Published on 3/29/2022 in the Prospect News Structured Products Daily.
New Issue: CIBC sells $6.09 million capped notes with absolute return buffer on S&P 500
By Wendy Van Sickle
Columbus, Ohio, March 29 – Canadian Imperial Bank of Commerce priced $6.09 million of 0% capped notes with absolute return buffer due March 28, 2024 linked to the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
The payout at maturity will be par of $10 plus any index gain, up to a maximum return of 10%.
If the index finishes flat or falls by up to 20.1%, investors will receive par plus the absolute value of the index return. Otherwise, investors will lose 1% for every 1% decline beyond 20.1%.
BofA Securities, Inc. is the agent.
Issuer: | Canadian Imperial Bank of Commerce
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Issue: | Capped notes with absolute return buffer
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Underlying index: | S&P 500 index
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Amount: | $6,093,400
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Maturity: | March 28, 2024
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Coupon: | 0%
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Price: | Par of $10
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Payout at maturity: | Par plus any index gain, capped at 10%; if index falls by up to 20.1%, par plus absolute value of index return; otherwise, lose 1% for every 1% decline beyond 20.1%
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Initial value: | 4,520.16
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Threshold value: | 3,611.61; 79.9% of initial value
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Final value: | Average of index’s closing levels on five trading days ending March 25, 2024
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Pricing date: | March 24
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Settlement date: | March 31
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Agent: | BofA Securities, Inc.
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Fees: | 2%
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Cusip: | 13607W307
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