Published on 5/11/2017 in the Prospect News Structured Products Daily.
New Issue: CIBC sells $1.24 million contingent coupon phoenix autocallables on Russell, Stoxx, S&P
By Wendy Van Sickle
Columbus, Ohio, May 11 – Canadian Imperial Bank of Commerce priced $1.24 million of contingent coupon phoenix autocallable notes due May 11, 2022 linked to the worse performing of the S&P 500 index, the Russell 2000 index and the Euro Stoxx 50 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent quarterly coupon at an annual rate of 6% if each index closes at or above its 65% coupon barrier on the observation date for that period.
The notes will be called at par if each index closes at or above its initial level on any valuation date other than the first and final dates.
The payout at maturity will be par plus the contingent coupon unless any index finishes below its 50% principal barrier level, in which case investors will be fully exposed to the decline of the worst performing index.
Janney Montgomery Scott is the underwriter.
| Issuer: | Canadian Imperial Bank of Commerce
|
| Issue: | Autocallable contingent coupon notes
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| Underlying indexes: | S&P 500, Russell 2000, Euro Stoxx 50
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| Amount: | $1,235,000
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| Maturity: | May 11, 2022
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| Coupon: | 8% per year, payable semiannually if each index closes at or above 70% coupon barrier on determination date for that period
|
| Price: | Par
|
| Payout at maturity: | Par plus contingent coupon unless any index finishes below principal barrier level, in which case full exposure to losses of worst performing index
|
| Call: | At par if each index closes at or above its initial level on any valuation date other than first and final dates
|
| Initial levels: | 2,399.38 for S&P, 1,391.639 for Russell and 3,642.11 for Stoxx
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| Coupon barriers: | 1,559.60 for S&P, 904.565 for Russell and 2,367.37 for Stoxx; 65% of initial levels
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| Principal barriers: | 1,199.69 for S&P, 695.819 for Russell and 1,821.05 for Stoxx; 50% of initial levels
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| Pricing date: | May 8
|
| Settlement date: | May 11
|
| Underwriter: | Janney Montgomery Scott
|
| Fees: | 2%
|
| Cusip: | 13605WDD0
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