New Issue: CIBC prices $4.75 million digital notes due 2020 linked to S&P 500

By Sarah Lizee

Olympia, Wash., Oct. 22 – Canadian Imperial Bank of Commerce priced $4.75 million of 0% digital notes due June 22, 2020 linked to the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.

If the index return is greater than or equal to negative 12.5%, the payout at maturity will be $1,132.50 per $1,000 principal amount. Otherwise, investors will lose 1.1429% for each 1% that the index declines beyond 12.5%.

CIBC World Markets Corp. is the agent.

Issuer:	Canadian Imperial Bank of Commerce
Issue:	Digital notes
Underlying index:	S&P 500
Amount:	$4,753,000
Maturity:	June 22, 2020
Coupon:	0%
Price:	Par
Payout at maturity:	If index return is greater than or equal to negative 12.5%, par plus 13.25%; otherwise, 1.1429% loss for each 1% that index declines beyond 12.5%
Initial level:	2,768.78
Pricing date:	Oct. 18
Settlement date:	Oct. 25
Agent:	CIBC World Markets Corp.
Fees:	0%
Cusip:	13605WMV0

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.