Published on 6/22/2022 in the Prospect News Structured Products Daily.
New Issue: CIBC sells $500,000 contingent coupon autocallable barrier notes on Tesla
Chicago, June 22 – Canadian Imperial Bank of Commerce priced $500,000 of contingent coupon autocallable barrier notes due Dec. 19, 2022 linked to the common stock of Tesla, Inc., according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a monthly coupon at an annualized rate of 21.4% if the 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 the stock closes at or above its initial level on any quarterly observation date starting after six months.
The payout at maturity will be par plus the final coupon unless the stock finishes below its 60% principal barrier level, in which case investors will be fully exposed to the decline, payable in shares or cash at the issuer’s option.
CIBC World Markets Corp. is the agent.
| Issuer: | Canadian Imperial Bank of Commerce
|
| Issue: | Contingent coupon autocallable barrier notes
|
| Underlying stock: | Tesla, Inc.
|
| Amount: | $500,000
|
| Maturity: | Dec. 19, 2022
|
| Coupon: | 21.4% per year, payable monthly if stock closes at or above its coupon barrier level on observation date
|
| Price: | Par of $10,000
|
| Payout at maturity: | Par plus the final coupon unless stock finishes below principal barrier level, in which case full exposure to any losses of stock, payable in shares or cash at the issuer’s option
|
| Call: | At par plus coupon if stock closes at or above initial level on any quarterly observation date beginning after six months
|
| Initial level: | $1,017.03
|
| Coupon barrier level: | $610.22; 60% of initial level
|
| Principal barrier level: | $610.22; 60% of initial level
|
| Pricing date: | Dec. 10, 2021
|
| Settlement date: | Dec. 17, 2021
|
| Agent: | CIBC World Markets Corp.
|
| Fees: | 1%
|
| Cusip: | 136071DB0
|
|
|
© 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.
