Published on 3/29/2022 in the Prospect News Structured Products Daily.
New Issue: CIBC prices $110.96 million Accelerated Return Notes on S&P 500
By William Gullotti
Buffalo, N.Y., March 29 – Canadian Imperial Bank of Commerce priced $110.96 million of 0% Accelerated Return Notes due May 26, 2023 linked to the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
The payout at maturity will be par of $10 plus triple any index gain, capped at par plus 15.05%.
Investors will be exposed to any index decline.
BofA Securities, Inc. is the underwriter.
Issuer: | Canadian Imperial Bank of Commerce
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Issue: | Accelerated Return Notes
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Underlying index: | S&P 500 index
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Amount: | $110,956,309
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Maturity: | May 26, 2023
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Coupon: | 0%
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Price: | Par of $10
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Payout at maturity: | Par plus 300% of any index gain, capped at par plus 15.05%; full exposure to any index decline
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Initial level: | 4,520.16
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Final level: | Average of index’s closing levels on five trading days ending May 23, 2023
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Pricing date: | March 24
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Settlement date: | March 31
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Agent: | BofA Securities, Inc.
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Fees: | 1.75%
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Cusip: | 13607V168
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