Published on 2/5/2020 in the Prospect News Structured Products Daily.
New Issue: CIBC sells $130.00 million Accelerated Return Notes linked to S&P 500
By Marisa Wong
Los Angeles, Feb. 5 – Canadian Imperial Bank of Commerce priced $129,998,590 of 0% Accelerated Return Notes due March 26, 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 of $10 plus triple any index gain, up to a maximum return of 10.25%. Investors will be exposed to any index decline.
BofA Securities, Inc. is the agent.
Issuer: | Canadian Imperial Bank of Commerce
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Issue: | Accelerated Return Notes
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Underlying index: | S&P 500
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Amount: | $129,998,590
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Maturity: | March 26, 2021
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Coupon: | 0%
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Price: | Par of $10
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Payout at maturity: | Par plus 300% of any index gain, capped at 10.25%; exposure to any index decline
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Initial index level: | 3,283.66
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Final index level: | Average of index’s closing levels on five trading days ending March 23, 2021
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Pricing date: | Jan. 30
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Settlement date: | Feb. 6
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Underwriter: | BofA Merrill Lynch
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Fees: | 2%
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Cusip: | 13607G351
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