Published on 11/1/2022 in the Prospect News Structured Products Daily.
New Issue: CIBC prices $4.43 million capped leveraged notes on S&P 500
By Wendy Van Sickle
Columbus, Ohio, Nov. 1 – Canadian Imperial Bank of Commerce priced $4.43 million of 0% capped leveraged notes due May 1, 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 1.5 times the gain, subject to a maximum payout of par plus 42.975%.
Investors will have full exposure to any index decline.
CIBC World Markets Corp. is the agent.
Issuer: | Canadian Imperial Bank of Commerce
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Issue: | Capped leveraged notes
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Underlying index: | S&P 500 index
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Amount: | $4,425,000
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Maturity: | May 1, 2024
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Coupon: | 0%
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Price: | Par
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Payout at maturity: | Par plus 1.5 times any index gain, capped at par plus 42.975%; full exposure to loss
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Initial level: | 1,761.76
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Pricing date: | Oct. 27
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Settlement date: | Nov. 3
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Agent: | CIBC World Markets Corp.
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Fees: | 1.51%
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Cusip: | 13607XCX3
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