By Wendy Van Sickle
Columbus, Ohio, Sept. 26 – Canadian Imperial Bank of Commerce priced $3 million of 0% capped in-gears due Sept. 26, 2029 tied to the Russell 2000 index, according to a 424B2 filing with the Securities and Exchange Commission.
At maturity, if the index’s return is greater than or equal to 45%, the payout will be par plus 105.45%.
If the index return is greater than or equal to 26% but less than 45%, the payout will be par plus 34.2% plus 3.75 times the excess of the return over 26%.
If the index return is greater than or equal to negative 4% but less than 26%, the payout will be par plus 1.14 times the quantity of the return plus 4%.
If the index falls by more than 4% but not by more than 6%, the payout will be par.
If the index falls by more than 6% but finishes at or above 82% of initial level, investors will lose 1.5% for every 1% loss beyond 6%
If the index finishes below its 82% downside threshold, investors will lose 1% for every 1% decline in the index from its initial level.
BNP Paribas Securities Corp. is the agent.
| Issuer: | Canadian Imperial Bank of Commerce
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| Issue: | Capped in-gears
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| Underlying index: | Russell 2000 index
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| Amount: | $3 million
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| Maturity: | Sept. 26, 2029
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| Coupon: | 0%
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| Price: | Par of $10
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| Payout at maturity: | If index return is greater than or equal to 45%, par plus 105.45%; if index return is greater than or equal to 26% but less than 45%, par plus 34.2% plus 3.75 times the excess of the return over 26%; if index return is greater than or equal to negative 4% but less than 26%, par plus 1.14 times the quantity of the return plus 4%; if index falls by more than 4% but not by more than 6%, par; but finishes at or above downside threshold, investors will lose 1.5% for every 1% decline beyond 6%; otherwise, full exposure to index decline from initial level
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| Initial index level: | Average of closing levels on each day during period from and including Sept. 5 to and including Oct. 19, 2023
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| Final level: | Average of closing levels on each day during the period from and including June 15, 2029 to and including Sept. 14, 2029
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| Downside threshold: | 82% of initial level
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| Pricing date: | Sept. 7
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| Settlement date: | Sept. 12
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| Agent: | BNP Paribas Securities Corp.
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| Fees: | 0.25%
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| Cusip: | 13608M316
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