Published on 11/3/2023 in the Prospect News Structured Products Daily.
New Issue: CIBC sells $1.11 million leveraged upside participation market-linked notes on Dow ETF
Chicago, Nov. 3 – Canadian Imperial Bank of Commerce priced $1.11 million of 0% market-linked securities – leveraged upside participation and fixed percentage buffered downside due Aug. 2, 2029 linked to the SPDR Dow Jones Industrial average ETF trust, according to a 424B2 filing with the Securities and Exchange Commission.
The payout at maturity will be par plus 131% of the gain in the ETF.
If the ETF falls by up to 15%, the payout will be par. Otherwise, investors will lose 1% for every 1% decline of the ETF beyond 15%.
Wells Fargo Securities LLC is the agent.
Issuer: | Canadian Imperial Bank of Commerce
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Issue: | Market-linked securities – leveraged upside participation and fixed percentage buffered downside
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Underlying ETF: | SPDR Dow Jones Industrial average ETF trust
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Amount: | $1,105,000
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Maturity: | Aug. 2, 2029
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Coupon: | 0%
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Price: | Par
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Payout at maturity: | Par plus 131% of the ETF gain; if ETF falls by up to 15%, par; otherwise, 1% loss for every 1% decline of ETF beyond 15%
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Initial level: | $329.23
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Buffer level: | $279.8455; 85% of initial level
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Pricing date: | Oct. 30
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Settlement date: | Nov. 2
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Agent: | Wells Fargo Securities LLC
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Fees: | 3.87%
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Cusip: | 13607XNF0
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