Published on 4/30/2024 in the Prospect News Structured Products Daily.
New Issue: CIBC prices $3.14 million market-linked one look notes with enhanced buffer on WTI
By William Gullotti
Buffalo, N.Y., April 30 – Canadian Imperial Bank of Commerce priced $3.14 million of 0% market-linked one look notes with enhanced buffer due May 22, 2025 linked to the WTI Crude Oil Futures Contract, according to a 424B2 filing with the Securities and Exchange Commission.
If the commodity finishes at or above its threshold level, 90% of initial price, the payout at maturity will be par plus 13.8%.
Otherwise, investors will lose 1% for every 1% decline beyond 10%.
BofA Securities, Inc. is the agent.
Issuer: | Canadian Imperial Bank of Commerce
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Issue: | Market-linked one look notes with enhanced buffer
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Underlying commodity: | WTI Crude Oil Futures Contract
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Amount: | $3,144,310
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Maturity: | May 22, 2025
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Coupon: | 0%
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Price: | Par of $10
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Payout at maturity: | Par plus 13.8% unless commodity finishes below its threshold level, in which case 1% loss for each 1% decline beyond 10%
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Initial price: | $75.49
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Threshold level: | $67.94; 90% of initial price
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Pricing date: | April 25
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Settlement date: | May 2
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Underwriter: | BofA Securities, Inc.
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Fees: | 1.5%
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Cusip: | 13608P855
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