Published on 7/21/2022 in the Prospect News Structured Products Daily.
New Issue: CIBC prices $1.22 million contingent market-linked autocalls on three indexes
By Kiku Steinfeld
Chicago, July 21 – Canadian Imperial Bank of Commerce priced $1.22 million of market-linked securities due Dec. 30, 2025 – autocallable with contingent coupon and contingent downside linked to the lowest performing of the Russell 2000 index, the S&P 500 index and the Nasdaq-100 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent coupon at a 6.6% rate if all indexes close above their 70% interest barrier levels on any quarterly observation date.
The notes will be called automatically if all indexes close above their initial levels on any quarterly observation date starting after six months.
The payout at maturity will be par unless any index finishes below its 70% downside threshold, in which case the payout will be par plus the return of the worst performing index with full exposure to any losses.
Wells Fargo Securities, LLC is the agent.
| Issuer: | Canadian Imperial Bank of Commerce
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| Issue: | Market linked securities – autocallable with contingent coupon and contingent downside
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| Underlying indexes: | Russell 2000 index, S&P 500 index, Nasdaq-100 index
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| Amount: | $1,217,000
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| Maturity: | Dec. 30, 2025
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| Coupon: | 6.6% annual rate, payable quarterly if all indexes finish above interest barrier level on related observation date
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| Price: | Par
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| Payout at maturity: | Par unless any index falls by more than 30%, in which case 1% loss per 1% decline of the worst performing index from its initial level
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| Call: | Automatically at par if all indexes close above initial levels on any quarterly observation date after six months
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| Initial levels: | 4,793.06 for S&P, 2,249.244 for Russell, 16,491.0 for Nasdaq
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| Interest barrier levels: | 3,355.142 for S&P, 1,574.4708 for Russell, 11,543.707 for Nasdaq; 70% of initial levels
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| Downside thresholds: | 3,355.142 for S&P, 1,574.4708 for Russell, 11,543.707 for Nasdaq; 70% of initial levels
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| Pricing date: | Dec. 29
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| Settlement date: | Jan. 3
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| Agent: | Wells Fargo Securities, LLC
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| Fees: | 2.175%
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| Cusip: | 13607X3A3
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