Published on 1/8/2020 in the Prospect News Structured Products Daily.
New Issue: CIBC sells $6.44 million leveraged market-linked notes on MSCI EAFE
By Sarah Lizee
Olympia, Wash., Jan. 8 – Canadian Imperial Bank of Commerce priced $6.44 million of 0% market-linked securities with leveraged upside participation to a cap and fixed percentage buffered downside due Jan. 4, 2021 linked to the MSCI EAFE index, according to a 424B2 filing with the Securities and Exchange Commission.
The payout at maturity will be par plus 200% of any index gain, subject to a maximum return of 8.8%.
Investors will receive par if the index falls by up to 7.5% and will lose 1% for each 1% decline beyond 7.5%.
Wells Fargo Securities, LLC is the agent.
Issuer: | Canadian Imperial Bank of Commerce
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Issue: | Market-linked securities with leveraged upside participation to a cap and fixed percentage buffered downside
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Underlying index: | MSCI EAFE index
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Amount: | $6,443,000
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Maturity: | Jan. 4, 2021
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Coupon: | 0%
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Price: | Par
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Payout at maturity: | Par plus 200% of any index gain, subject to a maximum return of 8.8%; par if the index falls by up to 7.5%; 1% loss for each 1% decline beyond 7.5%
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Initial value: | 2,035.99
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Threshold value: | 1,883.29075, 92.5% of initial level
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Pricing date: | Dec. 30
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Settlement date: | Jan. 3
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Agent: | Wells Fargo Securities, LLC
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Fees: | 0.24%
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Cusip: | 13605WUU3
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