Published on 7/22/2020 in the Prospect News Structured Products Daily.
New Issue: CIBC sells $2.23 million leveraged market-linked notes tied to biotech ETF
By Wendy Van Sickle
Columbus, Ohio, July 22 – Canadian Imperial Bank of Commerce priced $2.23 million of 0% market-linked securities with leveraged upside participation to a cap and fixed percentage buffered downside due Jan. 23, 2023 linked to the SPDR S&P Biotech ETF, according to a 424B2 filing with the Securities and Exchange Commission.
The payout at maturity will be par plus 125% of any ETF gain up to a maximum payout of par plus 30%.
Investors will receive par if the ETF falls by up 15% and will be fully exposed to the decline of the ETF beyond 15%.
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 ETF: | SPDR S&P Biotech ETF
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Amount: | $2,225,000
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Maturity: | Jan. 23, 2023
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Coupon: | 0%
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Price: | Par
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Payout at maturity: | Par plus 125% of any ETF gain up to a maximum payout of par plus 30%; par if the ETF falls by up to 15%; exposure to losses beyond 15%
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Initial ETF level: | $118.74
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Threshold level: | $100.929, 85% of initial level
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Pricing date: | July 17
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Settlement date: | July 22
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Agent: | Wells Fargo Securities, LLC
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Fees: | 2.9%
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Cusip: | 13605WZQ7
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