Published on 7/25/2022 in the Prospect News Structured Products Daily.
New Issue: CIBC prices $7.5 million contingent coupon autocallable barrier notes on indexes
By Wendy Van Sickle
Columbus, Ohio, July 25 – Canadian Imperial Bank of Commerce priced $7.5 million of contingent coupon autocallable barrier notes due July 25, 2023 linked to the performance of the Nasdaq-100 index, the S&P 500 index and the Euro Stoxx 50 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a quarterly coupon at an annualized rate of 11.32% if each underlier closes at or above its coupon barrier level, 75% of its initial level, on a related observation date.
The notes will be called at par plus the coupon if each underlier closes at or above its initial level on any quarterly observation date.
The payout at maturity will be par plus the final coupon unless any underlier finishes below its 75% barrier level, in which case investors will lose 1% for every 1% decline of the worst performer from its initial level.
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 assets: | Nasdaq-100 index, S&P 500 index, Euro Stoxx 50 index
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Amount: | $7.5 million
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Maturity: | July 25, 2023
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Coupon: | 11.32% per year, payable quarterly if each underlier 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 plus the final coupon unless any underlier finishes below barrier level, in which case full exposure to the decline of the worst performer from its initial level
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Call: | At par plus coupon if each underlier closes at or above initial level on any quarterly observation date
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Initial levels: | 12,439.68 for Nasdaq, 3,585.24 for Stoxx, 3,959.9 for S&P 500
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Coupon barrier levels: | 9,329.76 for Nasdaq, 2,688.93 for Stoxx, 2,969.93 for S&P; 75% of initial levels
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Barrier levels: | 9,329.76 for Nasdaq, 2,688.93 for Stoxx, 2,969.93 for S&P; 75% of initial levels
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Pricing date: | July 21
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Settlement date: | July 26
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Agent: | CIBC World Markets Corp.
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Fees: | 3%
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Cusip: | 13607XAQ0
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