Published on 2/1/2022 in the Prospect News Structured Products Daily.
New Issue: CIBC prices $19.47 million Accelerated Return Notes on Nasdaq-100
By William Gullotti
Buffalo, N.Y., Feb. 1 – Canadian Imperial Bank of Commerce priced $19.47 million of 0% Accelerated Return Notes due March 31, 2023 linked to the Nasdaq-100 index, according to a 424B2 filing with the Securities and Exchange Commission.
The payout at maturity will be par of $10 plus triple any index gain, capped at par plus 18.9%.
Investors will be exposed to any index decline.
BofA Securities, Inc. is the underwriter.
Issuer: | Canadian Imperial Bank of Commerce
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Issue: | Accelerated Return Notes
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Underlying index: | Nasdaq-100 index
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Amount: | $19,466,880
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Maturity: | March 31, 2023
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Coupon: | 0%
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Price: | Par of $10
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Payout at maturity: | Par plus 300% of any index gain, capped at par plus 18.9%, full exposure to any index decline
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Initial level: | 14,003.11
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Final level: | Average of index’s closing levels on five trading days ending March 28, 2023
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Pricing date: | Jan. 27
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Settlement date: | Feb. 3
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Agent: | BofA Securities, Inc.
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Fees: | 1.75%
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Cusip: | 13607V242
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