Published on 3/16/2020 in the Prospect News Structured Products Daily.
New Issue: CIBC prices $11.28 million contingent coupon autocallables linked to Stoxx, Russell
By Kiku Steinfeld
Chicago, March 16 – Canadian Imperial Bank of Commerce priced $11.28 million of contingent coupon autocallable notes due March 13, 2023 linked to the lesser performing of the Euro Stoxx 50 index and the Russell 2000 index, according to a 424B2 filing with the Securities and Exchange Commission.
Every six months, the notes will pay a contingent coupon at the rate of 8.75% per year if the lesser-performing index closes at or above its coupon barrier level, 75% of its initial level, on the determination date for that period.
The notes will be called at par if each index closes at or above its initial level on any valuation date other than the final date.
If the notes are not called, the payout at maturity will be par unless any index finishes below its initial level and any index ever closes below its 75% principal barrier level, in which case investors will be fully exposed to the decline of the worst performing index.
CIBC World Markets Corp. is the agent.
| Issuer: | Canadian Imperial Bank of Commerce
|
| Issue: | Contingent coupon autocallable notes
|
| Underlying indexes: | Russell 2000 and Euro Stoxx 50
|
| Amount: | $11,276,000
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| Maturity: | March 13, 2023
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| Coupon: | 8.75% year, payable every six months if lesser-performing index closes at or above coupon barrier level on determination date for that period
|
| Price: | Par
|
| Payout at maturity: | Par unless final level of the least-performing index is less than initial level and any index has ever closed below barrier level; otherwise, 1% loss for each 1% decline of the least-performing index
|
| Call: | Automatically at par if lesser-performing index closes at or above initial level on any valuation date other than final one
|
| Initial levels: | 1,449.221 for Russell, 3,232.07 for Stoxx
|
| Coupon/principal barrier levels: | 1,086.916 for Russell, 2,424.05 for Stoxx; or 75% of initial levels
|
| Pricing date: | March 6
|
| Settlement date: | March 11
|
| Agent: | CIBC World Markets Corp.
|
| Fees: | 2%
|
| Cusip: | 13605WWE7
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