Published on 12/14/2022 in the Prospect News Structured Products Daily.
New Issue: CIBC prices $4.61 million capped buffer gears on S&P 500
Chicago, Dec. 14 – Canadian Imperial Bank of Commerce priced $4.61 million of 0% capped buffer gears due Oct. 31, 2024 linked to the performance of the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
If the index’s return is positive, the payout at maturity will be par plus two times the gain, subject to a maximum payout of par plus 33.84%.
Investors will receive par if the index falls by up to 15% and will lose 1% for each 1% decline beyond 15%.
CIBC World Markets Corp. and UBS Financial Services Inc. are the agents.
Issuer: | Canadian Imperial Bank of Commerce
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Issue: | Capped buffer gears
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Underlying index: | S&P 500 index
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Amount: | $4,611,000
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Maturity: | Oct. 31, 2024
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Coupon: | 0%
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Price: | Par of $10.00
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Payout at maturity: | Par plus two times any index gain, capped at par plus 33.84%; par if the index falls by up to 15% otherwise, 1% loss for each 1% decline beyond 15%
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Initial level: | 3,830.60
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Buffer level: | 3,256.01, 85% of initial level
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Pricing date: | Oct. 26
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Settlement date: | Oct. 31
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Agents: | CIBC World Markets Corp. and UBS Financial Services Inc.
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Fees: | 0%
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Cusip: | 13608K674
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