Published on 4/30/2024 in the Prospect News Structured Products Daily.
New Issue: CIBC prices $33.13 million autocallable Stars tied to basket of finance stocks
By William Gullotti
Buffalo, N.Y., April 30 – Canadian Imperial Bank of Commerce priced $33.13 million of autocallable Strategic Accelerated Redemption Securities due April 30, 2027 linked to a basket of stocks, according to a 424B2 filing with the Securities and Exchange Commission.
The basket consists of Goldman Sachs Group, Inc. with a 33.34% weight, JPMorgan Chase & Co. with a 33.33% weight and Morgan Stanley with a 33.33% weight.
The notes will be called at par plus a premium if the closing level of the basket is greater than or equal to its starting value on any annual observation date, including maturity. The call premium will be 14.55% per year.
If the notes are not called at or prior to maturity, investors will be fully exposed to the decline of the basket.
BofA Securities, Inc. is the agent.
Issuer: | Canadian Imperial Bank of Commerce
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Issue: | Autocallable Strategic Accelerated Redemption Securities
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Underlying stocks: | Goldman Sachs Group, Inc. (33.34% weight), JPMorgan Chase & Co. (33.33% weight), Morgan Stanley (33.33% weight)
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Amount: | $33,127,740
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Maturity: | April 30, 2027
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Coupon: | 0%
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Price: | Par of $10
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Payout at maturity: | If not called, 1% loss for each 1% decline from initial level
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Call: | Notes will be called at par plus a premium if the closing level of the basket is greater than or equal to its starting value on any annual observation date including maturity; call premium will be 14.55% per year
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Initial levels: | $420.05 for Goldman Sachs, $193.37 for JPMorgan, $92.56 for Morgan Stanley
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Pricing date: | April 25
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Settlement date: | May 2
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Agent: | BofA Securities, Inc.
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Fees: | 2%
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Cusip: | 13608P848
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