Published on 4/4/2024 in the Prospect News Structured Products Daily.
New Issue: CIBC sells $2.75 million contingent coupon autocallable barrier notes on three stocks
By Wendy Van Sickle
Columbus, Ohio, April 4 – Canadian Imperial Bank of Commerce priced $2.75 million of contingent coupon autocallable barrier notes due March 30, 2028 linked to the worst performing of the stocks of Boeing Co., Meta Platforms, Inc. and Gilead Sciences, Inc., according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a monthly coupon at an annualized rate of 14.2% if each stock closes at or above its barrier level, 50% of its initial level, on a related observation date.
The notes will be called at par plus the coupon if each stock closes at or above its call level, 100% of initial level, on any quarterly call observation date starting Dec. 26, 2024.
The payout at maturity will be par unless any stock finishes below its 50% principal barrier level, in which case investors will be fully exposed to the decline of the worst performer, payable in shares or cash at the issuer’s option.
CIBC World Markets Corp. is the agent.
| Issuer: | Canadian Imperial Bank of Commerce
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| Issue: | Contingent coupon autocallable barrier notes
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| Underlying stocks: | Boeing Co., Meta Platforms, Inc. and Gilead Sciences, Inc.
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| Amount: | $2.75 million
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| Maturity: | March 30, 2028
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| Coupon: | 14.2% per year, payable monthly if each index closes at or above its coupon barrier level on observation date
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| Price: | Par
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| Payout at maturity: | Par unless any stock finishes below principal barrier level, in which case full exposure to any losses of performer, payable in shares or cash at the issuer’s option
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| Call: | At par plus coupon if each stock closes at or above its 100% call level on any quarterly call observation date starting Dec. 26, 2024
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| Initial levels: | $191.41 for Boeing, $503.02 for Meta, $72.58 for Gilead
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| Coupon barrier levels: | $95.71 for Boeing, $251.51 for Meta, $36.29 for Gilead; 50% of initial levels
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| Principal barrier levels: | $95.71 for Boeing, $251.51 for Meta, $36.29 for Gilead; 50% of initial levels
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| Pricing date: | March 25
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| Settlement date: | March 28
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| Agent: | CIBC World Markets Corp.
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| Fees: | 2.75%
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| Cusip: | 13607XRL3
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