Published on 10/21/2022 in the Prospect News Structured Products Daily.
New Issue: CIBC sells $1.47 million leveraged market-linked notes with contingent downside on stocks
By William Gullotti
Buffalo, N.Y., Oct. 21 – Canadian Imperial Bank of Commerce priced $1.47 million of 0% market-linked securities — leveraged upside participation and contingent downside due Sept. 22, 2026 linked to the stock performance of Apple Inc., Amazon.com, Inc. and Alphabet Inc., according to a 424B2 filing with the Securities and Exchange Commission.
If each stock finishes positive, the payout at maturity will be par plus 200% of the gain of the least performing stock.
If the worst performer finishes flat or falls up to 30%, the payout at maturity will be par. Otherwise, investors will be fully exposed to the decline of the worst performer from its initial level.
Wells Fargo Securities, LLC is the agent.
Issuer: | Canadian Imperial Bank of Commerce
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Issue: | Market-linked securities — leveraged upside participation and contingent downside
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Underlying stocks: | Apple Inc., Amazon.com, Inc., Alphabet Inc.
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Amount: | $1,469,000
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Maturity: | Sept. 22, 2026
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Coupon: | 0%
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Price: | Par
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Payout at maturity: | Par plus 200% of any gain in the least performing stock; if the worst performer falls by up to 30%, par; otherwise, 1% loss for every 1% decline of the worst performer from initial level
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Initial levels: | $154.48 for Apple, $124.66 for Amazon, $103.07 for Alphabet
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Threshold levels: | $108.136 for Apple, $87.262 for Amazon, $72.149 for Alphabet; 70% of initial levels
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Pricing date: | Sept. 19
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Settlement date: | Sept. 22
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Underwriter: | Wells Fargo Securities, LLC
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Fees: | 2.85%
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Cusip: | 13607XBL0
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