Published on 9/8/2021 in the Prospect News Structured Products Daily.
New Issue: CIBC sells $4.6 million issuer callable contingent coupon barrier notes on three indexes
By William Gullotti
Buffalo, N.Y., Sept. 8 – Canadian Imperial Bank of Commerce priced $4.6 million issuer callable contingent coupon barrier notes due Sept. 9, 2022 tied to the Nasdaq-100 index, the S&P 500 index and the Russell 2000 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a quarterly contingent coupon at an annual rate of 10.6% if all indexes close above their 75% coupon barrier on the corresponding observation date.
The notes may be called at par plus any coupon due at the option of the issuer on any quarterly coupon payment date.
Investors will receive par plus the contingent coupon if the final level of the least performing index is above the 75% trigger level.
Otherwise, investors will be fully exposed to the worst performer’s decline from its initial level.
CIBC World Markets Corp. is the agent.
| Issuer: | Canadian Imperial Bank of Commerce
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| Issue: | Issuer callable contingent coupon barrier note
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| Underlying indexes: | S&P 500 index, Nasdaq-100 index, Russell 2000 index
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| Amount: | $4,599,000
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| Maturity: | Sept. 9, 2022
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| Coupon: | 10.6% per year, paid quarterly if all indexes close at or above their respective coupon barriers on the relevant observation date
|
| Price: | Par
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| Payout at maturity: | Par plus contingent coupon unless any index finishes below trigger level; otherwise full exposure to decline of least performing index from its initial level
|
| Call option: | At par plus any coupon due at the option of the issuer on any quarterly coupon payment date
|
| Initial levels: | 4,536.95 for S&P, 2,304.017 for Russell, 15,604.25 for Nasdaq
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| Coupon barrier levels: | 3,402.71 for S&P, 1,728.013 for Russell, 11,703.19 for Nasdaq; 75% of initial levels
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| Trigger levels: | 3,402.71 for S&P, 1,728.013 for Russell, 11,703.19 for Nasdaq; 75% of initial levels
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| Strike date: | Sept. 2
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| Pricing date: | Sept. 3
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| Settlement date: | Sept. 9
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| Agent: | CIBC World Markets Corp.
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| Fees: | 0.2%
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| Cusip: | 13605W6M8
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