By Sarah Lizee
Olympia, Wash., Feb. 14 – Canadian Imperial Bank of Commerce priced $6.95 million of 0% absolute return trigger notes due Feb. 3, 2022 linked to the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
A barrier event will occur if the index closes below the lower barrier, 75% of the initial level, or above the upper barrier, 115% of the initial level, on any day during the life of the notes.
If a barrier event has not occurred, the payout at maturity will be par plus the absolute value of the index return. If a barrier event has occurred, the payout will be par.
CIBC World Markets Corp. is the agent.
Issuer: | Canadian Imperial Bank of Commerce
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Issue: | Absolute return trigger notes
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Underlying index: | S&P 500
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Amount: | $6,945,000
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Maturity: | Feb. 3, 2022
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Coupon: | 0%
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Price: | Par
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Payout at maturity: | Par plus absolute value of index return unless index closes below lower barrier or above upper barrier on any day during life of notes, in which case par
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Initial level: | 3,248.92
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Lower barrier: | 75% of initial level
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Upper barrier: | 115% of initial level
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Pricing date: | Feb. 3
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Settlement date: | Feb. 10
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Agent: | CIBC World Markets Corp.
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Fees: | 1.4%
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Cusip: | 13605WVN8
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