Published on 2/6/2020 in the Prospect News Structured Products Daily.
New Issue: CIBC prices $1.35 million contingent coupon autocallable notes on stock, indexes
By Wendy Van Sickle
Columbus, Ohio, Feb. 6 – Canadian Imperial Bank of Commerce priced $1.35 million of contingent coupon autocallable notes due Jan. 31, 2023 linked to the lowest performing of the common stock of Berkshire Hathaway Inc., the Russell 2000 index and the Nasdaq-100 index, according to a 424B3 filing with the Securities and Exchange Commission.
The notes will pay a contingent quarterly coupon at an annual rate of 7.3% if each asset closes at or above its 70% coupon barrier on the observation date for that quarter.
The notes will be called at par plus the contingent coupon if each asset closes at or above its initial level on any coupon observation date.
The payout at maturity will be par unless any underlying asset finishes below its initial level and any asset ever closes below its 70% trigger level any day during the life of the notes, in which case investors will be fully exposed to the losses of the worst performing asset.
CIBC World Markets Corp. is the agent.
| Issuer: | Canadian Imperial Bank of Commerce
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| Issue: | Contingent coupon autocallable notes
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| Underlying assets: | Berkshire Hathaway Inc., Russell 2000 index and Nasdaq-100 index
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| Amount: | $1,346,000
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| Maturity: | July 29, 2021
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| Coupon: | 7.3% annualized, payable quarterly if each asset closes at or above 70% coupon barrier on observation date for that quarter
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| Price: | Par
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| Payout at maturity: | Par any underlying asset finishes below its initial level and any asset ever closes below 70% trigger level any day during the life of the notes, in which full exposure to losses of worst performing asset
|
| Call: | At par if each asset closes at or above initial level on any coupon observation date
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| Initial levels: | $226.86 for Berkshire Hathaway, 1,662.232 for Russell, 9,141.467 for Nasdaq
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| Barrier levels: | $158.80 for Berkshire Hathaway, 1,163.562 for Russell, 6,399.027 for Nasdaq, 70% of initial levels
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| Pricing date: | Jan. 24
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| Settlement date: | Jan. 29
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| Agents: | CIBC World Markets Corp.
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| Fees: | 1.75%
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| Cusip: | 13605WVL2
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