Published on 7/15/2021 in the Prospect News Structured Products Daily.
New Issue: CIBC sells $1.5 million autocallable barrier notes on three indexes
By William Gullotti
Buffalo, N.Y., July 15 – Canadian Imperial Bank of Commerce priced $1.5 million of 0% autocallable barrier notes due June 2, 2026 linked to the Russell 2000 index, the S&P 500 index and the Euro Stoxx 50 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will be automatically redeemed at par plus an annualized 7.56% premium if all indexes finish above their initial levels on any quarterly observation date after one year.
If the notes are not called and all indexes close above their initial levels, the payout at maturity will be par plus 37.8%.
If the worst performer declines but finishes above 75% of its initial level, the payout will be par.
Otherwise, investors will lose 1% for each 1% decline from the initial level of the least performing index.
CIBC World Markets Corp. is the agent.
| Issuer: | Canadian Imperial Bank of Commerce
|
| Issue: | Autocallable barrier notes
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| Underlying indexes: | S&P 500 index, Euro Stoxx 50 index, Russell 2000 index
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| Amount: | $1,500,000
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| Maturity: | June 2, 2026
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| Coupon: | 0%
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| Price: | Par
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| Payout at maturity: | If all indexes finish positive, par plus 37.8%; par if at least one index declines but worst performer finishes above barrier level; otherwise, investors will lose 1% for each 1% decline from the initial level of the least performing index
|
| Call: | At par plus annualized premium of 7.56% if each index finishes above initial level on any quarterly observation date after one year
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| Initial levels: | 4,204.11 for S&P, 4,070.56 for Stoxx, 2,268.972 for Russell
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| Trigger levels: | 3,153.08 for S&P, 3,052.92 for Stoxx, 1,701.729 for Russell; 75% of initial levels
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| Pricing date: | May 28
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| Settlement date: | June 3
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| Agent: | CIBC World Markets Corp.
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| Fees: | 3.25%
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| Cusip: | 13605W4C2
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