By William Gullotti
Buffalo, N.Y., Nov. 23 – Canadian Imperial Bank of Commerce priced $2 million of 0% capped leveraged buffered notes due Jan. 24, 2025 linked to the performance of the Energy Select Sector SPDR Fund, according to a 424B2 filing with the Securities and Exchange Commission.
If the ETF’s return is positive, the payout at maturity will be par plus double the gain, capped at a maximum payout of par plus 65%.
Investors will receive par if the ETF falls by up to 20% and will lose 1% for each 1% decline beyond 20%.
CIBC World Markets Corp. is the agent.
| Issuer: | Canadian Imperial Bank of Commerce
|
| Issue: | Capped leveraged buffered notes
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| Underlying fund: | Energy Select Sector SPDR Fund
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| Amount: | $2 million
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| Maturity: | Jan. 24, 2025
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| Coupon: | 0%
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| Price: | Par
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| Payout at maturity: | Par plus two times any ETF gain, capped at par plus 65%; par if the ETF falls by up to 20%; otherwise, 1% loss for each 1% decline beyond 20%
|
| Initial level: | $56.89
|
| Buffer level: | $45.51; 80% of initial level
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| Strike date: | Nov. 18
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| Pricing date: | Nov. 19
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| Settlement date: | Nov. 24
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| Agent: | CIBC World Markets Corp.
|
| Fees: | 0.1%
|
| Cusip: | 13607X2R7
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