Published on 7/11/2023 in the Prospect News Structured Products Daily.
New Issue: CIBC prices $2.13 million trigger gears linked to S&P 500
By Wendy Van Sickle
Columbus, Ohio, July 11 – Canadian Imperial Bank of Commerce priced $2.13 million of 0% trigger Gears due June 30, 2028 linked to the performance of the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
If the index return is positive, the payout at maturity will be par plus 1.2984 times the index gain.
If the index finishes flat or declines no farther than the downside threshold, 75% of the initial level, the payout will be par. Otherwise, investors will be fully exposed to the decline of the index from its initial level.
UBS Financial Services Inc. and CIBC Capital Markets are the agents.
Issuer: | Canadian Imperial Bank of Commerce
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Issue: | Trigger gears
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Underlying index: | S&P 500 index
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Amount: | $2,132,500
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Maturity: | June 30, 2028
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Coupon: | 0%
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Price: | Par of $10
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Payout at maturity: | Par plus 1.2984 times the index gain; par if index finishes flat or falls by up to 25%; otherwise, full exposure to index decline from its initial level
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Initial index level: | 4,378.41
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Downside threshold level: | 3,283.81; 75% of initial level
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Pricing date: | June 27
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Settlement date: | June 30
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Agents: | UBS Financial Services Inc. and CIBC Capital Markets
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Fees: | 3.5%
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Cusip: | 13608M712
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