Published on 2/4/2019 in the Prospect News Structured Products Daily.
New Issue: CIBC sells $3.25 million market-linked leveraged notes tied to S&P
By Wendy Van Sickle
Columbus, Ohio, Feb. 4 – Canadian Imperial Bank of Commerce priced $3.25 million of 0% market-linked securities – leveraged upside participation to a cap and fixed percentage buffered downside due Feb. 5, 2024 linked to the S&P 500 index, according to a 424B3 filing with the Securities and Exchange Commission.
At maturity, investors will receive par plus 150% of any index gain, subject to a maximum total gain of 57%.
If the index declines by up to 15%, the payout at maturity will be par.
Otherwise, investors will lose 1% for every 1% decline beyond 15%.
Wells Fargo Securities, LLC is the agent.
Issuer: | Canadian Imperial Bank of Commerce
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Issue: | Market-linked securities – leveraged upside participation to a cap and fixed percentage buffered downside
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Underlying index: | S&P 500
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Amount: | $3,252,000
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Maturity: | Feb. 5, 2024
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Coupon: | 0%
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Price: | Par
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Payout at maturity: | Par plus 150% of any index gain, up to maximum total gain of 57%; if the final index falls by up to 15%, par; 1% loss for each 1% decline beyond 15%
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Initial level: | 2,704.1
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Buffer level: | 2,433.69, 90% of initial level
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Pricing date: | Jan. 31
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Settlement date: | Feb. 5
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Agent: | Wells Fargo Securities, LLC
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Fees: | 4.36%
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Cusip: | 13605WPB1C9
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