Published on 10/1/2020 in the Prospect News Structured Products Daily.
New Issue: CIBC prices $4.5 million capped buffered notes tied to S&P
By Kiku Steinfeld
Chicago, Oct. 1 – Canadian Imperial Bank of Commerce priced $4.5 million of 0% capped buffered notes due Sept. 28, 2022 linked to the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
The payout at maturity will be par plus any gain in the index, up to the maximum redemption amount of 120% of par.
Investors will receive par if the index falls by up to 18.5% and will lose 1.227% for each 1% decline beyond 18.5%.
CIBC World Markets is the selling agent.
Issuer: | Canadian Imperial Bank of Commerce
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Issue: | Capped buffered notes
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Underlying index: | S&P 500
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Amount: | $4,495,000
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Maturity: | Sept. 28, 2022
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Coupon: | 0%
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Price: | Par
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Payout at maturity: | Par plus any index gain, capped at 120% of par; par if index falls by 18.5% or less; 1.227% loss per 1% decline beyond 18.5%
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Initial level: | 3,246.59
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Buffer level: | 81.5% of initial level
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Pricing date: | Sept. 24
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Settlement date: | Oct. 1
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Selling agent: | CIBC World Markets
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Fees: | 1.73%
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Cusip: | 13605WG39
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