Published on 3/29/2022 in the Prospect News Structured Products Daily.
New Issue: CIBC prices $12.69 million Accelerated Return Notes on VanEck ETF
By William Gullotti
Buffalo, N.Y., March 29 – Canadian Imperial Bank of Commerce priced $12.69 million of 0% Accelerated Return Notes due May 26, 2023 linked to the VanEck Vectors Semiconductor ETF, according to a 424B2 filing with the Securities and Exchange Commission.
The payout at maturity will be par of $10 plus triple any ETF gain, capped at par plus 26.15%.
Investors will be exposed to any ETF decline.
BofA Securities, Inc. is the underwriter.
Issuer: | Canadian Imperial Bank of Commerce
|
Issue: | Accelerated Return Notes
|
Underlying fund: | VanEck Vectors Semiconductor ETF
|
Amount: | $12,693,130
|
Maturity: | May 26, 2023
|
Coupon: | 0%
|
Price: | Par of $10
|
Payout at maturity: | Par plus 300% of any ETF gain, capped at par plus 26.15%; otherwise, full exposure to any ETF decline
|
Initial level: | $276.48
|
Final level: | Average of ETF’s closing levels on five trading days ending May 23, 2023
|
Pricing date: | March 24
|
Settlement date: | March 31
|
Agent: | BofA Securities, Inc.
|
Fees: | 1.75%
|
Cusip: | 13607V135
|
|
© 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.