Published on 7/20/2020 in the Prospect News Structured Products Daily.
New Issue: CIBC prices $465,000 barrier digital notes on three stocks
By Wendy Van Sickle
Columbus, Ohio, July 20 – Canadian Imperial Bank of Commerce priced $465,000 of 0% barrier digital notes July 23, 2021 linked to the lowest performing of the common stocks of Bank of America Corp., Citigroup Inc. and Wells Fargo & Co., according to a 424B2 filing with the Securities and Exchange Commission.
The payout at maturity will be par 20% unless any underlying stock finishes below its 70% barrier level, in which case investors will be fully exposed to the decline of the least performing stock.
CIBC World Markets Corp. is the agent.
Issuer: | Canadian Imperial Bank of Commerce
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Issue: | Barrier digital notes
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Underlying stocks: | Bank of America Corp., Citigroup Inc. and Wells Fargo & Co.
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Amount: | $465,000
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Maturity: | July 23, 2021
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Coupon: | 0%
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Price: | Par
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Payout at maturity: | Par plus 20% if each stock finishes at or above barrier level; otherwise, full exposure to loss of least performing stock
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Initial levels: | $24.19 for BofA, $52.20 for Citi and $25.41 for Wells
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Barrier levels: | $16.93 for BofA, $36.54 for Citi and $17.79 for Wells, 70% of initial levels
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Pricing date: | July 13
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Settlement date: | July 16
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Agents: | CIBC World Markets Corp.
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Fees: | 3.5%
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Cusip: | 13605WZT1
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