Published on 8/22/2023 in the Prospect News Structured Products Daily.
New Issue: CIBC prices $10.12 million Accelerated Return Notes on Global X ETF
By William Gullotti
Buffalo, N.Y., Aug. 22 – Canadian Imperial Bank of Commerce priced $10.12 million of 0% Accelerated Return Notes due Oct. 25, 2024 linked to the Global X Robotics & Artificial Intelligence ETF, according to a 424B2 filing with the Securities and Exchange Commission.
The payout at maturity will be par of $10 plus triple any ETF gain, capped at par plus 25.57%.
Investors will be exposed to any ETF decline.
BofA Securities, Inc. is the underwriter.
Issuer: | Canadian Imperial Bank of Commerce
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Issue: | Accelerated Return Notes
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Underlying fund: | Global X Robotics & Artificial Intelligence ETF
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Amount: | $10,118,250
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Maturity: | Oct. 25, 2024
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Coupon: | 0%
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Price: | Par of $10
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Payout at maturity: | Par plus 300% of any ETF gain, capped at par plus 25.57%; otherwise, full exposure to any ETF decline
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Initial level: | $25.38
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Pricing date: | Aug. 17
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Settlement date: | Aug. 24
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Agent: | BofA Securities, Inc.
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Fees: | 1.75%
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Cusip: | 13607Y337
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