Published on 6/12/2018 in the Prospect News Structured Products Daily.
New Issue: CIBC prices $4.25 million autocallable daily range accrual notes on S&P, Russell
By Wendy Van Sickle
Columbus, Ohio, June 12 – Canadian Imperial Bank of Commerce priced $4.25 million of 0% autocallable daily range accrual notes due June 8, 2023 linked to the lesser performing of the S&P 500 index and the Russell 2000 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a monthly coupon at an annualized rate of 6.5% for each day that each index closes at or above its 80% coupon barrier.
The notes will be called at par plus the coupon if each index closes at or above its initial level on any monthly valuation date after three years.
The payout at maturity will be par unless either index finishes below its 60% downside trigger level, in which case investors will be fully exposed to the decline of the laggard index.
SG Americas Securities, LLC is the agent.
| Issuer: | Canadian Imperial Bank of Commerce
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| Issue: | Autocallable daily range accrual notes
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| Underlying indexes: | S&P 500, Russell 2000
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| Amount: | $4,249,000
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| Maturity: | June 8, 2023
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| Coupon: | Monthly coupon at annualized rate of 6.5% for each day each index closes above coupon barrier
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| Price: | Par
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| Call: | At par plus coupon if each index closes at or above initial level on a monthly valuation date after three years
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| Payout at maturity: | Par unless either index finishes below downside trigger, in which case full exposure to decline of laggard index
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| Initial levels: | 2,734.62 for S&P, 1,647.983 for Russell
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| Coupon barriers: | 2,187.7 for S&P, 1,318.386 for Russell; 80% of initial levels
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| Downside triggers: | 1,640.77 for S&P, 998.79 for Russell; 60% of initial levels
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| Pricing date: | June 1
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| Settlement date: | June 7
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| Agent: | SG Americas Securities, LLC
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| Fees: | 0.5%
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| Cusip: | 13605WLF6
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