Published on 5/3/2022 in the Prospect News Structured Products Daily.
New Issue: CIBC prices $19.87 million autocallable market-linked step-up notes on index basket
By William Gullotti
Buffalo, N.Y., May 3 – Canadian Imperial Bank of Commerce priced $19.87 million of 0% autocallable market-linked step-up notes due April 25, 2025 tied to a basket of indexes, according to a 424B2 filing with the Securities and Exchange Commission.
The basket consists of the Euro Stoxx 50 index with an initial weight of 40%, the FTSE 100 index and the Nikkei Stock Average index each with an initial weight of 20%, the Swiss Market index and the S&P/ASX 200 index each with an initial weight of 7.5% and the FTSE China 50 index with an initial weight of 5%.
The notes will be called at par plus an 13% annualized call premium if the basket closes at or above its initial level on any annual observation date.
If the basket finishes above the step-up value, 130% of the initial value, the payout at maturity will be par plus the basket return.
If the basket finishes flat or increases up to the step-up value, the payout will be par plus the step-up payment of 30%.
Investors will be exposed to any decline of the basket from its initial level.
BofA Securities, Inc. is the agent.
| Issuer: | Canadian Imperial Bank of Commerce
|
| Issue: | Autocallable market-linked step-up notes
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| Underlying indexes: | Euro Stoxx 50 (40% weight), FTSE 100 (20% weight), Nikkei Stock (20% weight), Swiss Market (7.5% weight), S&P/ASX 200 (7.5% weight), FTSE China 50 (5% weight)
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| Amount: | $19,871,610
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| Maturity: | April 25, 2025
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| Coupon: | 0%
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| Price: | Par of $10
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| Payout at maturity: | If basket finishes above step-up value, par plus basket return; if basket finishes flat or increases up to step-up value, par plus 30%; full exposure to any decline
|
| Call: | Automatically at par plus 13% call premium per year if the basket closes at or above its initial level on any annual observation date
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| Initial levels: | 3,777.02 for Stoxx, 7,509.19 for FTSE, 26,847.9 for Nikkei, 12,068.41 for Swiss, 7,356.886 for S&P/ASX, 13,588.84 for FTSE China 50
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| Step-up value: | 130% of initial value
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| Pricing date: | April 28
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| Settlement date: | May 5
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| Agent: | BofA Securities, Inc.
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| Fees: | 2%
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| Cusip: | 13607W844
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