Published on 2/28/2022 in the Prospect News Structured Products Daily.
New Issue: CIBC sells $313,000 contingent coupon autocallable notes on Capital One, GM, Netflix
By William Gullotti
Buffalo, N.Y., Feb. 28 – Canadian Imperial Bank of Commerce priced $313,000 of contingent coupon autocallable notes due May 2, 2024 linked to the worst performing of the stocks of Capital One Financial Corp., General Motors Co. and Netflix, Inc., according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a monthly coupon at an annualized rate of 10.68% if each stock closes at or above its coupon barrier level, 60% of its initial share price, on the related observation date.
The notes will be called at par plus the coupon if each stock closes above its initial share price on any quarterly observation date after six months.
The payout at maturity will be par plus the coupon unless any stock finishes below its 60% principal barrier level, in which case investors will be fully exposed to the losses of the worst performer.
CIBC World Markets Corp. is the agent.
| Issuer: | Canadian Imperial Bank of Commerce
|
| Issue: | Contingent coupon autocallable notes
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| Underlying stocks: | Capital One Financial Corp., General Motors Co. and Netflix, Inc.
|
| Amount: | $313,000
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| Maturity: | May 2, 2024
|
| Coupon: | 10.68% per year, payable monthly if each stock closes at or above its coupon barrier level on the observation date
|
| Price: | Par
|
| Payout at maturity: | Par plus coupon unless any stock finishes below its principal barrier level, in which case full exposure to losses of worst performer
|
| Call: | At par plus coupon if each stock closes above initial share price on any quarterly observation date after six months
|
| Initial share prices: | $138.95 for Capital One, $58.97 for GM, $505.55 for Netflix
|
| Coupon barrier levels: | $83.37 for Capital One, $35.38 for GM, $303.33 for Netflix; 60% of initial share prices
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| Principal barrier levels: | $83.37 for Capital One, $35.38 for GM, $303.33 for Netflix; 60% of initial share prices
|
| Pricing date: | April 27, 2021
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| Settlement date: | April 30, 2021
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| Agent: | CIBC World Markets Corp.
|
| Fees: | 3.5%
|
| Cusip: | 13605W2X8
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