Published on 8/2/2022 in the Prospect News Structured Products Daily.
New Issue: CIBC sells $1.3 million issuer callable contingent coupon barrier notes on four stocks
By Kiku Steinfeld
Chicago, Aug. 2 – Canadian Imperial Bank of Commerce priced $1.3 million issuer callable contingent coupon barrier notes due Jan. 15, 2025 tied to the stock performance of Bank of America Corp., General Motors Co., Microsoft Corp. and Target Corp., according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a monthly contingent coupon at an annual rate of 15% if all stocks close above their 60% 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 monthly coupon payment date after one year.
Investors will receive par if the worst performer finishes at or above the 60% 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 stocks: | Bank of America Corp., General Motors Co., Microsoft Corp. and Target Corp.
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| Amount: | $1.3 million
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| Maturity: | Jan. 15, 2025
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| Coupon: | 15% per year, paid monthly if all stocks close at or above their respective coupon barriers on the relevant observation date
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| Price: | Par
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| Payout at maturity: | Par if each stock finishes at or above trigger level; otherwise, full exposure to decline of least performing stock from its initial level
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| Call option: | At par plus any coupon due at the option of the issuer on any monthly coupon payment date after one year
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| Initial levels: | $48.13 for BofA, $62.87 for GM, $313.88 for Microsoft, $231.35 for Target
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| Coupon barrier levels: | $28.88 for BofA, $37.72 for GM, $188.33 for Microsoft, $138.81 for Target; 60% of initial levels
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| Trigger levels: | $28.88 for BofA, $37.72 for GM, $188.33 for Microsoft, $138.81 for Target; 60% of initial levels
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| Strike date: | Jan. 6
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| Pricing date: | Jan. 10
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| Settlement date: | Jan. 13
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| Agent: | CIBC World Markets Corp.
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| Fees: | 0.25%
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| Cusip: | 13607X4Q7
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