Published on 12/23/2022 in the Prospect News Structured Products Daily.
New Issue: CIBC sells $4.6 million trigger autocallable contingent yield notes on S&P, Stoxx, Russell
By Wendy Van Sickle
Columbus, Ohio, Dec. 23 – Canadian Imperial Bank of Commerce priced $4.6 million of trigger autocallable contingent yield notes due Dec. 26, 2025 linked to the performance of the Euro Stoxx 50 index, 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 contingent quarterly coupon at the rate of 13.4% per year if each index closes at or above its coupon barrier, 75% of its initial level, on the related observation date.
The notes will be automatically called at par plus coupon if each index closes at or above its initial level on any quarterly call observation date after six months.
If the notes are not called and the final level of each index is greater than or equal to the coupon barrier level, the payout at maturity will be par plus the final coupon.
Otherwise, investors will lose 1% for every 1% that the worst performer declines from its initial level.
UBS Financial Services Inc. and CIBC Capital Markets are the agents.
| Issuer: | Canadian Imperial Bank of Commerce
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| Issue: | Trigger autocallable contingent yield notes
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| Underlying indexes: | S&P 500 index, Russell 2000 index, Euro Stoxx 50 index
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| Amount: | $4.6 million
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| Maturity: | Dec. 26, 2025
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| Coupon: | 13.4% per year, paid quarterly, if each index closes at or above its coupon barrier on any related observation date
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| Price: | Par of $10
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| Payout at maturity: | Par plus final coupon if each index finishes at or above coupon barrier level; otherwise, 1% loss for each 1% decline of laggard index from initial level
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| Call: | Automatically at par plus coupon if each index closes at or above initial level on any quarterly call observation date after six months
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| Initial levels: | 3,878.44 for S&P, 1,776.941 for Russell, 3,872.15 for Stoxx
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| Coupon barrier levels: | 2,908.83 for S&P, 1,332.706 for Russell, 2,904.11 for Stoxx; 75% of initial levels
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| Downside thresholds: | 2,908.83 for S&P, 1,332.706 for Russell, 2,904.11 for Stoxx; 75% of initial levels
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| Pricing date: | Dec. 21
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| Settlement date: | Dec. 27
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| Agents: | UBS Financial Services Inc. and CIBC Capital Markets
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| Fees: | 2%
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| Cusip: | 13608K765
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