By Marisa Wong
Morgantown, W.Va., May 5 – Canadian Imperial Bank of Commerce priced $2.88 million of 0% buffered enhanced return notes due April 28, 2021 linked to a Select Sector SPDR basket, according to a 424B2 filing with the Securities and Exchange Commission.
The basket includes the Financial Select Sector SPDR fund with a 33.34% weight, the Energy Select sector SPDR fund with a 33.33% weight and the Technology Select Sector SPDR fund with a 33.33% weight.
If the basket return zero or positive, the payout at maturity will be par plus 150% of the basket return, with the payout capped at par plus 40%.
If the basket falls by up to 10%, the payout will be par.
Otherwise, investors will lose 1% for every 1% decline beyond the 10% buffer.
CIBC World Markets Corp. is the agent.
| Issuer: | Canadian Imperial Bank of Commerce
|
| Issue: | Buffered enhanced return notes
|
| Underlying basket: | Financial Select Sector SPDR fund with a 33.34% weight, Energy Select sector SPDR fund with a 33.33% weight and Technology Select Sector SPDR fund with a 33.33% weight
|
| Amount: | $2,875,000
|
| Maturity: | April 28, 2021
|
| Coupon: | 0%
|
| Price: | Par of $10
|
| Payout at maturity: | If the basket return zero or positive, par plus 150% of the basket return, capped at 40%; if the basket falls by up to 10%, par; otherwise, 1% loss for every 1% decline beyond the 10% buffer
|
| Initial prices: | $23.89 for Financial, $68.77 for Energy, $54.08 for Technology
|
| Pricing date: | April 25
|
| Settlement date: | April 28
|
| Agent: | CIBC World Markets Corp.
|
| Fees: | 4.5%
|
| Cusip: | 13605WCV1
|
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