Published on 7/21/2020 in the Prospect News Structured Products Daily.
New Issue: CIBC sells $2.5 million autocallable barrier notes linked to three stocks
By Wendy Van Sickle
Columbus, Ohio, July 21 – Canadian Imperial Bank of Commerce priced $2.5 million of 0% autocallable barrier notes due July 23, 2025 linked to the General Motors Co., Nvidia Corp. and Simon Property Group, Inc., according to a 424B2 filing with the Securities and Exchange Commission.
The notes will be automatically redeemed at par an 8.7% annualized call premium of each stock closes above its call level on any quarterly observation date after one year. The call price is 90% of the initial price on the first four observation, 80% of the initial price on the next four dates, 70% of the initial price on the next four dates and 60% of the initial price on the final date.
If the notes are not called, the payout at maturity will be par unless the final level of any stock is less than the 50% trigger level, in which case investors will lose 1% for each 1% decline from the initial level of the least performing stock.
BNP Paribas Securities Corp. is the agent.
| Issuer: | Canadian Imperial Bank of Commerce
|
| Issue: | Autocallable barrier notes
|
| Underlying stocks: | General Motors Co., Nvidia Corp. and Simon Property Group, Inc.
|
| Amount: | $2.5 million
|
| Maturity: | July 23, 2025
|
| Coupon: | 0%
|
| Price: | Par
|
| Payout at maturity: | If notes are not called, par unless any stock closes below 50% barrier level, in which case full exposure to loss of least performing stock
|
| Call: | At par plus 8.7% annualized premium if all stocks close above call price on any quarterly call date after one year; call price is 90% of initial price on first four dates, 80% of initial price on next four dates, 70% of initial price on next four dates and 60% on final date
|
| Initial values: | $26.85 for GM, $405.39 for Nvidia and $62.90 for Simon
|
| Trigger levels: | $13.425 for GM, $202.695 for Nvidia and $31.45 for Simon, 50% of initial values
|
| Pricing date: | July 16
|
| Settlement date: | July 23
|
| Agent: | BNP Paribas Securities Corp.
|
| Fees: | 0.45%
|
| Cusip: | 13605WZV6
|
|
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
