Published on 1/28/2016 in the Prospect News Structured Products Daily.
New Issue: CIBC prices $817,000 five-year buffered notes linked to S&P 500 index
By Tali Rackner
Norfolk, Va., Jan. 28 – Canadian Imperial Bank of Commerce priced $817,000 of 0% buffered notes due Jan. 29, 2021 linked to 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 107.5% of the index return.
Investors will receive par if the index falls by up to 20% and will lose 1% for every 1% that it declines beyond 20%.
CIBC World Markets Corp. is the agent.
Issuer: | Canadian Imperial Bank of Commerce
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Issue: | Buffered notes
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Underlying index: | S&P 500
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Amount: | $817,000
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Maturity: | Jan. 29, 2021
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Coupon: | 0%
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Price: | Par of $1,000
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Payout at maturity: | If the index return is positive, par plus 107.5% of the index return; par if the index declines by 20% or less; 1% loss for every 1% drop beyond 20%
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Initial level: | 1,903.63
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Threshold level: | 1,522.904, 80% of initial level
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Pricing date: | Jan. 26
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Settlement date: | Jan. 29
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Agent: | CIBC World Markets Corp.
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Fees: | 3.25%
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Cusip: | 13605WBE0
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