Published on 12/21/2021 in the Prospect News Structured Products Daily.
New Issue: CIBC sells $1.93 million contingent coupon autocallable barrier notes on four stocks
By William Gullotti
Buffalo, N.Y., Dec. 21 – Canadian Imperial Bank of Commerce priced $1.93 million of contingent coupon autocallable barrier notes due Nov. 29, 2024 linked to the worst performing of the stocks of Apple Inc., Boeing Co., NIKE, Inc. and Walmart Inc., according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a monthly coupon at an annualized rate of 15% if each stock closes at or above its barrier level, 65% 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 monthly autocall observation date after one year.
The payout at maturity will be par plus the final coupon if each stock finishes at or above its coupon barrier level.
If the worst performer finishes below its coupon barrier but at or above its 60% principal barrier level, the payout at maturity will be par. Otherwise, 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., Boeing Co., NIKE, Inc., Walmart Inc.
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| Amount: | $1,928,000
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| Maturity: | Nov. 29, 2024
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| Coupon: | 15% 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 if each stock finishes at or above coupon barrier; if worst performer finishes below coupon barrier but at or above principal barrier, par; otherwise, full exposure to all losses of the worst-performing stock
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| Call: | At par plus coupon if each stock closes above initial level on any monthly autocall observation date after one year
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| Initial levels: | $146.54 for Walmart, $161.94 for Apple, $172.03 for NIKE, $210.60 for Boeing
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| Coupon barrier levels: | $95.25 for Walmart, $105.26 for Apple, $111.82 for NIKE, $136.89 for Boeing; 65% of initial levels
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| Principal barrier levels: | $87.92 for Walmart, $97.16 for Apple, $103.22 for NIKE, $126.36 for Boeing; 60% of initial levels
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| Strike date: | Nov. 24
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| Pricing date: | Nov. 30
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| Settlement date: | Dec. 3
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| Agent: | CIBC World Markets Corp.
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| Fees: | 0.25%
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| Cusip: | 13607X2V8
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