New Issue: CIBC prices $950,000 leveraged absolute return buffered notes on S&P 500, ETFs

By Wendy Van Sickle

Columbus, Ohio, Nov. 13 – Canadian Imperial Bank of Commerce priced $950,000 of 0% leveraged absolute return buffered notes due Nov. 4, 2025 linked to the worst performing of the Invesco QQQ Trust, series 1, the SPDR Dow Jones industrial average ETF trust and the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.

If the return of the worst performing asset is positive, the payout at maturity will be par plus 1.68 times that asset’s gain.

Investors will receive par plus the absolute value of the return of the worst performing asset if it declines by up to 10%.

And, investors will be exposed to losses of the worst performing asset beyond 10%.

CIBC World Markets Corp. is the agent.

Issuer:	Canadian Imperial Bank of Commerce
Issue:	Leveraged absolute return buffered notes
Underlying assets:	S&P 500 index, Invesco QQQ Trust, series 1, SPDR Dow Jones industrial average ETF trust
Amount:	$950,000
Maturity:	Nov. 4, 2025
Coupon:	0%
Price:	Par
Payout at maturity:	Par plus 1.68 times any gain of worst performing asset; par plus absolute value of return of worst performing asset if it declines by up to 10%; 1% loss for each 1% decline of worst performing asset beyond 10%
Initial levels:	3,269.96 for S&P, $265.06 for Dow ETF and $269.38 for QQQ
Buffer levels:	2,942.96 for S&P, $238.55 for Dow ETF and $242.44 for QQQ, 90% of initial levels
Pricing date:	Oct. 30
Settlement date:	Nov. 4
Agent:	CIBC World Markets Corp.
Fees:	0.8158%
Cusip:	13605WK34

© 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.