Published on 12/31/2020 in the Prospect News Structured Products Daily.
New Issue: CIBC sells $12.89 million market-linked step-up autocalls on basket of indexes
By Wendy Van Sickle
Columbus, Ohio, Dec. 31 – Canadian Imperial Bank of Commerce priced $12.89 million of autocallable market-linked step-up notes due Dec. 29, 2023 linked to an international equity index basket, according to a 424B2 filing with the Securities and Exchange Commission.
The basket consists of the Euro Stoxx 50 index with a weight of 40%, the FTSE 100 index and the Nikkei 225 index each with a weight of 20%, the Swiss Market index and the S&P/ASX 200 index each with a weight of 7.5% and the Hang Seng index with a weight of 5%.
The notes will be called at par of $10 plus an annualized call premium of 8.52% if the basket closes at or above the initial level on either annual observation date.
If the notes are not called and the basket finishes above the step-up value, 135% of the initial level, the payout at maturity will be par plus the basket gain.
If the basket finishes at or below the step-up level but at or above the initial level, the payout will be par plus the step-up return of 35%.
Investors will be exposed to any losses.
BofA Securities, Inc. is the agent.
| Issuer: | Canadian Imperial Bank of Commerce
|
| Issue: | Autocallable market-linked step-up notes
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| Underlying indexes: | Euro Stoxx 50 (40% weight), FTSE 100 and Nikkei Stock (20% weight each), Swiss Market and S&P/ASX 200 (7.5% weight each) and Hang Seng (5% weight)
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| Amount: | $12,892,200
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| Maturity: | Dec. 29, 2023
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| Coupon: | 0%
|
| Price: | Par of $10
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| Payout at maturity: | If the basket finishes above the step-up level, par plus the basket gain; if the basket gains up to the step-up level, par plus 35%; 1% loss for each 1% decline
|
| Call: | At par plus 8.52% per year if the basket closes at or above its initial level on either annual observation date
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| Initial index levels: | 3,539.26 for Stoxx, 6,5495.75 for FTSE, 26,524.79 for Nikkei, 10,411.92 for Swiss, 6,643.135 for S&P/ASX, 26,343.1 for Hang Seng
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| Pricing date: | Dec. 23
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| Settlement date: | Dec. 31
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| Underwriter: | BofA Securities, Inc.
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| Fees: | 2%
|
| Cusip: | 13607H540
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