By William Gullotti
Buffalo, N.Y., Aug. 2 – Canadian Imperial Bank of Commerce priced $17.52 million of 0% notes with absolute return buffer due Sept. 22, 2023 linked to the WTI Crude Oil Futures Contract, according to a 424B2 filing with the Securities and Exchange Commission.
The payout at maturity will be par plus 108.75% of any commodity gain.
If the commodity finishes flat or falls by up to 20%, investors will receive par plus the absolute value of the commodity return.
Otherwise, investors will lose 1% for every 1% decline beyond 20%.
BofA Securities, Inc. is the agent.
Issuer: | Canadian Imperial Bank of Commerce
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Issue: | Notes with absolute return buffer
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Underlying commodity: | WTI Crude Oil Futures Contract
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Amount: | $17,516,420
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Maturity: | Sept. 22, 2023
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Coupon: | 0%
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Price: | Par of $10
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Payout at maturity: | Par plus 108.75% of any commodity gain; if commodity falls by up to 20%, par plus absolute value of commodity return; otherwise, lose 1% for every 1% decline beyond 20%
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Initial value: | $96.42
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Threshold value: | $77.14; 80% of initial value
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Pricing date: | July 28
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Settlement date: | Aug. 4
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Agent: | BofA Securities, Inc.
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Fees: | 1.75%
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Cusip: | 13607W471
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