Published on 4/30/2021 in the Prospect News Structured Products Daily.
New Issue: CIBC sells $4.62 million contingent market-linked autocalls on ETFs
By Kiku Steinfeld
Chicago, April 30 – Canadian Imperial Bank of Commerce priced $4.62 million of market-linked securities due April 20, 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 15% 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 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 and Technology Select Sector SPDR fund
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| Amount: | $4,623,000
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| Maturity: | April 20, 2023
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| Coupon: | 15% 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 worst performing fund
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| Call: | At par if each fund closes at or above its initial level on any interest payment date after six months
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| Initial levels: | $67.67 for Banking, $131.55 for Biotech and $143.30 for Technology
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| Coupon thresholds: | $47.369 for Banking, $92.085 for Biotech and $100.31 for Technology; 70% of initial levels
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| Downside thresholds: | $47.369 for Banking, $92.085 for Biotech and $100.31 for Technology; 70% of initial levels
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| Pricing date: | April 16
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| Settlement date: | April 21
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| Agent: | Wells Fargo Securities, LLC
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| Fees: | 1.825%
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| Cusip: | 13605W2W0
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