Published on 9/8/2022 in the Prospect News Structured Products Daily.
New Issue: CIBC prices $31.75 million capped buffered index-linked notes on S&P 500
By Wendy Van Sickle
Columbus, Ohio, Sept. 8 – Canadian Imperial Bank of Commerce priced $31.75 million of 0% capped buffered index-linked notes due Sept. 5, 2024 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 the gain, subject to a maximum payout of par plus 32.47%.
Investors will receive par if the index falls by up to 20% and will lose 1.25% for each 1% decline beyond 20%.
CIBC World Markets Corp. is the agent.
Issuer: | Canadian Imperial Bank of Commerce
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Issue: | Capped buffered index-linked notes
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Underlying index: | S&P 500 index
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Amount: | $31,749,000
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Maturity: | Sept. 5, 2024
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Coupon: | 0%
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Price: | Par
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Payout at maturity: | Par plus any index gain, capped at par plus 32.47%; par if the index falls by up to 20%; otherwise, 1.25% loss for each 1% decline beyond 20%
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Initial level: | 3,924.26
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Buffer level: | 80% of initial level
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Pricing date: | Sept. 2
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Settlement date: | Sept. 12
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Agent: | CIBC World Markets Corp.
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Fees: | 1.73%
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Cusip: | 13607XBG1
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