Published on 9/14/2020 in the Prospect News Structured Products Daily.
New Issue: CIBC sells $670,000 market-linked autocalls with buffered downside on S&P 500
By Kiku Steinfeld
Chicago, Sept. 14 – Canadian Imperial Bank of Commerce priced $670,000 of 0% market-linked autocallable securities with fixed percentage buffered downside due Sept. 3, 2024 linked to the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will be automatically called at par plus a fixed call premium of 5.4% per year if the index closes at or above the initial index level on any of four annual call observation dates.
The payout at maturity will be par unless the index falls by more than 10% in which case investors will be exposed to losses beyond the 10% buffer.
Wells Fargo Securities, LLC is the agent.
Issuer: | Canadian Imperial Bank of Commerce
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Issue: | Market-linked autocallable securities with fixed-percentage buffered downside
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Underlying index: | S&P 500 index
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Amount: | $670,000
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Maturity: | Sept. 3, 2024
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Coupon: | 0%
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Price: | Par
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Payout at maturity: | Par unless index falls by more than 10% in which case exposure to losses beyond 10%
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Call: | Automatically at par plus 5.4% per year fixed call premium if the index closes at or above the initial index level on any of four annual call observation dates
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Initial level: | 3,500.31
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Threshold level: | 3,150.279, 90% of initial level
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Pricing date: | Aug. 31
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Settlement date: | Sept. 3
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Agent: | Wells Fargo Securities, LLC
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Fees: | 2.85%
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Cusip: | 13605WC82
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