Published on 4/30/2024 in the Prospect News Structured Products Daily.
New Issue: CIBC prices $5.7 million autocallable barrier notes tied to two indexes, ETF
By William Gullotti
Buffalo, N.Y., April 30 – Canadian Imperial Bank of Commerce priced $5.7 million of 0% autocallable barrier notes due April 20, 2027 linked to the Russell 2000 index, the S&P 500 index and the SPDR Dow Jones Industrial Average ETF Trust, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will be automatically redeemed at par plus an annualized 9.352% premium if each underlier closes at or above its initial level on any quarterly observation date after one year.
If the notes are not called and each underlier finishes at or above its 60% trigger level, the payout at maturity will be par plus 28.056%.
Otherwise, investors will lose 1% for each 1% that the final level of the worst performer is less than its initial level.
CIBC World Markets Corp. is the agent.
| Issuer: | Canadian Imperial Bank of Commerce
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| Issue: | Autocallable barrier notes
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| Underlying assets: | S&P 500 index, SPDR Dow Jones Industrial Average ETF Trust, Russell 2000 index
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| Amount: | $5.7 million
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| Maturity: | April 20, 2027
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| Coupon: | 0%
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| Price: | Par
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| Payout at maturity: | If each underlier finishes at or above trigger level, par plus 28.056%; otherwise, investors will be fully exposed to the decline of the worst performer from its initial level
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| Call: | At par plus annualized 9.352% premium if each underlier closes at or above its initial level on any quarterly observation date after one year
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| Initial levels: | $384.54 for ETF, 5,199.06 for S&P, 2,042.604 for Russell
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| Trigger levels: | $230.72 for ETF, 3,119.44 for S&P, 1,225.562 for Russell; 60% of initial levels
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| Strike date: | April 11
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| Pricing date: | April 15
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| Settlement date: | April 18
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| Agent: | CIBC World Markets Corp.
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| Fees: | 0.25%
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| Cusip: | 13607XRQ2
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