Published on 12/19/2020 in the Prospect News Structured Products Daily.
New Issue: CIBC sells $625,000 contingent coupon autocallable notes on stocks
By Taylor Fox
New York, Dec. 21 – Canadian Imperial Bank of Commerce priced $625,000 of contingent coupon autocallable notes due Sept. 15, 2022 linked to the worst performing of the common stocks of Cisco Systems, Inc., Pfizer Inc. and Verizon Communications Inc., according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a monthly coupon at an annualized rate of 16.5% if each stock closes at or above its barrier level, 70% of its initial level, on a related observation date.
The notes will be called at par if each stock closes above its initial level on any quarterly autocall observation date.
The payout at maturity will be par unless any stock finishes below its 70% principal barrier level, in which case investors will be fully exposed to any losses of the least-performing stock.
CIBC World Markets Corp. is the agent.
| Issuer: | Canadian Imperial Bank of Commerce
|
| Issue: | Contingent coupon autocallable notes
|
| Underlying stocks: | Cisco Systems, Inc., Pfizer Inc. and Verizon Communications Inc.
|
| Amount: | $625,000
|
| Maturity: | Sept. 15, 2022
|
| Coupon: | 16.5% per year, payable monthly if each index closes at or above its coupon barrier level on observation date
|
| Price: | Par
|
| Payout at maturity: | Par unless any stock finishes below principal barrier level, in which case full exposure to any losses of least-performing stock
|
| Call: | At par if each stock closes above initial level on any quarterly autocall observation date
|
| Initial levels: | $44.32 for Cisco, $41.12 for Pfizer and $60.35 for Verizon
|
| Coupon barrier levels: | $31.02 for Cisco, $28.78 for Pfizer and $42.25 for Verizon; 70% of initial levels
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| Principal barrier levels: | $31.02 for Cisco, $28.78 for Pfizer and $42.25 for Verizon; 70% of initial levels
|
| Pricing date: | Dec. 11
|
| Settlement date: | Dec. 16
|
| Agent: | CIBC World Markets Corp.
|
| Fees: | 1.25%
|
| Cusip: | 13605WR52
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