Published on 6/8/2020 in the Prospect News Structured Products Daily.
New Issue: CIBC prices $2.87 million autocallable market-linked notes tied to Russell 2000 index
By Wendy Van Sickle
Columbus, Ohio, June 8 – Canadian Imperial Bank of Commerce priced $2.87 million of 0% market-linked securities ‑‑ autocallable with fixed percentage buffered downside due June 3, 2024 linked to the Russell 2000 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will be called at par plus an annualized call premium of 7.7% if the index closes at or above the initial level on June 3, 2021, June 3, 2022, June 5, 2023 or May 24, 2024.
If the index declines by up to 10%, the payout at maturity will be par.
Otherwise, investors will lose 1% for every 1% decline beyond 10%.
Wells Fargo Securities, LLC is the agent.
Issuer: | Canadian Imperial Bank of Commerce
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Issue: | Market-linked securities ‑‑ autocallable with fixed percentage buffered downside
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Underlying index: | Russell 2000
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Amount: | $2,867,000
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Maturity: | June 3, 2024
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Coupon: | 0%
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Price: | Par
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Payout at maturity: | Par if index declines by up to 10%, loss of 1% for every 1% decline beyond 10%
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Call: | At par plus 7.7% per year if the index closes at or above its initial level on June 3, 2021, June 3, 2022, June 5, 2023 or May 24, 2024
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Initial level: | 1,394.035
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Threshold level: | 1,254.6315, 90% of initial level
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Pricing date: | May 29
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Settlement date: | June 3
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Underwriter: | Wells Fargo Securities, LLC
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Fees: | 2.925%
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Cusip: | 13605WYG0
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