Published on 6/19/2020 in the Prospect News Structured Products Daily.
New Issue: CIBC prices $3.22 million capped leveraged buffered notes on S&P 500
By Wendy Van Sickle
Columbus, Ohio, June 19 – Canadian Imperial Bank of Commerce priced $3.22 million of 0% capped leveraged buffered notes due Jan. 20, 2022 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 1.4 times the index gain, capped at par plus 20.58%. Investors will receive par if the index falls by up to 12.5% and will lose 1.1429% for each 1% loss beyond 12.5%.
CIBC World Markets Corp. is the agent.
Issuer: | Canadian Imperial Bank of Commerce
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Issue: | Capped leveraged buffered notes
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Underlying index: | S&P 500
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Amount: | $3,219,000
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Maturity: | Jan. 20, 2022
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Coupon: | 0%
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Price: | Par
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Payout at maturity: | Par plus 1.4 times any index gain, capped at par plus 20.58%; par if index falls by up to 12.5%; 1.1429% loss for each 1% decline beyond 12.5%
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Initial level: | 3,124.74
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Buffer level: | 87.5% of initial level
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Pricing date: | June 16
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Settlement date: | June 23
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Agent: | CIBC World Markets Corp.
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Fees: | 0%
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Cusip: | 13605WZC8
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