Published on 7/22/2023 in the Prospect News Structured Products Daily.
New Issue: CIBC sells $8 million issuer callable contingent coupon barrier notes on three indexes
Chicago, July 24 – Canadian Imperial Bank of Commerce priced $8 million issuer callable contingent coupon barrier notes due July 22, 2024 tied to the worst performing of the S&P 500 index, the Russell 2000 index and Dow Jones industrial average, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a quarterly contingent coupon at an annual rate of 10.15% if all indexes close above their 70% coupon barrier on any observation date for that period.
The notes may be called at par plus any coupon due at the option of the issuer on any quarterly coupon payment date.
Investors will receive par plus any contingent coupon if the final level of the least performing index is above its 65% trigger level.
Otherwise, investors will be fully exposed to the worst performer’s decline from its initial level.
CIBC World Markets Corp. is the agent.
| Issuer: | Canadian Imperial Bank of Commerce
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| Issue: | Issuer callable contingent coupon barrier note
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| Underlying indexes: | S&P 500 index, Dow Jones industrial average, Russell 2000 index
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| Amount: | $8,000,000
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| Maturity: | July 22, 2024
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| Coupon: | 10.15% per year, paid quarterly if all indexes close above coupon barriers any observation date for that period
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| Price: | Par
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| Payout at maturity: | Par plus any contingent coupon unless any index closes below trigger level, in which case full exposure to losses of least performing index
|
| Call option: | At par plus any coupon due at the option of the issuer on any quarterly coupon payment date
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| Initial levels: | 4,522.79 for S&P, 1,951.269 for Russell, 34,585.35 for Dow
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| Coupon barrier levels: | 3,165.95 for S&P, 1,365.888 for Russell, 24,209.75 for Dow; 70% of initial levels
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| Trigger levels: | 2,939.81 for S&P, 1,268.325 for Russell, 22,480.48 for Dow; 65% of initial levels
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| Strike date: | July 17
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| Pricing date: | July 18
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| Settlement date: | July 21
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| Agent: | CIBC World Markets Corp.
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| Fees: | 0%
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| Cusip: | 13607XL70
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