New Issue: CIBC prices $7.5 million digital index-linked notes on Russell 2000

By William Gullotti

Buffalo, N.Y., Dec. 14 – Canadian Imperial Bank of Commerce priced $7.5 million of 0% digital index-linked notes due Jan. 31, 2023 linked to the Russell 2000 index, according to a 424B2 filing with the Securities and Exchange Commission.

If the index finishes at or above its 90% buffer level, the payout at maturity will be par plus 9.63%. Otherwise, investors will lose 1.1111% for every 1% that the index declines beyond 10%.

CIBC World Markets Corp. is the agent.

Issuer:	Canadian Imperial Bank of Commerce
Issue:	Digital index-linked notes
Underlying index:	Russell 2000 index
Amount:	$7.5 million
Maturity:	Jan. 31, 2023
Coupon:	0%
Price:	Par
Payout at maturity:	If index finishes at or above buffer level, par plus 9.63%; otherwise, 1.1111% loss for every 1% that index declines beyond 10%
Initial index level:	2,220.205
Buffer level:	90% of initial level
Pricing date:	Dec. 9
Settlement date:	Dec. 16
Agent:	CIBC World Markets Corp.
Fees:	0.77%
Cusip:	13607X3R6

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.