filing with the Securities and Exchange Commission.
The notes will pay a contingent semiannual coupon at an annual rate of 12% if each fund closes at or above its 60% coupon barrier on the observation date for that period.
The notes will be called at par if each fund closes at or above its initial price on any valuation date other than the final one.
The payout at maturity will be par plus the contingent coupon unless either fund finishes below its 60% barrier level, in which case investors will be fully exposed to the decline of the worse performing fund.
Janney Montgomery Scott is the underwriter.
| Issuer: | Canadian Imperial Bank of Commerce
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| Issue: | Contingent coupon autocallable notes
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| Underlying ETFs: | VanEck Vectors Gold Miners ETF, SPDR S&P Oil & Gas Exploration & Production ETF
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| Amount: | $3,001,000
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| Maturity: | July 31, 2021
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| Coupon: | 12%, payable semiannually if each fund closes at or above its coupon barrier on the observation date for that semiannual period
|
| Price: | Par
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| Payout at maturity: | Par plus the contingent coupon unless either fund finishes below its barrier level, in which case investors will be fully exposed to the decline of the worse performing fund
|
| Call: | At par if each fund closes at or above its initial price on any valuation date other than the final one
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| Initial prices: | $22.84 for gold ETF, $32.58 for oil ETF
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| Coupon barriers: | $13.704 for gold ETF, $19.548 for oil ETF; 60% of initial prices
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| Barrier levels: | $13.704 for gold ETF, $19.548 for oil ETF; 60% of initial prices
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| Pricing date: | July 26
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| Settlement date: | July 31
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| Underwriter: | Janney Montgomery Scott
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| Fees: | 3.75%
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| Cusip: | 13605WEC1
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