Published on 1/17/2024 in the Prospect News Structured Products Daily.
New Issue: CIBC prices $13.92 million autocallable Stars linked to Russell 2000
By Wendy Van Sickle
Columbus, Ohio, Jan. 17 – Canadian Imperial Bank of Commerce priced $13.92 million of autocallable Strategic Accelerated Redemption Securities due Jan. 26, 2029 linked to the Russell 2000 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will be called at par plus a premium if the closing level of the index is greater than or equal to its starting value on any annual observation date, including maturity. The call premium will be 8.86% per year.
If the notes are not called, investors will receive par if the index falls by up to 15% and will be exposed to the decline of the index beyond 15%.
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 index: | Russell 2000 index
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Amount: | $13,918,340
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Maturity: | Jan. 26, 2029
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Coupon: | 0%
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Price: | Par of $10
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Payout at maturity: | If not called, par if index falls by up to 15%; 1% loss for each 1% decline beyond 15%
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Call: | Notes will be called at par plus a premium if the closing level of the index is greater than or equal to its starting value on any annual observation date including maturity; call premium will be 8.86% per year
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Initial level: | 1,955.456
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Threshold level: | 1,662.138, 85% of initial level
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Pricing date: | Jan. 11
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Settlement date: | Jan. 19
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Agent: | BofA Securities, Inc.
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Fees: | 2%
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Cusip: | 13608J388
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