Published on 7/28/2020 in the Prospect News Structured Products Daily.
New Issue: CIBC sells $7.22 million digital notes linked to S&P 500
By Taylor Fox
Chicago, July 28 – Canadian Imperial Bank of Commerce priced $7.22 million of 0% digital notes due Sept. 12, 2022 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 15%, the payout at maturity will be the maximum settlement amount of $1,144.30 per $1,000 note. Investors will lose 1.1765% for each 1% index decline beyond 15%.
CIBC World Markets Corp. is the agent.
Issuer: | Canadian Imperial Bank of Commerce
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Issue: | Digital notes
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Underlying index: | S&P 500
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Amount: | $7,222,000
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Maturity: | Sept. 12, 2022
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Coupon: | 0%
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Price: | Par
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Payout at maturity: | If the index return is at or above negative 15%, the payout at maturity will be the maximum settlement amount of $1,144.30 per $1,000 note; investors will lose 1.1765% for each 1% index decline beyond 15%
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Initial level: | 3,276.02
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Threshold level: | 85% of initial level
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Pricing date: | July 22
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Settlement date: | July 29
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Agent: | CIBC World Markets Corp.
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Fees: | None
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Cusip: | 13605WZX2
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