Published on 3/15/2024 in the Prospect News Structured Products Daily.
New Issue: CIBC sells $2.39 million digital index-linked notes on S&P 500
Chicago, March 15 – Canadian Imperial Bank of Commerce priced $2.39 million of 0% digital notes due Sept. 8, 2025 linked to the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
If the final index level is greater than or equal to 87.5% of the initial level, the payout at maturity will be par plus 10.85%.
Otherwise, investors will lose 1.1429% for every 1% that the index declines beyond 12.5%.
Goldman Sachs & Co. LLC is the agent.
Issuer: | Canadian Imperial Bank of Commerce
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Issue: | Digital index-linked notes
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Underlying index: | S&P 500 index
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Amount: | $2,393,000
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Maturity: | Sept. 8, 2025
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Coupon: | 0%
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Price: | Par
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Payout at maturity: | If the final index level is greater than or equal to 87.5% of the initial level, par plus 10.85%; otherwise, investors will lose 1.1429% for every 1% that the index declines beyond 12.5%
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Initial index level: | 5,130.95
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Buffer level: | 87.5% of initial level
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Pricing date: | March 4
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Settlement date: | March 11
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Agent: | Goldman Sachs & Co. LLC
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Fees: | 0.98%
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Cusip: | 13607XR74
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