Published on 7/24/2023 in the Prospect News Structured Products Daily.
New Issue: CIBC sells $11.5 million issuer callable contingent coupon barrier notes on three indexes
By William Gullotti
Buffalo, N.Y., July 24 – Canadian Imperial Bank of Commerce priced $11.5 million issuer callable contingent coupon barrier notes due July 24, 2025 tied to the Dow Jones industrial average, 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 contingent coupon at an annual rate of 10.14% if all indexes close at or above their 65% coupon barrier on the corresponding observation date.
The notes may be called at the option of the issuer at par plus any coupon due on any quarterly valuation date after six months.
At maturity, investors will receive par plus the contingent coupon if the final level of the least performing index is greater than or equal to the 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: | $11,499,000
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| Maturity: | July 24, 2025
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| Coupon: | 10.14% per year, paid monthly if all indexes close at or above their respective coupon barriers on the relevant observation date
|
| Price: | Par
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| Payout at maturity: | Par plus contingent coupon unless any index finishes below trigger level, in which case full exposure to decline of least performing index from initial level
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| Call option: | At par plus any coupon due on any quarterly valuation date after six months
|
| Initial levels: | 4,534.87 for S&P, 1,967.16 for Russell, 35,225.18 for Dow
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| Coupon barrier levels: | 2,947.67 for S&P, 1,278.654 for Russell, 22,896.37 for Dow; 65% of initial levels
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| Trigger levels: | 2,947.67 for S&P, 1,278.654 for Russell, 22,896.37 for Dow; 65% of initial levels
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| Pricing date: | July 20
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| Settlement date: | July 25
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| Agent: | CIBC World Markets Corp.
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| Fees: | None
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| Cusip: | 13607XL88
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