Published on 7/27/2018 in the Prospect News Structured Products Daily.
New Issue: CIBC prices $2.27 million capped leveraged notes linked to S&P 500
By Marisa Wong
Morgantown, W.Va., July 27 – Canadian Imperial Bank of Commerce priced $2.27 million of 0% capped leveraged notes due May 28, 2020 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 3 times the index gain, subject to a maximum settlement amount of $1,246 per $1,000 principal amount.
If the index finishes flat or falls, the payout will be par plus the index return with full exposure to losses.
CIBC World Markets Corp. is the agent.
Issuer: | Canadian Imperial Bank of Commerce
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Issue: | Capped leveraged notes
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Underlying index: | S&P 500
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Amount: | $2,268,000
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Maturity: | May 28, 2020
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Coupon: | 0%
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Price: | Par
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Payout at maturity: | Par plus 3 times any index gain, capped at par plus 24.6%; if index finishes flat or falls, par plus the index return with full exposure to losses
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Initial level: | 2,806.98
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Pricing date: | July 23
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Settlement date: | July 30
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Agent: | CIBC World Markets Corp.
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Fees: | None
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Cusip: | 13605WLV1
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