Published on 6/1/2020 in the Prospect News Structured Products Daily.
New Issue: CIBC prices $2.74 million buffered notes on S&P 500
By Sarah Lizee
Olympia, Wash., June 1 – Canadian Imperial Bank of Commerce priced $2.74 million of 0% buffered notes due May 29, 2025 linked to the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
If the index return is positive, the payout at maturity will be par plus the index gain. Investors will receive par if the index falls by up to 18.75% and will lose 1% for each 1% loss beyond the buffer.
CIBC World Markets Corp. is the agent.
Issuer: | Canadian Imperial Bank of Commerce
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Issue: | Buffered notes
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Underlying index: | S&P 500
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Amount: | $2,744,000
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Maturity: | May 29, 2025
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Coupon: | 0%
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Price: | Par
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Payout at maturity: | Par plus any index gain; par if index falls by up to 18.75%; 1% loss for each 1% decline beyond buffer
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Initial level: | 2,991.77
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Buffer level: | 2,430.81, 81.25% of initial level
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Pricing date: | May 26
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Settlement date: | May 29
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Agent: | CIBC World Markets Corp.
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Fees: | 3.5%
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Cusip: | 13605WXX4
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