Published on 5/9/2022 in the Prospect News Structured Products Daily.
New Issue: CIBC sells $1.37 million market-linked upside notes with buffered downside on S&P
By William Gullotti
Buffalo, N.Y., May 9 – Canadian Imperial Bank of Commerce priced $1.37 million of 0% market-linked securities — leveraged upside participation to a cap and fixed percentage buffered downside due May 6, 2024 linked to the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
If the index finishes positive, the payout at maturity will be par plus 150% of the index gain, subject to a maximum payout of par plus 20%
If the index finishes flat or falls up to 7.5%, the payout at maturity will be par. Otherwise, investors will be exposed to losses beyond the 7.5% buffer.
Wells Fargo Securities, LLC is the agent.
Issuer: | Canadian Imperial Bank of Commerce
|
Issue: | Market-linked securities — leveraged upside participation to a cap and fixed percentage buffered downside
|
Underlying index: | S&P 500 index
|
Amount: | $1,369,000
|
Maturity: | May 6, 2024
|
Coupon: | 0%
|
Price: | Par
|
Payout at maturity: | Par plus 150% of any index gain, capped at 20%; if the index falls by up to 7.5%, par; otherwise, 1% loss for every 1% decline beyond 7.5% buffer
|
Initial level: | 4,131.93
|
Threshold level: | 3,822.03525; 92.5% of initial level
|
Pricing date: | April 29
|
Settlement date: | May 4
|
Underwriter: | Wells Fargo Securities, LLC
|
Fees: | 3.05%
|
Cusip: | 13607X6S1
|
|
© 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.