Published on 12/1/2017 in the Prospect News Structured Products Daily.
New Issue: CIBC sells $4.25 million 7% contingent coupon autocalls tied to indexes
By Susanna Moon
Chicago, Dec. 1 – Canadian Imperial Bank of Commerce priced $4.25 million of contingent coupon autocallable notes due Nov. 27, 2020 linked to the least performing of the Euro Stoxx 50 index and the Russell 2000 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent semiannual coupon at an annual rate of 7% if each index closes at or above its 70% coupon threshold 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 date.
The payout at maturity will be par unless either index finishes below its 60% downside threshold, in which case the payout will be par plus the return of the worse performing index with full exposure to any losses.
Jefferies LLC is the underwriter.
| Issuer: | Canadian Imperial Bank of Commerce
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| Issue: | Contingent coupon autocallable notes
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| Underlying assets: | Euro Stoxx 50 and Russell 2000
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| Amount: | $4,252,000
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| Maturity: | Nov. 27, 2020
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| Coupon: | 7% annualized, payable semiannually if each index closes at or above 75% coupon threshold on observation date for that period
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| Price: | Par
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| Payout at maturity: | Par unless either index falls by more than 25%, in which investors will receive par plus return of the worse performing index with 1% loss per 1% decline
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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 date
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| Initial levels: | 3,562.65 for Stoxx, 1,516.762 for Russell
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| Barrier levels: | 2,671.99 for Stoxx, 1,137.572 for Russell; 75% of initial levels
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| Pricing date: | Nov. 22
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| Settlement date: | Nov. 27
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| Agents: | Jefferies LLC
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| Fees: | 3%
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| Cusip: | 13605WGV7
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