Published on 5/26/2023 in the Prospect News Structured Products Daily.
New Issue: CIBC prices $6.02 million capped leveraged buffered notes on S&P 500
By Wendy Van Sickle
Columbus, Ohio, May 26 – Canadian Imperial Bank of Commerce priced $6.02 million of 0% capped leveraged buffered notes due May 22, 2025 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 3 times the gain, subject to a maximum payout of par plus 24.25%.
Investors will receive par if the index falls by up to 15% and will lose 1.1765% for each 1% index decline beyond 15%.
CIBC World Markets Corp. is the agent.
Issuer: | Canadian Imperial Bank of Commerce
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Issue: | Capped leveraged buffered notes
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Underlying index: | S&P 500 index
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Amount: | $6,021,000
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Maturity: | May 22, 2025
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Coupon: | 0%
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Price: | Par
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Payout at maturity: | Par plus 3 times any index gain, capped at par plus 24.25%; par if index falls by up to 15%; 1.1765% loss for each 1% index loss beyond 15%
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Initial level: | 4,191.98
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Buffer level: | 3,563.18; 85% of initial level
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Pricing date: | May 19
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Settlement date: | May 25
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Agent: | CIBC World Markets Corp.
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Fees: | 0.25%
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Cusip: | 13607XHX8
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