Published on 8/13/2019 in the Prospect News Structured Products Daily.
New Issue: CIBC sells $5.43 million digital index-linked notes due 2020 on S&P 500
By Kiku Steinfeld
Chicago, Aug. 13 – Canadian Imperial Bank of Commerce priced $5.43 million of 0% digital index-linked notes due Oct. 14, 2020 linked to the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
If the index finishes at or above 90% of its initial level, the payout at maturity will be $1,079.50 per $1,000 principal amount of notes.
Otherwise, investors will lose 1.1111% for each 1% decline beyond the 10% buffer.
CIBC World Markets Corp. is the agent.
Issuer: | Canadian Imperial Bank of Commerce
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Issue: | Digital index-linked notes
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Underlying index: | S&P 500
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Amount: | $5,430,000
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Maturity: | Oct. 14, 2020
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Coupon: | 0%
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Price: | Par
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Payout at maturity: | If index finishes at or above 90% of initial level, $1,079.50 per $1,000 principal amount of notes; otherwise, 1.1111% loss per 1% decline beyond 10%
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Initial level: | 3,025.86
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Threshold level: | 90% of initial level
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Pricing date: | July 26
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Settlement date: | Aug. 2
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Agent: | CIBC World Markets Corp.
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Fees: | None
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Cusip: | 13605WRT0
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