Published on 1/2/2019 in the Prospect News Structured Products Daily.
New Issue: CIBC sells $175,000 leveraged market-linked notes tied to Stoxx 50
By Sarah Lizee
Olympia, Wash., Jan. 2 – Canadian Imperial Bank of Commerce priced $175,000 of 0% market-linked securities with leveraged upside participation to a cap and fixed-percentage buffered downside due July 2, 2020 linked to the Euro Stoxx 50 index, according to a 424B2 filing with the Securities and Exchange Commission.
The payout at maturity will be par plus 300% of any index gain, capped at par plus 23%.
Investors will receive par if the index falls by up 10% and will lose 1% for every 1% decline in the index beyond 10%.
Wells Fargo Securities, LLC is the agent.
Issuer: | Canadian Imperial Bank of Commerce
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Issue: | Market-linked securities with leveraged upside participation to a cap and fixed-percentage buffered downside
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Underlying index: | Euro Stoxx 50 index
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Amount: | $175,000
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Maturity: | July 2, 2020
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Coupon: | 0%
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Price: | Par
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Payout at maturity: | Par plus 300% of any index gain, capped at par plus 23%; par if the index falls by up to 10%; 1% loss for every 1% decline beyond 10%
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Initial index level: | 2,937.36
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Buffer level: | 2,643.624, 90% of initial level
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Pricing date: | Dec. 27
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Settlement date: | Jan. 2
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Agent: | Wells Fargo Securities, LLC
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Fees: | 2.58%
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Cusip: | 13605WNL1
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