Published on 8/1/2017 in the Prospect News Structured Products Daily.
New Issue: CIBC prices $3.89 million contingent coupon autocallables on Russell, Euro Stoxx
By Marisa Wong
Morgantown, W.Va., Aug. 1 – Canadian Imperial Bank of Commerce priced $3.89 million contingent coupon autocallable notes due July 31, 2020 linked to the worse performing of the Russell 2000 index and the Euro Stoxx 50 index, according to a 424B3 filing with the Securities and Exchange Commission.
The notes will pay a contingent semiannual coupon at an annual rate of 8% if each index closes at or above its 75% coupon barrier on the observation 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 one.
The payout at maturity will be par plus the contingent coupon unless either index finishes below its 75% barrier level, in which case investors will be fully exposed to the decline of the worse performing index.
Janney Montgomery Scott is the underwriter.
| Issuer: | Canadian Imperial Bank of Commerce
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| Issue: | Contingent coupon autocallable notes
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| Underlying indexes: | Russell 2000, Euro Stoxx 50
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| Amount: | $3,891,000
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| Maturity: | July 31, 2020
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| Coupon: | 8%, payable semiannually if each index closes at or above its coupon barrier on the observation date for that semiannual period
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| Price: | Par
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| Payout at maturity: | Par plus the contingent coupon unless either index finishes below its barrier level, in which case investors will be fully exposed to the decline of the worse performing index
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| Call: | At par if each index closes at or above its initial level on any valuation date other than the final one
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| Initial levels: | 1,433.624 for Russell, 3,493.14 for Euro Stoxx
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| Coupon barriers: | 1,075.218 for Russell, 2,619.855 for Euro Stoxx; 75% of initial levels
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| Barrier levels: | 1,075.218 for Russell, 2,619.855 for Euro Stoxx; 75% of initial levels
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| Pricing date: | July 27
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| Settlement date: | July 31
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| Underwriter: | Janney Montgomery Scott
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| Fees: | 2.25%
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| Cusip: | 13605WEH0
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