New Issue: CIBC prices $3.15 million of leveraged buffered notes tied to S&P 500

By Wendy Van Sickle

Columbus, Ohio, Oct. 5 – Canadian Imperial Bank of Commerce priced $3,145,000 of 0% market-linked securities with leveraged upside participation to a cap and fixed percentage buffered downside due April 5, 2021 linked to the S&P 500 index, according to a 424B8 filing with the Securities and Exchange Commission.

If the index return is positive, the payout at maturity will be par plus 150% of the index return, up to a maximum return of 62%. Investors will receive par if the index declines by up to 20% and will lose 1% for every 1% it declines beyond 20%.

Wells Fargo Securities, LLC is the agent.

Issuer:	Canadian Imperial Bank of Commerce
Issue:	Market-linked securities with leveraged upside participation to a cap and fixed percentage buffered downside
Underlying index:	S&P 500
Amount:	$3,145,000
Maturity:	April 5, 2021
Coupon:	0%
Price:	Par of $1,000
Payout at maturity:	If the index return is positive, par plus 150% of the index return, capped at 62%; par if the index declines by 20% or less; 1% loss for every 1% drop beyond 20%
Initial level:	1920.03
Threshold level:	1536.024, 80% of initial level
Pricing date:	Sept. 30
Settlement date:	Oct. 5
Underwriter:	Wells Fargo Securities, LLC
Fees:	3.44%
Cusip:	13605WAX9

© 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.