Published on 1/8/2024 in the Prospect News Structured Products Daily.
New Issue: CIBC sells $909,000 leveraged contingent market-linked notes on indexes, ETF
By William Gullotti
Buffalo, N.Y., Jan. 8 – Canadian Imperial Bank of Commerce priced $909,000 of 0% market-linked securities — leveraged upside participation and contingent downside due Jan. 3, 2029 linked to the performance of the S&P 500 index, the Russell 2000 index and the SPDR Dow Jones Industrial Average ETF Trust, according to a 424B2 filing with the Securities and Exchange Commission.
If each underlier finishes positive, the payout at maturity will be par plus 195% of the gain of the least performing underlier.
If the worst performer finishes flat or falls up to 30%, the payout at maturity will be par. Otherwise, investors will be fully exposed to the decline of the worst performer from its initial level.
Wells Fargo Securities, LLC is the agent.
Issuer: | Canadian Imperial Bank of Commerce
|
Issue: | Market-linked securities — leveraged upside participation and contingent downside
|
Underlying assets: | S&P 500 index, Russell 2000 index, SPDR Dow Jones Industrial Average ETF Trust
|
Amount: | $909,000
|
Maturity: | Jan. 3, 2029
|
Coupon: | 0%
|
Price: | Par
|
Payout at maturity: | Par plus 195% of any gain in the least performing underlier; if the worst performer falls by up to 30%, par; otherwise, 1% loss for every 1% decline of the worst performer from initial level
|
Initial levels: | $377.03 for ETF, 4,783.35 for S&P, 2,058.335 for Russell
|
Threshold levels: | $263.921 for ETF, 3,348.345 for S&P, 1,440.8345 for Russell; 70% of initial levels
|
Pricing date: | Dec. 28
|
Settlement date: | Jan. 3
|
Underwriter: | Wells Fargo Securities, LLC
|
Fees: | 3.87%
|
Cusip: | 13607XPA9
|
|
© 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.