Published on 5/24/2018 in the Prospect News Structured Products Daily.
New Issue: CIBC prices $1.73 million 23.2% contingent coupon autocalls on stocks
By Susanna Moon
Chicago, May 24 – Canadian Imperial Bank of Commerce priced $1.73 million of contingent coupon autocallable notes due May 19, 2020 linked to the lowest performing of the common stocks of Netflix, Inc., BlackRock, Inc. and Continental Resources, Inc., according to a 424B3 filing with the Securities and Exchange Commission.
The notes will pay a contingent quarterly coupon at an annual rate of 23.2% if each stock closes at or above its 65% coupon barrier on the observation date for that quarter.
The notes will be called at par plus the contingent coupon if each stock closes at or above its initial level on any quarterly valuation date after six months.
The payout at maturity will be par plus any coupon unless any underlying stock finishes below its 65% trigger level, in which case investors will lose 1% for each 1% decline of the worst performing stock.
CIBC World Markets is the agent.
Issuer: | Canadian Imperial Bank of Commerce
|
Issue: | Contingent coupon autocallable notes
|
Underlying stocks: | Netflix, Inc. (Symbol: NFLX), BlackRock, Inc. (Symbol: BLK) and Continental Resources, Inc. (Symbol: CLR)
|
Amount: | $1.73 million
|
Maturity: | May 19, 2020
|
Coupon: | 23.2% annualized, payable quarterly if each index closes at or above 65% coupon barrier on observation date for that quarter
|
Price: | Par
|
Payout at maturity: | Par unless any stock finishes below barrier, in which par plus return of worst performing stock with 1% loss per 1% decline
|
Call: | At par if each index closes at or above its initial level on any valuation date beginning Nov. 14, 2018
|
Initial levels: | $329.60 for Netflix, $536.26 for BlackRock and $68.18 for Continental
|
Barrier levels: | $214.24 for Netflix, $348.57 for BlackRock and $44.32 for Continental; 65% of initial levels
|
Pricing date: | May 14
|
Settlement date: | May 17
|
Agents: | CIBC World Markets Corp.
|
Fees: | None
|
Cusip: | 13605WLD1
|
|
|
© 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.