Published on 3/13/2020 in the Prospect News Structured Products Daily.
New Issue: CIBC prices $760,000 contingent coupon autocallables linked to S&P, Russell, Nasdaq
By Wendy Van Sickle
Columbus, Ohio, March 13 – Canadian Imperial Bank of Commerce priced $760,000 of contingent coupon autocallable notes due March 15, 2027 linked to the least performing of the Russell 2000 index, the Nasdaq-100 index and the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
Each month, the notes will pay a contingent coupon at the rate of 8.7% per year if the lesser-performing index closes at or above its coupon barrier level, 60% of its initial level, on the determination date for that month.
The notes will be called at par if each index closes at or above its initial level on any quarterly call valuation date.
If the notes are not called, the payout at maturity will be par unless any index finishes below its initial level and any index ever closes below its 60% barrier level on any day during the life of the notes, in which case investors will be fully exposed to the decline of the worst performing index.
CIBC World Markets Corp. is the agent.
| Issuer: | Canadian Imperial Bank of Commerce
|
| Issue: | Contingent coupon autocallable notes
|
| Underlying indexes: | Nasdaq-100 index, Russell 2000 index, S&P 500 index
|
| Amount: | $760,000
|
| Maturity: | March 15, 2027
|
| Coupon: | 8.7% per year, payable monthly if least performing index closes at or above coupon barrier level on determination date for that month
|
| Price: | Par
|
| Payout at maturity: | Par unless final level of the least-performing index is less than initial level and any index has ever closed below principal barrier level during life of notes; otherwise, 1% loss for each 1% decline of the least-performing index
|
| Call: | Automatically at par if least-performing index closes at or above initial level on any quarterly call valuation date
|
| Initial levels: | 1,264.296 for Russell, 8,006.119 for Nasdaq, 2,741.38 for S&P
|
| Coupon/principal barriers: 758.578 for Russell, 4,803.671 for Nasdaq, 1,644.83 for S&P, 60% of initial levels
|
| Pricing date: | March 11
|
| Settlement date: | March 13
|
| Agent: | CIBC World Markets Corp.
|
| Fees: | 3%
|
| Cusip: | 13605WWK3
|
|
|
© 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.
