Published on 6/8/2020 in the Prospect News Structured Products Daily.
New Issue: CIBC sells $588,000 leveraged market-linked notes tied to basket of two ETFs
By Wendy Van Sickle
Columbus, Ohio, June 8 – Canadian Imperial Bank of Commerce priced $588,000 of 0% market-linked securities with leveraged upside participation and contingent downside due June 3, 2025 linked to an equally weighted basket containing the SPDR Dow Jones Industrial Average ETF Trust and the Invesco QQQ Trust, series 1, according to a 424B2 filing with the Securities and Exchange Commission.
The payout at maturity will be par plus 117% of any basket gain.
Investors will receive par if the basket falls by up 25% and will be fully exposed to the decline if the basket falls by more than 25%.
Wells Fargo Securities, LLC is the agent.
Issuer: | Canadian Imperial Bank of Commerce
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Issue: | Market-linked securities with leveraged upside participation and contingent downside
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Underlying basket: | SPDR Dow Jones Industrial Average ETF Trust and Invesco QQQ Trust, Series 1, each 50% weights
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Amount: | $588,000
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Maturity: | June 3, 2025
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Coupon: | 0%
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Price: | Par
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Payout at maturity: | Par plus 117% of any basket gain; par if the basket falls by up to 25%; exposure to losses if basket falls by more than 25%
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Initial basket level: | $254.29 for Dow and $233.36 for QQQ
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Threshold level: | 75% of initial level
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Pricing date: | May 29
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Settlement date: | June 3
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Agent: | Wells Fargo Securities, LLC
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Fees: | 3.77%
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Cusip: | 13605WYL9
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