Published on 7/13/2021 in the Prospect News Structured Products Daily.
New Issue: CIBC sells $4.11 million contingent coupon autocallable barrier notes on four stocks
By William Gullotti
Buffalo, N.Y., July 13 – Canadian Imperial Bank of Commerce priced $4.11 million of contingent coupon autocallable barrier notes due July 12, 2024 linked to the worst performing of the stocks of Apple Inc., Netflix, Inc., Facebook, Inc. and Tesla, Inc., according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a monthly coupon at an annualized rate of 21.6% if each stock closes at or above its barrier level, 60% of its initial level, on a related observation date.
The notes will be called at par plus the coupon if each stock closes above its initial level on any quarterly autocall observation date.
The payout at maturity will be par plus the final coupon unless any stock finishes below its 60% principal barrier level, in which case investors will be fully exposed to the decline of the worst performer from its initial level.
CIBC World Markets Corp. is the agent.
| Issuer: | Canadian Imperial Bank of Commerce
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| Issue: | Contingent coupon autocallable barrier notes
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| Underlying stocks: | Apple Inc., Netflix, Inc., Facebook, Inc., Tesla, Inc.
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| Amount: | $4,111,000
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| Maturity: | July 12, 2024
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| Coupon: | 21.6% per year, payable monthly if each index closes at or above its coupon barrier level on observation date
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| Price: | Par
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| Payout at maturity: | Par plus the final coupon unless any stock finishes below principal barrier level, in which case full exposure to any losses of the least-performing stock
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| Call: | At par plus coupon if each stock closes above initial level on any quarterly autocall observation date
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| Initial levels: | $656.95 for Tesla, $145.11 for Apple, $350.42 for Facebook, $535.98 for Netflix
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| Coupon barrier levels: | $394.17 for Tesla, $87.07 for Apple, $210.25 for Facebook, $321.59 for Netflix; 60% of initial levels
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| Principal barrier levels: | $394.17 for Tesla, $87.07 for Apple, $210.25 for Facebook, $321.59 for Netflix; 60% of initial levels
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| Pricing date: | July 9
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| Settlement date: | July 14
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| Agent: | CIBC World Markets Corp.
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| Fees: | 2.706%
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| Cusip: | 13605W5A5
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