Published on 7/24/2023 in the Prospect News Structured Products Daily.
New Issue: CIBC sells $9.18 million issuer callable contingent coupon barrier notes on indexes, ETF
By Wendy Van Sickle
Columbus, Ohio, July 24 – Canadian Imperial Bank of Commerce priced $9.18 million issuer callable contingent coupon barrier notes due July 15, 2026 tied to the worst performing of the S&P 500 index, the Russell 2000 index and SPDR Dow Jones industrial average ETF, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a quarterly contingent coupon at an annual rate of 11.952% if all assets close above their 70% coupon barrier on the observation date for that period.
The notes may be called at par plus any coupon due at the option of the issuer on any quarterly coupon payment date.
Investors will receive par plus any contingent coupon if the final level of the least performing asset is above its 70% trigger level.
Otherwise, investors will be fully exposed to the worst performer’s decline from its initial level.
CIBC World Markets Corp. is the agent.
| Issuer: | Canadian Imperial Bank of Commerce
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| Issue: | Issuer callable contingent coupon barrier note
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| Underlying assets: | S&P 500 index, SPDR Dow Jones industrial average ETF, Russell 2000 index
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| Amount: | $9,175,000
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| Maturity: | July 15, 2026
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| Coupon: | 11.952% per year, paid quarterly if all assets close above coupon barriers on observation date for that period
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| Price: | Par
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| Payout at maturity: | Par plus any contingent coupon unless any asset closes below trigger level, in which case full exposure to losses of least performing asset
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| Call option: | At par plus any coupon due at the option of the issuer on any quarterly coupon payment date
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| Initial levels: | 4,409.53 for S&P, 1,895.252 for Russell, $339.58 for Dow
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| Coupon barrier levels: | 3,086.67 for S&P, 1,326.676 for Russell, $237.71 for Dow; 70% of initial levels
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| Trigger levels: | 3,086.67 for S&P, 1,326.676 for Russell, $237.71 for Dow; 70% of initial levels
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| Pricing date: | July 10
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| Settlement date: | July 13
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| Agent: | CIBC World Markets Corp.
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| Fees: | 0.15%
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| Cusip: | 13607XKX4
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