Published on 4/30/2024 in the Prospect News Structured Products Daily.
New Issue: CIBC prices $3 million contingent market-linked autocalls on two indexes, ETF
By William Gullotti
Buffalo, N.Y., April 30 – Canadian Imperial Bank of Commerce priced $3 million of market-linked securities due March 31, 2028 – autocallable with contingent downside linked to the least performing of the Russell 2000 index, the SPDR Dow Jones Industrial Average ETF Trust and the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will be called at par plus an annualized 10.32% call premium if each underlier closes at or above its initial level on any annual observation date.
The payout at maturity will be par plus 41.28% unless any underlier finishes below its 70% downside threshold, in which case the payout will be par plus the return of the worst performer with full exposure to any losses.
Wells Fargo Securities, LLC is the agent.
| Issuer: | Canadian Imperial Bank of Commerce
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| Issue: | Market linked securities – autocallable with contingent downside
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| Underlying assets: | Russell 2000 index, SPDR Dow Jones Industrial Average ETF Trust, S&P 500 index
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| Amount: | $3 million
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| Maturity: | March 31, 2028
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| Coupon: | 0%
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| Price: | Par
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| Payout at maturity: | Par plus 41.28% unless any underlier falls by more than 30%, in which case 1% loss per 1% decline of the worst performer from its initial level
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| Call: | At par plus an annualized 10.32% call premium if each underlier closes at or above initial level on any annual observation date
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| Initial levels: | 2,124.547 for Russell, 5,254.35 for S&P, $397.76 for ETF
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| Downside thresholds: | 1,487.1829 for Russell, 3,678.045 for S&P, $278.432 for ETF; 70% of initial levels
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| Pricing date: | March 28
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| Settlement date: | April 3
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| Agent: | Wells Fargo Securities, LLC
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| Fees: | 0.775%
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| Cusip: | 13607XRM1
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