Published on 5/11/2022 in the Prospect News Structured Products Daily.
New Issue: CIBC sells $605,000 market-linked autocalls with contingent downside on Gold Miners
Chicago, May 11 – Canadian Imperial Bank of Commerce priced $605,000 of 0% market-linked securities due Oct. 6, 2025 – autocallable with fixed percentage buffered downside linked to the performance of the VanEck Vectors Gold Miners ETF, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will be called at par plus an annualized call premium of 7.7% if the ETF closes at or above the initial level on any annual observation date.
If the notes are not called, the payout at maturity will be par unless the ETF finishes below its 90% downside threshold, in which case investors will be exposed to the losses of the ETF beyond the 10% buffer.
Wells Fargo Securities, LLC is the agent.
Issuer: | Canadian Imperial Bank of Commerce
|
Issue: | Market linked securities – autocallable with fixed percentage buffered downside
|
Underlying ETF: | VanEck Vectors Gold Miners ETF
|
Amount: | $605,000
|
Maturity: | Oct. 6, 2025
|
Coupon: | 0%
|
Price: | Par
|
Payout at maturity: | If not called, par unless ETF falls by more than 10%, in which case 1% loss per 1% decline of ETF beyond buffer
|
Call: | At par plus 7.7% per year if the ETF closes at or above its initial level on any annual observation date
|
Initial levels: | $29.47
|
Downside threshold: | $26.523; 90% of initial levels
|
Pricing date: | Sept. 30, 2021
|
Settlement date: | Oct. 5, 2021
|
Agent: | Wells Fargo Securities, LLC
|
Fees: | 2.925%
|
Cusip: | 13605W6J5
|
|
© 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.