Published on 10/17/2019 in the Prospect News Structured Products Daily.
New Issue: CIBC sells $2 million contingent coupon autocallables on Euro Stoxx
By Kiku Steinfeld
Chicago, Oct. 17 – Canadian Imperial Bank of Commerce priced $2 million of contingent coupon autocallable notes due Sept. 30, 2024 linked to the Euro Stoxx 50 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 7.25% if the index closes at or above its 70% coupon barrier on the related determination date.
The notes will be called at par plus the contingent coupon if the index closes at or above its initial level on any semiannual determination date beginning on Sept. 25, 2020 and ending on March 25, 2024.
The payout at maturity will be par plus the final coupon unless the index finishes below its 70% barrier, in which case investors will lose 1% for each 1% decline of the index.
CIBC World Markets Corp. is the agent.
| Issuer: | Canadian Imperial Bank of Commerce
|
| Issue: | Contingent coupon autocallable notes
|
| Underlying index: | Euro Stoxx 50
|
| Amount: | $2,000,000
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| Maturity: | Sept. 30, 2024
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| Coupon: | 7.25% annualized, payable semiannually if each index closes at or above coupon barrier on related determination date
|
| Price: | Par
|
| Call: | At par plus contingent coupon if index closes at or above its initial level on any semiannual determination date beginning on Sept. 25, 2020 and ending on March 25, 2024
|
| Payout at maturity: | Par plus final coupon unless index finishes below barrier level, in which case full exposure to index decline
|
| Initial level: | 3,532.05
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| Coupon barrier: | 2,472.44, 70% of initial level
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| Barrier level: | 2,472.44, 70% of initial level
|
| Pricing date: | Sept. 24
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| Settlement date: | Sept. 30
|
| Agents: | CIBC World Markets Corp.
|
| Fees: | 0.15%
|
| Cusip: | 13605WSS1
|
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