By Marisa Wong
Los Angeles, Jan. 25 – Canadian Imperial Bank of Commerce priced $43 million of 0% capped leveraged buffered notes due July 29, 2027 linked to the performance of the Dow Jones industrial average, according to a 424B2 filing with the Securities and Exchange Commission.
If the final index level is greater than or equal to 135% of the initial level, the payout at maturity will be par plus 44% plus 1.72 times the gain of the index above 35%, up to a maximum payout of par plus 87%.
If the final index level is less than 135% of the initial level but at least 115% of the initial level, the payout will be par plus 15% plus 1.45 times the gain beyond 15%.
If the final index level is between 105% and 115% of the initial level, the payout will be par plus 15%.
If the final index level is between 90% and 105% of the initial level, the payout will be par plus the index return plus 10%.
Otherwise, investors will lose 1% for each 1% decline beyond 10%.
CIBC World Markets Corp. is the agent.
Issuer: | Canadian Imperial Bank of Commerce
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Issue: | Capped leveraged buffered notes
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Underlying index: | Dow Jones industrial average
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Amount: | $43 million
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Maturity: | July 29, 2027
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Coupon: | 0%
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Price: | Par
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Payout at maturity: | If final index level is greater than or equal to 135% of initial level, par plus 44% plus 1.72 times the gain of the index above 35%, capped at par plus 87%; if the final index level is less than 135% of the initial level but at least 115% of the initial level, par plus 15% plus 1.45 times the gain beyond 15%; if the final index level is between 105% and 115% of the initial level, par plus 15%; if the final index level is between 90% and 105% of the initial level, par plus the index return plus 10%; otherwise, 1% loss for each 1% decline beyond 10%
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Initial level: | Average of closing level of index on each trading day from and including Jan. 7 to and including Jan. 20
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Final level: | Average of closing levels on each trading day from and including April 26, 2027 to and including July 26, 2027
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Pricing date: | Jan. 10
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Settlement date: | Jan. 13
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Agent: | CIBC World Markets Corp.
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Fees: | 0.125%
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Cusip: | 13607X4S3
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