Published on 10/8/2021 in the Prospect News Structured Products Daily.
New Issue: CIBC sells $5.25 million callable contingent coupon barrier notes on Russell, S&P, Dow
By Wendy Van Sickle
Columbus, Ohio, Oct. 8 – Canadian Imperial Bank of Commerce priced $5.25 million of issuer callable contingent coupon barrier notes due Oct. 10, 2024 linked to the least performing of the Russell 2000 index, the S&P 500 index and the Dow Jones industrial average, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent quarterly coupon at an annual rate of 9.48% if each asset closes at or above its 70% coupon barrier on the related quarterly observation date.
The notes will be callable at par on any coupon payment date beginning Jan. 10, 2022.
The payout at maturity will be par unless either asset finishes below the 60% trigger level, in which case investors will lose 1% for every 1% decline of the worse performing asset.
CIBC World Markets is the underwriter.
Issuer: | Canadian Imperial Bank of Commerce
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Issue: | Issuer callable contingent coupon barrier notes
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Underlying assets: | Russell 2000 index, S&P 500 index and Dow Jones industrial average
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Amount: | $5.25 million
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Maturity: | Oct. 10, 2024
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Coupon: | 9.48%, payable each quarter that each asset closes at or above coupon barrier on observation date for that quarter
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Price: | Par
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Payout at maturity: | Par unless either asset finishes below trigger level, in which case full exposure to decline of worse performing asset
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Call: | At par on any coupon payment date beginning Jan. 10, 2022
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Initial levels: | 4,345.72 for S&P, 2,228.358 for Russell, 34,314.67 for Dow
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Coupon barriers: | 3,042.0 for S&P, 1,559.851 for Russell, 24,020.27 for Dow; 70% of initial levels
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Trigger levels: | 2,607.43 for S&P, 1,337.015 for Russell, 20,588.8 for Dow; 60% of initial levels
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Pricing date: | Oct. 6
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Settlement date: | Oct. 12
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Agent: | CIBC World Markets
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Fees: | 0%
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Cusip: | 13605W7C9
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