Published on 7/15/2021 in the Prospect News Structured Products Daily.
New Issue: CIBC sells $942,000 contingent market-linked autocalls on three SPDR funds
By William Gullotti
Buffalo, N.Y., July 15 – Canadian Imperial Bank of Commerce priced $942,000 of market-linked securities due Nov. 29, 2023 – autocallable with contingent coupon and contingent downside linked to the least performing of the SPDR S&P Regional Banking ETF, the SPDR S&P Biotech ETF and the Technology Select Sector SPDR Fund, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent quarterly coupon at an annual rate of 10.5% if each fund closes at or above its 70% coupon threshold on the observation date for that period.
The notes will be called at par plus coupon if each fund closes at or above its initial level on any quarterly observation date after six months.
The payout at maturity will be par unless any fund finishes below its 70% downside threshold, in which case the payout will be par plus the return of the worst performing fund with full exposure to any losses.
Wells Fargo Securities, LLC is the agent.
Issuer: | Canadian Imperial Bank of Commerce
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Issue: | Market linked securities – autocallable with contingent coupon and contingent downside
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Underlying funds: | SPDR S&P Regional Banking ETF, SPDR S&P Biotech ETF, Technology Select Sector SPDR Fund
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Amount: | $942,000
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Maturity: | Nov. 29, 2023
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Coupon: | 10.5% annualized, payable quarterly if each fund closes at or above coupon threshold on observation date for that period
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Price: | Par
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Payout at maturity: | Par unless any fund falls by more than 30%, in which case 1% loss per 1% decline of the worst performing fund from its initial level
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Call: | At par plus coupon if each fund closes at or above its initial level on any interest payment date after six months
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Initial levels: | $70.72 for Banking, $128.59 for Biotech, $137.91 for Tech
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Coupon threshold: | $49.504 for Banking, $90.013 for Biotech, $96.537 for Tech; 70% of initial levels
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Downside threshold: | $49.504 for Banking, $90.013 for Biotech, $96.537 for Tech; 70% of initial levels
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Pricing date: | May 27
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Settlement date: | June 2
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Agent: | Wells Fargo Securities, LLC
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Fees: | 1.925%
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Cusip: | 13605W3S8
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