New Issue: CIBC sells $1.51 million market-linked upside notes with buffered downside on S&P

By Wendy Van Sickle

Columbus, Ohio, May 11 – Canadian Imperial Bank of Commerce priced $1.51 million of 0% market-linked securities — upside participation to a cap and fixed percentage buffered downside due Nov. 12, 2025 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 the index gain, subject to a maximum payout of par plus 26.75%

If the index finishes flat or falls up to 20%, the payout at maturity will be par. Otherwise, investors will be exposed to losses beyond the 20% buffer.

Wells Fargo Securities, LLC is the agent.

Issuer:	Canadian Imperial Bank of Commerce
Issue:	Market-linked securities — upside participation to a cap and fixed percentage buffered downside
Underlying index:	S&P 500 index
Amount:	$1,505,000
Maturity:	Nov. 12, 2025
Coupon:	0%
Price:	Par
Payout at maturity:	Par plus any index gain, capped at 26.75%; if the index falls by up to 20%, par; otherwise, 1% loss for every 1% decline beyond 20% buffer
Initial level:	4,119.17
Threshold level:	3,295.336; 80% of initial level
Pricing date:	May 9
Settlement date:	May 12
Underwriter:	Wells Fargo Securities, LLC
Fees:	2.7%
Cusip:	13607XHP5

© 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.