Published on 3/6/2022 in the Prospect News Structured Products Daily.
New Issue: CIBC sells $325,000 contingent market-linked autocalls on indexes
By Kiku Steinfeld
Chicago, March 7 – Canadian Imperial Bank of Commerce priced $325,000 of market-linked securities – autocallable with contingent coupon and contingent downside due Sept. 18, 2025 linked to the least performing of the S&P 500 index, the Russell 2000 index and the Dow Jones industrial average, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent quarterly coupon at an annual rate of 7.35% if each index closes at or above its 75% coupon threshold on the observation date for that quarter.
The notes will be called at par if each index closes at or above its initial level on any observation date after six months.
The payout at maturity will be par unless any index finishes below its 75% downside threshold, in which case the payout will be par plus the return of the worst performing index with full exposure to any losses.
Wells Fargo Securities, LLC is the agent.
Issuer: | Canadian Imperial Bank of Commerce
|
Issue: | Market linked securities – autocallable with contingent coupon and contingent downside
|
Underlying indexes: | S&P 500 index, Russell 2000 index and Dow Jones industrial average
|
Amount: | $325,000
|
Maturity: | Sept. 18, 2025
|
Coupon: | 7.35% annualized, payable quarterly if each index closes at or above 75% coupon threshold on observation date for that quarter
|
Price: | Par
|
Payout at maturity: | Par unless any index falls by more than 25%, in which case 1% loss per 1% decline of worst performing index
|
Call: | At par if each index closes at or above its initial level on any observation date after six months
|
Initial levels: | 4,443.05 for S&P, 34,576.357 for Dow, 2,209.985 for Russell
|
Coupon thresholds: | 3,332.2875 for S&P, 25,933.1775 for Dow, 1,657.48875 for Russell; 75% of initial levels
|
Threshold levels: | 33,332.2875 for S&P, 25,933.1775 for Dow, 1,657.48875 for Russell; 75% of initial levels
|
Pricing date: | Sept. 14
|
Settlement date: | Sept. 17
|
Agent: | Wells Fargo Securities, LLC
|
Fees: | 2.175%
|
Cusip: | 13605W6F3
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.