Published on 1/30/2017 in the Prospect News Structured Products Daily.
New Issue: CIBC prices $5.49 million of contingent coupon autocallables tied to Russell, Euro Stoxx
By Wendy Van Sickle
Columbus, Ohio, Jan. 30 – Canadian Imperial Bank of Commerce priced $5,486,000 0% contingent coupon autocallable notes due Jan. 31, 2020 linked to the lesser performing of the Russell 2000 index and the Euro Stoxx 50 index, according to a 424B3 filing with the Securities and Exchange Commission.
The notes will pay a contingent semiannual coupon at an annual rate of 9.25% if each index closes at or above its coupon barrier, 70% of the initial level, on a semiannual observation date.
The notes will be called at par plus the contingent coupon if each index closes at or above its initial level on any semiannual valuation date.
The payout at maturity will be par unless either index finishes below its 70% barrier level, in which case investors will be fully exposed to the decline of the worse performing index.
Janney Montgomery Scott LLC is the agent.
| Issuer: | Canadian Imperial Bank of Commerce
|
| Issue: | Contingent coupon autocallable equity-linked notes
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| Underlying indexes: | Russell 2000 and Euro Stoxx 50
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| Amount: | $5,486,000
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| Maturity: | Jan. 31, 2020
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| Coupon: | Each quarter, notes pay contingent coupon at rate of 9.25% per year if lowest-performing index closes at or above coupon barrier on valuation date for that quarter
|
| Price: | Par
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| Payout at maturity: | Par, unless either index finishes below 70% barrier level; otherwise, full exposure to decline of worse performing index
|
| Call: | Automatically called at par plus contingent coupon if each index closes at or above initial level on any semiannual valuation date
|
| Initial index levels: | 1,375.595 for Russell, 3,319.13 for Stoxx
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| Coupon barriers: | 962.9165 for Russell, 2,323.391 for Stoxx; 70% of initial levels
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| Pricing date: | Jan. 26
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| Settlement date: | Jan. 31
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| Underwriter: | Janney Montgomery Scott LLC
|
| Fees: | 2.25%
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| Cusip: | 13605WCD1
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