Published on 9/5/2017 in the Prospect News Structured Products Daily.
New Issue: CIBC prices $2.07 million buffered autocallables linked to Euro Stoxx
By Angela McDaniels
Tacoma, Wash., Sept. 5 – Canadian Imperial Bank of Commerce priced $2.07 million of 0% autocallable market-linked securities with fixed percentage buffered downside due Sept. 8, 2020 linked to the Euro Stoxx 50 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will be automatically called at par plus a premium of 7.6% per year if the index closes at or above the initial index level on Sept. 6, 2018, Sept. 6, 2019 or Aug. 31, 2020.
If the notes are not called and the final index level is greater than or equal to the threshold level, 90% of the initial index level, the payout at maturity will be par. Otherwise, investors will lose 1% for every 1% that the index declines beyond 10%.
Wells Fargo Securities LLC is the agent.
| Issuer: | Canadian Imperial Bank of Commerce
|
| Issue: | Autocallable market-linked securities with fixed percentage buffered downside
|
| Underlying index: | Euro Stoxx 50
|
| Amount: | $2,069,000
|
| Maturity: | Sept. 8, 2020
|
| Coupon: | 0%
|
| Price: | Par
|
| Payout at maturity: | If notes are not called (i.e., index’s closing level is below initial level on Aug. 31, 2020) and final index level is greater than or equal to threshold level, par; otherwise, 1% loss for every 1% that index declines beyond 10%
|
| Call: | Automatically at par plus premium of 7.6% per year if index closes at or above initial index level on Sept. 6, 2018, Sept. 6, 2019 or Aug. 31, 2020
|
| Initial index level: | 3,421.47
|
| Threshold level: | 3,079.323, 90% of initial level
|
| Pricing date: | Aug. 31
|
| Settlement date: | Sept. 6
|
| Agent: | Wells Fargo Securities LLC
|
| Fees: | 2.835%
|
| Cusip: | 13605WEX5
|
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