Published on 8/1/2023 in the Prospect News Structured Products Daily.
New Issue: CIBC prices $10.61 million Accelerated Return Notes linked to SPDR ETF
By William Gullotti
Buffalo, N.Y., Aug. 1 – Canadian Imperial Bank of Commerce priced $10.61 million of 0% Accelerated Return Notes due Sept. 27, 2024 linked to the Financial Select Sector SPDR Fund, according to a 424B2 filing with the Securities and Exchange Commission.
The payout at maturity will be par of $10 plus triple any ETF gain, capped at par plus 16.55%.
Investors will be exposed to any ETF 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 fund: | Financial Select Sector SPDR Fund
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Amount: | $10,606,010
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Maturity: | Sept. 27, 2024
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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 ETF gain, capped at par plus 16.55%; otherwise, full exposure to any ETF decline
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Initial level: | $35.13
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Pricing date: | July 27
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Settlement date: | Aug. 3
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Agent: | BofA Securities, Inc.
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Fees: | 1.75%
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Cusip: | 13607Y394
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