New Issue: CIBC sells $18.95 million leveraged market-linked notes on S&P

By Sarah Lizee

Olympia, Wash., Jan. 8 – Canadian Imperial Bank of Commerce priced $18.95 million of 0% market-linked securities with leveraged upside participation to a cap and fixed percentage buffered downside due Jan. 4, 2021 linked to the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.

The payout at maturity will be par plus 200% of any index gain, subject to a maximum return of 8.8%.

Investors will receive par if the index falls by up to 7.5% and will lose 1% for each 1% decline beyond 7.5%.

Wells Fargo Securities, LLC is the agent.

Issuer:	Canadian Imperial Bank of Commerce
Issue:	Market-linked securities with leveraged upside participation to a cap and fixed percentage buffered downside
Underlying index:	S&P 500 index
Amount:	$18,949,000
Maturity:	Jan. 4, 2021
Coupon:	0%
Price:	Par
Payout at maturity:	Par plus 200% of any index gain, subject to a maximum return of 8.8%; par if the index falls by up to 7.5%; 1% loss for each 1% decline beyond 7.5%
Initial value:	3,221.29
Threshold value:	2,979.69325, 92.5% of initial level
Pricing date:	Dec. 30
Settlement date:	Jan. 3
Agent:	Wells Fargo Securities, LLC
Fees:	0.24%
Cusip:	13605WUS8

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.