Published on 9/30/2019 in the Prospect News Structured Products Daily.
New Issue: CIBC prices $51.08 million capped Leveraged Index Return Notes linked to S&P
By Angela McDaniels
Tacoma, Wash., Sept. 30 – Canadian Imperial Bank of Commerce priced $51.08 million of 0% capped Leveraged Index Return Notes due Nov. 27, 2020 linked to the S&P 500 index, according to a 424B2 filed with the Securities and Exchange Commission.
If the index return is positive, the payout at maturity will be par of $10 plus 200% of the index return, subject to a maximum return of 8.99%. Investors will receive par if the index declines by 5% or less and will lose 1% for every 1% that it declines beyond 5%.
BofA Securities, Inc. is the agent.
Issuer: | Canadian Imperial Bank of Commerce
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Issue: | Capped Leveraged Index Return Notes
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Underlying index: | S&P 500 index
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Amount: | $51,084,020
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Maturity: | Nov. 27, 2020
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Coupon: | 0%
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Price: | Par of $10
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Payout at maturity: | If t index return is positive, par plus 200% of index return, subject to maximum return of 8.99%; par if index declines by 5% or less; 1% loss for every 1% that index declines beyond 5%
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Initial level: | 2,977.62
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Threshold level: | 2,828.74, 95% of initial level
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Final level: | Average of index’s closing levels on five trading days ending Nov. 23, 2020
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Pricing date: | Sept. 26
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Settlement date: | Oct. 3
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Agent: | BofA Securities, Inc.
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Fees: | 2%
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Cusip: | 13607C111
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