Published on 8/5/2019 in the Prospect News Structured Products Daily.
New Issue: CIBC sells $8.86 million capped leveraged buffered notes on S&P 500
By Sarah Lizee
Olympia, Wash., Aug. 5 – Canadian Imperial Bank of Commerce priced $8.86 million of 0% capped leveraged buffered notes due Aug. 25, 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 150% of the index return, capped at par plus 22.05%. Investors will receive par if the index declines by 15% or less and will lose 1.1765% for each 1% that the index may decline beyond 15%.
CIBC World Markets Corp. is the agent.
Issuer: | Canadian Imperial Bank of Commerce
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Issue: | Capped leveraged buffered notes
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Underlying index: | S&P 500
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Amount: | $8,858,000
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Maturity: | Aug. 25, 2021
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Coupon: | 0%
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Price: | Par
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Payout at maturity: | Par plus 150% of any index gain, capped at par plus 22.05%; par if index declines by 15% or less; 1.1765 % loss for each 1% decline beyond 15%
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Initial index level: | 2,953.56
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Buffer level: | 85% of initial level
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Pricing date: | Aug. 1
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Settlement date: | Aug. 8
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Agent: | CIBC World Markets Corp.
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Fees: | None
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Cusip: | 13605WRU7
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