Published on 4/4/2023 in the Prospect News Structured Products Daily.
New Issue: CIBC sells $18.96 million Capped Leveraged Index Return Notes on Russell
By William Gullotti
Buffalo, N.Y., April 4 – Canadian Imperial Bank of Commerce priced $18.96 million of 0% Capped Leveraged Index Return Notes due March 28, 2025 linked to the Russell 2000 index, according to a 424B2 filed with the Securities and Exchange Commission.
If the index return is positive, the payout at maturity will be par plus double the index gain, capped at par plus 25.5%.
Investors will receive par if the index declines by 10% or less and will lose 1% for every 1% that it declines beyond 10%.
BofA Securities, Inc. is the agent.
Issuer: | Canadian Imperial Bank of Commerce
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Issue: | Capped Leveraged Index Return Notes
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Underlying index: | Russell 2000 index
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Principal amount: | $18,960,390
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Maturity: | March 28, 2025
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Coupon: | 0%
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Price: | Par of $10
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Payout at maturity: | Par plus 200% of any index gain, capped at par plus 25.5%; par if index declines by 10% or less; otherwise, 1% loss for every 1% that index declines beyond 10%
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Initial level: | 1,768.383
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Threshold level: | 1,591.545; 90% of initial level
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Pricing date: | March 30
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Settlement date: | April 6
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Agent: | BofA Securities, Inc.
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Fees: | 2%
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Cusip: | 13607Y790
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