Published on 4/19/2024 in the Prospect News Structured Products Daily.
New Issue: CIBC sells $6 million trigger autocallable contingent yield notes on two indexes
By Wendy Van Sickle
Columbus, Ohio, April 19 – Canadian Imperial Bank of Commerce priced $6 million of trigger autocallable contingent yield notes due April 20, 2027 linked to the performance of the Russell 2000 index and the Nasdaq-100 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent quarterly coupon at the rate of 9.25% per year if each index closes at or above its coupon barrier, 70% of its initial level, on the related observation date.
After six months, the notes will be automatically called at par plus coupon if each index closes at or above its initial level on any quarterly call observation date.
If the notes are not called and the final level of each index is greater than or equal to the downside threshold level, 70% of the initial level, the payout at maturity will be par plus the final coupon. Otherwise, investors will lose 1% for every 1% that the worst performer declines from its initial level.
UBS Financial Services Inc. and CIBC Capital Markets are the agents.
Issuer: | Canadian Imperial Bank of Commerce
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Issue: | Trigger autocallable contingent yield notes
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Underlying indexes: | Russell 2000 index, Nasdaq-100 index
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Amount: | $6 million
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Maturity: | April 20, 2027
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Coupon: | 9.25% per year, paid quarterly, if each index closes at or above its coupon barrier on any related observation date
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Price: | Par of $10
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Payout at maturity: | Par plus final coupon unless any index finishes below downside threshold level, in which case 1% loss for each 1% decline of laggard index from initial level
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Call: | Automatically at par plus coupon if each index closes at or above initial level on any quarterly call observation date after six months
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Initial levels: | 1,975.708 for Russell, 17,706.83 for Nasdaq
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Coupon barrier levels: | 1,382.996 for Russell, 12,394.78 for Nasdaq; 70% of initial levels
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Downside thresholds: | 1,382.996 for Russell, 12,394.78 for Nasdaq; 70% of initial levels
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Pricing date: | April 16
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Settlement date: | April 19
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Agents: | UBS Financial Services Inc. and CIBC Capital Markets
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Fees: | 2%
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Cusip: | 13608Q408
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