Published on 2/21/2021 in the Prospect News Structured Products Daily.
New Issue: CIBC sells $460,000 market-linked upside participation notes on S&P
By Taylor Fox
New York, Feb. 22 – Canadian Imperial Bank of Commerce priced $460,000 of 0% market-linked securities with upside participation and contingent downside due Aug. 2, 2024 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 index gain. Investors will receive par if the index falls by up to 15% and will lose 1% for every 1% index decline beyond 15%.
Wells Fargo Securities, LLC is the agent.
Issuer: | Canadian Imperial Bank of Commerce
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Issue: | Market-linked securities with upside participation and contingent downside
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Underlying index: | S&P 500 index
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Amount: | $460,000
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Maturity: | Aug. 2, 2024
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Coupon: | 0%
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Price: | Par
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Payout at maturity: | Par plus any index gain; par if index falls by up to 15%; 1% loss for every 1% index decline beyond 15%
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Initial level: | 3,787.38
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Threshold level: | 3,219.273, 85% of initial level
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Pricing date: | Jan. 28
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Settlement date: | Feb. 2
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Agent: | Wells Fargo Securities, LLC
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Fees: | 2.75%
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Cusip: | 13605WS77
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