Published on 6/15/2023 in the Prospect News Structured Products Daily.
New Issue: CIBC prices $9.91 million capped leveraged buffered notes on S&P 500
By Wendy Van Sickle
Columbus, Ohio, June 15 – Canadian Imperial Bank of Commerce priced $9.91 million of 0% capped leveraged buffered notes due May 16, 2025 linked to the performance of the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
If the index’s return is positive, the payout at maturity will be par plus 2 times the gain, subject to a maximum payout of par plus 23%.
Investors will receive par if the index falls by up to 10% and will lose 1.1111% for each 1% index decline beyond 10%.
CIBC World Markets Corp. is the agent.
Issuer: | Canadian Imperial Bank of Commerce
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Issue: | Capped leveraged buffered notes
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Underlying index: | S&P 500 index
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Amount: | $9,905,000
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Maturity: | May 16, 2025
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Coupon: | 0%
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Price: | Par
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Payout at maturity: | Par plus 2 times any index gain, capped at par plus 23%; par if index falls by up to 10%; 1.1111% loss for each 1% index loss beyond 10%
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Initial level: | 4,298.86
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Buffer level: | 90% of initial level
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Pricing date: | June 9
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Settlement date: | June 16
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Agent: | CIBC World Markets Corp.
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Fees: | 2%
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Cusip: | 13607XJH1
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