Published on 4/5/2023 in the Prospect News Structured Products Daily.
New Issue: CIBC sells $2.34 million capped upside participation market-linked buffered notes on S&P
By Wendy Van Sickle
Columbus, Ohio, April 5 – Canadian Imperial Bank of Commerce priced $2.34 million of 0% market-linked securities – upside participation to a cap with contingent absolute return and fixed percentage buffered downside due April 7, 2025 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 plus 125% of any index gain, capped at a maximum return of par plus 20%.
If the index falls by up to 15%, the payout will be par plus the absolute value of the index return.
Investors will lose 1% for every 1% decline of the index beyond the 15% buffer.
Wells Fargo Securities LLC is the agent.
Issuer: | Canadian Imperial Bank of Commerce
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Issue: | Market-linked securities – upside participation to a cap with contingent absolute return and fixed percentage buffered downside
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Underlying index: | S&P 500 index
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Amount: | $2,341,000
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Maturity: | April 7, 2025
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Coupon: | 0%
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Price: | Par
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Payout at maturity: | Par plus 125% of any index gain, capped at 20%; if index falls by up to 15%, par plus absolute value of index return; otherwise, 1% loss for every 1% decline of index beyond 15% buffer
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Initial level: | 4,109.31
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Buffer level: | 3,492.9135 85% of initial level
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Pricing date: | March 31
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Settlement date: | April 5
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Agent: | Wells Fargo Securities LLC
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Fees: | 2.35%
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Cusip: | 13607XG76
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