Chicago, Dec. 29 – Canadian Imperial Bank of Commerce priced $21.5 million of 0% capped leveraged buffered notes with averaging dates due May 3, 2027 linked to the performance of the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
If the index’s return is positive, the payout at maturity will be par plus 1.6556 times any gain for each 1% gain beyond the 140% upper threshold, capped at a maximum payout of par plus 83.4%.
If the index gains but finishes below the upper threshold, investors will receive par plus 1.34 times the return of the index.
Investors will receive par if the index falls by up to 10% and will lose 1% for each 1% decline beyond 10%.
The initial levels and the final levels will each be based on the average level between two dates. The initial level will be the average of the closing level on each trading day from Dec. 17 to Dec. 30. The final level will be the average of the closing levels from Jan. 28, 2027 to April 28, 2027.
CIBC World Markets Corp. is the agent.
| Issuer: | Canadian Imperial Bank of Commerce
|
| Issue: | Capped leveraged buffered notes with averaging dates
|
| Underlying index: | S&P 500 index
|
| Amount: | $21,500,000
|
| Maturity: | May 3, 2027
|
| Coupon: | 0%
|
| Price: | Par
|
| Payout at maturity: | Par plus 1.6556 times any index gain beyond 140% upper threshold, capped at par plus 83.4%; par plus 1.34 times return of index if index finishes positive but below 140% upper threshold; par if the index falls by up to 10%; otherwise, 1% loss for each 1% decline beyond 10%
|
| Initial level: | Average of closing levels from Dec. 17 to Dec. 30
|
| Buffer level: | 90% of initial level
|
| Pricing date: | Dec. 20
|
| Settlement date: | Dec. 23
|
| Agent: | CIBC World Markets Corp.
|
| Fees: | 0.125%
|
| Cusip: | 13607X4B0
|
© 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.
