Published on 5/10/2021 in the Prospect News Structured Products Daily.
New Issue: CIBC sells $2.7 million autocallable barrier notes on stocks
Chicago, May 10 – Canadian Imperial Bank of Commerce priced $2.7 million of 0% autocallable barrier notes due March 28, 2024 linked to the worst performing of the common stocks of Bank of America Corp., Coca-Cola Co., Eli Lilly and Co. and Tesla, Inc., according to a 424B2 filing with the Securities and Exchange Commission.
The notes will be called at par plus an annualized 27.88% call premium if all stocks close above 80% of their initial levels on any quarterly call observation date.
The payout at maturity will be par plus the 83.64% final premium unless any stock finishes below its 65% final call 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: | Autocallable barrier notes
|
| Underlying stocks: | Bank of America Corp., Coca-Cola Co., Eli Lilly and Co. and Tesla, Inc.
|
| Amount: | $2,700,000
|
| Maturity: | March 28, 2024
|
| Coupon: | 0%
|
| Price: | Par
|
| Payout at maturity: | Par plus 83.64% final premium unless any stock finishes below 65% final call level, in which case full exposure to any losses of the least-performing stock
|
| Call: | At par plus premium at annualized 27.88% rate if all stocks finish above 80% of their initial levels on any quarterly call observation date
|
| Initial levels: | $36.90 for BofA, $51.39 for Coke, $183.68 for Eli Lilly, $662.16 for Tesla
|
| Call levels: | 80% of initial levels
|
| Principal barrier levels: | $23.99 for BofA, $33.40 for Coke, $119.39 for Eli Lilly, $430.40 for Tesla; 65% of initial levels
|
| Pricing date: | March 23
|
| Settlement date: | March 26
|
| Agent: | CIBC World Markets Corp.
|
| Fees: | 4%
|
| Cusip: | 13605W2L4
|
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