Published on 1/4/2019 in the Prospect News Structured Products Daily.
New Issue: CIBC sells $2.78 million leveraged market-linked notes on SPDR S&P ETF
By Wendy Van Sickle
Columbus, Ohio, Jan. 4 – Canadian Imperial Bank of Commerce priced $2.78 million of 0% market-linked securities with leveraged upside participation to a cap and fixed percentage buffered downside due July 6, 2021 linked to the SPDR S&P 500 ETF trust, according to a 424B3 filing with the Securities and Exchange Commission.
The payout at maturity will be par plus 140% of any ETF gain, up to a maximum return of 26%.
Investors will receive par if the ETF falls by up to 10% and will lose 1% for every 1% decline beyond 10%.
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 to a cap and fixed percentage buffered downside
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Underlying ETF: | SPDR S&P 500 ETF trust
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Amount: | $2,777,000
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Maturity: | July 6, 2021
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Coupon: | 0%
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Price: | Par
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Payout at maturity: | Par plus 140% of any ETF gain, subject to a maximum payout of par plus 26%; par if the ETF falls by up to 10%; 1% loss for each 1% decline beyond 10%
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Initial value: | $247.5
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Threshold value: | $222.975, 90% of initial level
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Pricing date: | Dec. 28
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Settlement date: | Jan. 3
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Agent: | Wells Fargo Securities, LLC
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Fees: | 2.85%
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Cusip: | 13605WNM9
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