Published on 2/6/2021 in the Prospect News Structured Products Daily.
New Issue: CIBC sells $983,000 fixed-interest autocallable barrier notes on four stocks
By Kiku Steinfeld
Chicago, Feb. 8 – Canadian Imperial Bank of Commerce priced $983,000 of 9% fixed-interest autocallable barrier notes due Jan. 31, 2024 linked to the common stock of Amazon.com, Inc., Apple Inc., Walt Disney Co. and Netflix, Inc., according to a 424B2 filing with the Securities and Exchange Commission.
Interest is payable monthly.
The notes will be automatically called at par plus the most recent coupon if each stock closes at or above its initial level on any quarterly call determination date after six months.
If the notes are not called and the stocks finish at or above their trigger levels, 60% of their initial share prices, the payout at maturity will be par.
Otherwise, investors will be fully exposed to the losses of the least performing stock.
CIBC World Markets Corp. is the agent.
| Issuer: | Canadian Imperial Bank of Commerce
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| Issue: | Fixed-interest autocallable barrier notes
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| Underlying stocks: | Amazon.com, Inc., Apple Inc., Walt Disney Co. and Netflix, Inc.
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| Amount: | $983,000
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| Maturity: | Jan. 31, 2024
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| Coupon: | 9% per year, payable monthly
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| Price: | Par
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| Payout at maturity: | Par if stocks finish at or above trigger levels; otherwise, full exposure to losses of the performing stock
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| Call: | Automatically at par plus coupon if stocks close at or above initial levels on any quarterly call determination date after six months
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| Initial levels: | $143.16 for Apple, $3,326.13 for Amazon, $169.56 for Disney, $561.93 for Netflix
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| Trigger levels: | $85.90 for Apple, $1,995.68 for Amazon, $101.74 for Disney, $337.16 for Netflix; 60% of initial levels
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| Pricing date: | Jan. 26
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| Settlement date: | Jan. 29
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| Agent: | CIBC World Markets Corp.
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| Fees: | 3%
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| Cusip: | 13605WU41
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