Published on 1/31/2023 in the Prospect News Structured Products Daily.
New Issue: CIBC sells $3.64 million Capped Leveraged Index Return Notes on copper spot price
By William Gullotti
Buffalo, N.Y., Jan. 31 – Canadian Imperial Bank of Commerce priced $3.64 million of 0% Capped Leveraged Index Return Notes due Feb. 5, 2024 linked to copper, according to a 424B2 filed with the Securities and Exchange Commission.
If the commodity finishes positive, the payout at maturity will be par plus double the gain, capped at par plus 28.5%.
Investors will receive par if the commodity price declines by 10% or less and will lose 1% for every 1% that it declines beyond 10%.
BofA Securities, Inc. is the agent.
Issuer: | Canadian Imperial Bank of Commerce
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Issue: | Capped Leveraged Index Return Notes
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Underlying commodity: | copper
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Principal amount: | $3,643,770
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Maturity: | Feb. 5, 2024
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Coupon: | 0%
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Price: | Par of $10
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Payout at maturity: | Par plus 200% of any gain, capped at par plus 28.5%; par if commodity declines by 10% or less; otherwise, 1% loss for every 1% decline beyond 10%
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Initial level: | $9,288.50
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Threshold level: | $8,359.65; 90% of initial level
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Pricing date: | Jan. 26
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Settlement date: | Feb. 2
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Agent: | BofA Securities, Inc.
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Fees: | 1.5%
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Cusip: | 13608J669
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