Published on 6/23/2022 in the Prospect News Structured Products Daily.
New Issue: CIBC prices $6.97 million Accelerated Return Notes linked to Apple
By William Gullotti
Buffalo, N.Y., June 23 – Canadian Imperial Bank of Commerce priced $6.97 million of 0% Accelerated Return Notes due Aug. 25, 2023 linked to Apple Inc., according to a 424B2 filing with the Securities and Exchange Commission.
The payout at maturity will be par of $10 plus triple any stock gain, capped at par plus 31.71%.
Investors will be exposed to any stock decline.
BofA Securities, Inc. is the underwriter.
Issuer: | Canadian Imperial Bank of Commerce
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Issue: | Accelerated Return Notes
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Underlying stock: | Apple Inc.
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Amount: | $6,971,990
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Maturity: | Aug. 25, 2023
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Coupon: | 0%
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Price: | Par of $10
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Payout at maturity: | Par plus 300% of any stock gain, capped at par plus 31.71%; otherwise, full exposure to any stock decline
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Initial level: | $130.43
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Pricing date: | June 16
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Settlement date: | June 24
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Agent: | BofA Securities, Inc.
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Fees: | 1.75%
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Cusip: | 13607W620
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