Published on 2/15/2021 in the Prospect News Structured Products Daily.
New Issue: CIBC sells $600,000 contingent coupon autocallables on Tesla
By Taylor Fox
New York, Feb. 16 – Canadian Imperial Bank of Commerce priced $600,000 of contingent coupon autocallable notes due Jan. 30, 2023 linked to the common stock of Tesla, Inc., according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent monthly coupon at an annual rate of 25.44% if the stock closes at or above its 60% coupon barrier on the related determination date.
The notes will be called at par plus the contingent coupon if the stock closes at or above its initial level on any quarterly call determination date after one year.
The payout at maturity will be par plus the final coupon unless the stock finishes below its 60% barrier, in which case investors will lose 1% for each 1% decline of the stock, payable either in shares or cash at the issuer’s option.
CIBC World Markets Corp. is the agent.
| Issuer: | Canadian Imperial Bank of Commerce
|
| Issue: | Contingent coupon autocallable notes
|
| Underlying stock: | Tesla, Inc.
|
| Amount: | $600,000
|
| Maturity: | Jan. 30, 2023
|
| Coupon: | 25.44% annualized, payable monthly if stock closes at or above coupon barrier on related determination date
|
| Price: | Par of $10,000
|
| Call: | At par plus contingent coupon if stock closes at or above its initial level on any quarterly call determination date after one year
|
| Payout at maturity: | Par plus final coupon unless stock finishes below barrier level, in which case full exposure to stock decline, payable either in shares or cash at the issuer’s option
|
| Initial level: | $846.64
|
| Coupon barrier: | $507.98, 60% of initial level
|
| Barrier level: | $507.98, 60% of initial level
|
| Pricing date: | Jan. 22
|
| Settlement date: | Jan. 29
|
| Agent: | CIBC World Markets Corp.
|
| Fees: | 1.75%
|
| Cusip: | 136071CC9
|
|
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
