Published on 3/16/2020 in the Prospect News Structured Products Daily.
New Issue: CIBC prices $3.06 million capped leveraged buffered notes on Russell
By Marisa Wong
Los Angeles, March 16 – Canadian Imperial Bank of Commerce priced $3.06 million of 0% capped leveraged buffered notes due April 7, 2021 linked to the Russell 2000 index, according to a 424B2 filing with the Securities and Exchange Commission.
If the index return is positive, the payout at maturity will be par plus 3 times the index gain, capped at $1,111.90 per $1,000 of notes. Investors will receive par if the index falls by up to 10% and will lose 1.1111% for each 1% loss beyond 10%.
CIBC World Markets Corp. is the agent.
Issuer: | Canadian Imperial Bank of Commerce
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Issue: | Capped leveraged buffered notes
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Underlying index: | Russell 2000
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Amount: | $3,055,000
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Maturity: | April 7, 2021
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Coupon: | 0%
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Price: | Par
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Payout at maturity: | Par plus 3 times any index gain, capped at $1,111.90 per $1,000 of notes; par if index falls by up to 10%; 1.1111% loss for each 1% decline beyond 10%
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Initial level: | 1,478.824
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Pricing date: | March 5
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Settlement date: | March 12
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Agent: | CIBC World Markets Corp.
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Fees: | 1.13%
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Cusip: | 13605WWH0
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