Published on 7/5/2023 in the Prospect News Structured Products Daily.
New Issue: CIBC sells $2.17 million market-linked upside notes with buffered downside on S&P
By William Gullotti
Buffalo, N.Y., July 5 – Canadian Imperial Bank of Commerce priced $2.17 million of 0% market-linked securities — leveraged upside participation to a cap and fixed percentage buffered downside due July 7, 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 125% of the index gain, subject to a maximum payout of par plus 23.25%
If the index finishes flat or falls up to 10%, the payout at maturity will be par. Otherwise, investors will be exposed to losses beyond the 10% buffer.
Wells Fargo Securities, LLC is the agent.
Issuer: | Canadian Imperial Bank of Commerce
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Issue: | Market-linked securities — leveraged upside participation to a cap and fixed percentage buffered downside
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Underlying index: | S&P 500 index
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Amount: | $2,171,000
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Maturity: | July 7, 2025
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Coupon: | 0%
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Price: | Par
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Payout at maturity: | Par plus 125% of any index gain, capped at 23.25%; if the index falls by up to 10%, par; otherwise, 1% loss for every 1% decline beyond 10% buffer
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Initial level: | 4,396.44
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Threshold level: | 3,956.796; 90% of initial level
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Pricing date: | June 29
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Settlement date: | July 5
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Underwriter: | Wells Fargo Securities, LLC
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Fees: | 2.3%
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Cusip: | 13607XJ81
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