Published on 9/7/2023 in the Prospect News Structured Products Daily.
New Issue: CIBC sells $1.97 million leveraged market-linked notes with buffered downside on ETF
By William Gullotti
Buffalo, N.Y., Sept. 7 – Canadian Imperial Bank of Commerce priced $1.97 million of 0% market-linked securities — leveraged upside participation and fixed percentage buffered downside due June 5, 2029 linked to the SPDR Dow Jones Industrial Average ETF Trust, according to a 424B2 filing with the Notes and Exchange Commission.
If the ETF finishes positive, the payout at maturity will be par plus 1.4 times the gain of the ETF.
Investors will receive par if the ETF declines by no more than 15% and will lose 1% for every 1% that the ETF declines beyond 15%.
Wells Fargo Securities, LLC is the agent.
Issuer: | Canadian Imperial Bank of Commerce
|
Issue: | Market-linked securities — leveraged upside participation and fixed percentage buffered downside
|
Underlying fund: | SPDR Dow Jones Industrial Average ETF Trust
|
Amount: | $1,969,000
|
Maturity: | June 5, 2029
|
Coupon: | 0%
|
Price: | Par
|
Payout at maturity: | Par plus 1.4 times any ETF gain; if ETF falls but finishes at or above buffer level, par; otherwise, 1% loss for every 1% decline beyond 15%
|
Initial level: | $347.81
|
Buffer level: | $295.6385; 85% of initial level
|
Pricing date: | Aug. 31
|
Settlement date: | Sept. 6
|
Underwriter: | Wells Fargo Securities, LLC
|
Fees: | 3.87%
|
Cusip: | 13607XLM7
|
|
© 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.