Published on 10/4/2023 in the Prospect News Structured Products Daily.
New Issue: CIBC sells $42.58 million Capped Leveraged Index Return Notes on S&P 500
By William Gullotti
Buffalo, N.Y., Oct. 4 – Canadian Imperial Bank of Commerce priced $42.58 million of 0% Capped Leveraged Index Return Notes due Sept. 26, 2025 linked to the S&P 500 index, according to a 424B2 filed with the Securities and Exchange Commission.
If the index return is positive, the payout at maturity will be par plus double the index gain, capped at par plus 23.41%.
Investors will receive par if the index declines by 10% or less and will lose 1% for every 1% that it declines beyond 10%.
BofA Securities, Inc. is the agent.
Issuer: | Canadian Imperial Bank of Commerce
|
Issue: | Capped Leveraged Index Return Notes
|
Underlying index: | S&P 500 index
|
Principal amount: | $42,584,780
|
Maturity: | Sept. 26, 2025
|
Coupon: | 0%
|
Price: | Par of $10
|
Payout at maturity: | Par plus 200% of any index gain, capped at par plus 23.41%; par if index declines by 10% or less; otherwise, 1% loss for every 1% that index declines beyond 10%
|
Initial level: | 4,299.7
|
Threshold level: | 3,869.73; 90% of initial level
|
Pricing date: | Sept. 28
|
Settlement date: | Oct. 5
|
Agent: | BofA Securities, Inc.
|
Fees: | 2%
|
Cusip: | 13608J560
|
|
© 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.