Published on 8/16/2023 in the Prospect News Structured Products Daily.
New Issue: CIBC prices $26 million trigger callable contingent yield notes with daily observation
By Wendy Van Sickle
Columbus, Ohio, Aug. 16 – Canadian Imperial Bank of Commerce priced $26 million of trigger callable contingent yield notes with daily coupon observation due Feb. 17, 2027 linked to the worst performing of the Nasdaq-100 index, the Russell 2000 index and the S&P 500 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 12.6% if each index’s closing level is at least 70% of its initial level on every trading day during the observation period.
The notes are callable at par plus any coupon otherwise due on any quarterly observation date.
If the notes have not been called and each index finishes at or above its 60% downside threshold level, the payout will be par plus any final coupon otherwise due.
Otherwise, investors will lose 1% for every 1% that the worst performer finishes below its initial level.
UBS Financial Services Inc. and CIBC Capital Markets are the agents.
Issuer: | Canadian Imperial Bank of Commerce
|
Issue: | Trigger callable contingent yield notes with daily coupon observation
|
Underlying indexes: | Nasdaq-100 index, Russell 2000 index, S&P 500 index
|
Amount: | $26 million
|
Maturity: | Feb. 17, 2027
|
Coupon: | 12.6% per year, payable quarterly if each index closes at or above its coupon barrier level on every trading day during the observation period
|
Price: | Par of $10
|
Payout at maturity: | If each index finishes at or above downside threshold level, par plus any final coupon otherwise due; otherwise, lose 1% for every 1% that the worst performer finishes below its initial level.
|
Call option: | At par plus any coupon otherwise due on any quarterly observation date
|
Initial levels: | 4,464.05 for S&P, 1,925.114 for Russell, 15,028.07 for Nasdaq
|
Coupon barrier levels: | 3,124.84 for S&P, 1,347.58 for Russell, 10,519.65 for Nasdaq; 70% of initial levels
|
Downside threshold levels: | 2,678.43 for S&P, 1,155.068 for Russell, 9,016.84 for Nasdaq; 60% of initial levels
|
Pricing date: | Aug. 11
|
Settlement date: | Aug. 16
|
Agents: | UBS Financial Services Inc. and CIBC Capital Markets
|
Fees: | 1%
|
Cusip: | 13608M415
|
|
© 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.