Published on 8/23/2017 in the Prospect News Structured Products Daily.
New Issue: CIBC prices $43.5 million leverage buffered notes linked to S&P 500
By Angela McDaniels
Tacoma, Wash., Aug. 23 – Canadian Imperial Bank of Commerce priced $43.5 million of 0% capped leveraged buffered notes due Oct. 11, 2019 linked to the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
If the index return is positive, the payout at maturity will be par plus 140% of the index return, subject to a maximum settlement amount of $1,243.60 per $1,000 principal amount of notes. Investors will receive par if the index declines by 12.5% or less and will lose 1.1429% for each 1% that the index may decline beyond 12.5%.
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
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Amount: | $43,501,000
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Maturity: | Oct. 11, 2019
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Coupon: | 0%
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Price: | Par
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Payout at maturity: | If index return is positive, par plus 140% of index return, subject to maximum settlement amount of $1,243.60 per $1,000 principal amount; par if index declines by 12.5% or less; 1.1429% loss for each 1% that index may decline beyond 12.5%
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Initial index level: | 2,428.37
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Pricing date: | Aug. 21
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Settlement date: | Aug. 28
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Agent: | CIBC World Markets Corp.
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Fees: | None
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Cusip: | 13605WFB2
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