Published on 5/29/2019 in the Prospect News Structured Products Daily.
New Issue: CIBC prices $4.22 million contingent coupon autocalls on Alphabet, CVS, Intel
By Wendy Van Sickle
Columbus, Ohio, May 29 – Canadian Imperial Bank of Commerce priced $4.22 million of contingent coupon autocallable notes due May 28, 2021 linked to the lowest performing of the stocks of Alphabet Inc., CVS Health Corp. and Intel Corp., according to a 424B3 filing with the Securities and Exchange Commission.
The notes will pay a contingent quarterly coupon at an annual rate of 12.32% if each stock closes at or above its 60% coupon barrier on the observation date for that quarter.
The notes will be called at par plus the contingent coupon if each stock closes at or above its initial level on any quarterly valuation date.
The payout at maturity will be par plus any coupon unless any underlying stock finishes below its 60% trigger level, in which case investors will receive a number of shares of the least performing stock equal to $1,000 divided by the initial share price or, at the issuer’s option, the cash equivalent.
CIBC World Markets is the agent.
| Issuer: | Canadian Imperial Bank of Commerce
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| Issue: | Contingent coupon autocallable notes
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| Underlying stocks: | Alphabet Inc., CVS Health Corp. and Intel Corp.
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| Amount: | $4,215,000
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| Maturity: | May 28, 2021
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| Coupon: | 12.32% annualized, payable quarterly if each index closes at or above 60% coupon barrier on observation date for that quarter
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| Price: | Par
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| Payout at maturity: | Par unless any stock finishes below barrier, in which case a number of shares of the least performing stock equal to $1,000 divided by the initial share price or, at the issuer’s option, the cash equivalent
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| Call: | At par if each index closes at or above initial level on any quarterly valuation date
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| Initial levels: | $53.71 for CVS, $44.00 for Intel and $1,158.85 for Alphabet
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| Barrier levels: | $32.23 for CVS, $26.40 for Intel and $693.51 for Alphabet; 60% of initial levels
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| Pricing date: | May 22
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| Settlement date: | May 28
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| Agents: | CIBC World Markets Corp.
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| Fees: | 3%
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| Cusip: | 13605WQY0
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