Published on 1/2/2020 in the Prospect News Structured Products Daily.
New Issue: CIBC sells $662,000 leveraged market-linked notes tied to Stoxx
By Wendy Van Sickle
Columbus, Ohio, Jan. 2 – Canadian Imperial Bank of Commerce priced $662,000 of 0% market-linked securities with leveraged upside participation to a cap and a fixed percentage buffered downside due Jan. 5, 2022 linked to the Euro Stoxx 50 index, according to a 424B2 filing with the Securities and Exchange Commission.
The payout at maturity will be par plus 200% of any index gain, subject to a capped return of par plus 28%.
Investors will receive par if the index falls by up 10% and will lose 1% for every 1% decline in the index beyond the 10% buffer.
Wells Fargo Securities, LLC is the agent.
Issuer: | Canadian Imperial Bank of Commerce
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Issue: | Market-linked securities with leveraged upside participation to a cap and fixed percentage buffered downside
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Underlying index: | Euro Stoxx 50 index
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Amount: | $662,000
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Maturity: | Jan. 5, 2022
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Coupon: | 0%
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Price: | Par
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Payout at maturity: | Par plus 200% of any index gain, capped at par plus 28%; par if the index falls by up to 10%; 1% loss for every 1% decline beyond 10% buffer
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Initial index level: | 3,782.27
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Buffer level: | 3,404.043, 90% of initial level
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Pricing date: | Dec. 27
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Settlement date: | Jan. 2
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Agent: | Wells Fargo Securities, LLC
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Fees: | 2.67%
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Cusip: | 13605WUE9
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