Published on 10/27/2017 in the Prospect News Structured Products Daily.
New Issue: CIBC prices $4.25 million contingent coupon autocallables tied to three stocks
By Wendy Van Sickle
Columbus, Ohio, Oct. 27 – Canadian Imperial Bank of Commerce priced $4.25 million of contingent coupon autocallable notes due Oct. 31, 2019 linked to the common stocks of Broadcom Ltd., Goodyear Tire & Rubber Co. and ConocoPhillips, according to a 424B3 filing with the Securities and Exchange Commission.
The notes will pay a contingent quarterly coupon at an annual rate of 9.5% if each stock closes at or above its 50% coupon barrier on the observation date for that period.
The notes will be called at par if each stock closes at or above its initial level on any call valuation date, the three trading days prior to any coupon date.
The payout at maturity will be par plus the contingent coupon unless any stock finishes below its 50% barrier level, in which case investors will be fully exposed to any losses of the laggard fund.
Jefferies LLC is the underwriter.
| Issuer: | Canadian Imperial Bank of Commerce
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| Issue: | Contingent coupon autocallable notes
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| Underlying stocks: | Broadcom Ltd., Goodyear Tire & Rubber Co. and ConocoPhillips
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| Amount: | $4.25 million
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| Maturity: | Oct. 31, 2019
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| Contingent payment: | 9.5% per year, payable each quarter if each stock closes at or above coupon barrier level on observation date for that period
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| Price: | Par
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| Payout at maturity: | Par, unless any stock finishes below barrier price, in which case 1% loss for each 1% decline of the worse performing stock
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| Call: | Automatically at par if each stock closes at or above its initial level on any call valuation date, the three trading days prior to any coupon date
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| Initial share prices: | $243.76 for Broadcoam, $33.67 for Goodyear, $51.46 for ConocoPhillips
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| Coupon barrier/barrier prices: | $121.88 for Broadcoam, $16.835 for Goodyear, $25.73 for ConocoPhillips, 50% of initial share prices
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| Pricing date: | Oct. 26
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| Settlement date: | Oct. 29
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| Agents: | Jefferies LLC
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| Fees: | 3%
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| Cusip: | 13605WGR6
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