Published on 8/2/2021 in the Prospect News Structured Products Daily.
New Issue: CIBC sells $1.5 million contingent coupon autocallable barrier notes on three stocks
By Wendy Van Sickle
Columbus, Ohio, Aug. 2 – Canadian Imperial Bank of Commerce priced $1.5 million of contingent coupon autocallable barrier notes due June 6, 2024 linked to the worst performing of the stocks of Boeing Co., JPMorgan Chase & Co. and Ford Motor Co., according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a monthly coupon at an annualized rate of 16.32% if each stock closes at or above its barrier level, 70% 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 six months.
The payout at maturity will be par plus the final coupon unless any stock finishes below its 55% 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: | Boeing Co., JPMorgan Chase & Co., Ford Motor Co.
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| Amount: | $1.5 million
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| Maturity: | June 6, 2024
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| Coupon: | 16.32% 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 monthly autocall observation date after six months
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| Initial levels: | $14.88 for Ford, $164.35 for JPMorgan, $250.73 for Boeing
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| Coupon barrier levels: | $10.42 for Ford, $115.05 for JPMorgan, $175.49 for Boeing; 70% of initial levels
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| Principal barrier levels: | $8.18 for Ford, $90.39 for JPMorgan, $137.89 for Boeing; 55% of initial levels
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| Pricing date: | June 3
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| Settlement date: | June 8
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| Agent: | CIBC World Markets Corp.
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| Fees: | 0.55%
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| Cusip: | 13605W4D0
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