Published on 12/7/2023 in the Prospect News Structured Products Daily.
New Issue: CIBC prices $500,000 autocallable contingent memory barrier notes on stocks
Chicago, Dec. 7 – Canadian Imperial Bank of Commerce priced $500,000 of autocallable contingent coupon (with memory) barrier notes due May 3, 2024 linked to the worst performing of Amazon.com, Inc. and Meta Platforms, Inc., according to a 424B2 filing with the Securities and Exchange Commission.
The notes pay a contingent quarterly coupon at an annual rate of 24% if each stock closes at or above its barrier level, 60% of its initial level, on the corresponding observation date, plus any previously unpaid coupon.
The notes will be called at par plus the coupon if each stock closes at or above its initial level on any quarterly observation date.
If the notes are not called and the final stock level of the worst performer is greater than or equal to the 60% barrier level, the payout will be par plus the final coupon.
Otherwise, investors will lose 1% for each 1% decline of the worst performer from its initial level.
CIBC World Markets Corp. is the underwriter.
| Issuer: | Canadian Imperial Bank of Commerce
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| Issue: | Contingent coupon (with memory) autocallable barrier notes
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| Underlying stocks: | Amazon.com, Inc. and Meta Platforms, Inc.
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| Amount: | $500,000
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| Maturity: | May 3, 2024
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| Coupon: | 24% annual rate, payable quarterly if each stock closes at or above barrier level on the corresponding observation date, plus any previously unpaid coupon
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| Price: | Par
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| Payout at maturity: | If final stock level of worst performer is greater than or equal to barrier level, par plus final coupon; otherwise, 1% loss for every 1% decline of worst performer from initial level
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| Call: | At par plus coupon if each stock closes at or above initial level on any quarterly observation date
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| Initial levels: | $103.41 for Amazon, $99.20 for Meta
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| Barrier levels: | $62.05 for Amazon, $59.52 for Meta; 60% of initial levels
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| Strike date: | Oct. 28, 2022
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| Pricing date: | Oct. 31, 2022
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| Settlement date: | Nov. 3, 2022
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| Underwriter: | CIBC World Markets Corp.
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| Fees: | 0%
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| Cusip: | 13607XD95
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