Published on 10/1/2021 in the Prospect News Structured Products Daily.
New Issue: CIBC sells $5.17 million market-linked autocalls with contingent downside on indexes
By Wendy Van Sickle
Columbus, Ohio, Oct. 1 – Canadian Imperial Bank of Commerce priced $5.17 million of market-linked securities – autocallable with contingent coupon and contingent downside due Jan. 24, 2023 linked to the performance of the Nasdaq-100 index, the Russell 2000 index and the Euro Stoxx 50 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent quarterly coupon at an annual rate of 8.15% if each index closes at or above its 75% coupon threshold on the observation date for that period.
The notes will be called at par plus the coupon if each index closes at or above the initial level on any quarterly observation date after six months.
The payout at maturity will be par plus the final coupon unless any index finishes below its 75% downside threshold, in which case investors will lose 1% for every 1% decline of the worst performer from its initial level.
Wells Fargo Securities, LLC is the agent.
Issuer: | Canadian Imperial Bank of Commerce
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Issue: | Market linked securities – autocallable with contingent coupon and contingent downside
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Underlying indexes: | Nasdaq-100 index, Russell 2000 index, Euro Stoxx 50 index
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Amount: | $5,165,000
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Maturity: | Jan. 24, 2023
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Coupon: | 8.15% annualized, payable quarterly if each index closes at or above coupon threshold on observation date for that period
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Price: | Par
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Payout at maturity: | Par plus the final coupon unless any index falls by more than 25%, in which case 1% loss per 1% decline of worst performer from its initial level
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Call: | At par plus coupon if each index closes at or above its initial level on any quarterly observation date after six months
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Initial levels: | 14,549.09 for Nasdaq, 2,130.68 for Russell, 3,928.53 for Stoxx
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Downside thresholds: | 10,911.8175 for Nasdaq, 1,598.01 for Russell, 2,946.3975 | for Stoxx; 75% of initial levels
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Pricing date: | July 19
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Settlement date: | July 22
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Agent: | Wells Fargo Securities, LLC
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Fees: | 1.525%
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Cusip: | 13605W5E7
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