Published on 6/13/2022 in the Prospect News Structured Products Daily.
New Issue: CIBC sells $1.36 million contingent coupon autocallable barrier notes on three stocks
By Kiku Steinfeld
Chicago, June 13 – Canadian Imperial Bank of Commerce priced $1.36 million of contingent coupon autocallable barrier notes due Nov. 28, 2025 linked to the worst performing of the stocks of Amazon.com, Inc., Apple Inc. and Tesla, Inc., according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a quarterly coupon at an annualized rate of 20.2% 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 at or above its initial level on any quarterly observation date beginning May 23, 2022.
The payout at maturity will be par plus the final coupon unless any stock finishes below its 50% 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
|
| Issue: | Contingent coupon autocallable barrier notes
|
| Underlying stocks: | Amazon.com, Inc., Apple Inc., Tesla, Inc.
|
| Amount: | $1,357,000
|
| Maturity: | Nov. 28, 2025
|
| Coupon: | 20.2% per year, payable quarterly if each index closes at or above its coupon barrier level on observation date
|
| Price: | Par
|
| 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
|
| Call: | At par plus coupon if each stock closes at or above initial level on any quarterly observation date beginning May 23, 2022
|
| Initial levels: | $161.02 for Apple, $3,572.57 for Amazon, $1,156.87 for Tesla
|
| Coupon barrier levels: | $96.61 for Apple, $2,143.54 for Amazon, $694.12 for Tesla; 60% of initial levels
|
| Principal barrier levels: | $80.51 for Apple, $1,786.29 for Amazon, $578.44 for Tesla; 50% of initial levels
|
| Pricing date: | Nov. 22, 2021
|
| Settlement date: | Nov. 26, 2021
|
| Agent: | CIBC World Markets Corp.
|
| Fees: | 0.25%
|
| Cusip: | 13607X2Q9
|
|
|
|
|
© 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.
