Published on 11/1/2022 in the Prospect News Structured Products Daily.
New Issue: CIBC sells $23.75 million capped Leveraged Index Return Notes on Russell 2000
By William Gullotti
Buffalo, N.Y., Nov. 1 – Canadian Imperial Bank of Commerce priced $23.75 million of 0% capped Leveraged Index Return Notes due Oct. 25, 2024 linked to the Russell 2000 index, according to a 424B2 filed with the Securities and Exchange Commission.
If the index return is positive, the payout at maturity will be par plus double the index gain, capped at par plus 32.22%.
Investors will receive par if the index declines by 10% or less and will lose 1% for every 1% that it declines beyond 10%.
BofA Securities, Inc. is the agent.
Issuer: | Canadian Imperial Bank of Commerce
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Issue: | Capped Leveraged Index Return Notes
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Underlying index: | Russell 2000 index
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Principal amount: | $23,746,060
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Maturity: | Oct. 25, 2024
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Coupon: | 0%
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Price: | Par of $10
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Payout at maturity: | Par plus 200% of any index gain, capped at par plus 32.22%; par if index declines by 10% or less; otherwise, 1% loss for every 1% that index declines beyond 10%
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Initial level: | 1,806.322
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Threshold level: | 1,625.69; 90% of initial level
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Final level: | Average of index’s closing levels on five trading days ending Oct. 22, 2024
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Pricing date: | Oct. 27
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Settlement date: | Nov. 3
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Agent: | BofA Securities, Inc.
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Fees: | 2%
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Cusip: | 13607W323
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