By Wendy Van Sickle
Columbus, Ohio, Feb. 7 – Canadian Imperial Bank of Commerce priced $7.5 million of 0% market-linked step-up notes due Feb. 28, 2025 tied to the Real Estate Select Sector SPDR fund, according to a 424B2 filing with the Securities and Exchange Commission.
If the ETF finishes above the step-up value, 122.5% of the initial level, the payout at maturity will be par plus the ETF gain.
If the ETF finishes at or below the step-up level but at or above the initial level, the payout will be par plus the step-up payment of 22.5%.
Investors will be fully exposed to any ETF decline.
BofA Securities, Inc. is the agent.
| Issuer: | Canadian Imperial Bank of Commerce
|
| Issue: | Market-linked step-up notes
|
| Underlying ETF: | Real Estate Select Sector SPDR fund
|
| Amount: | $7,504,500
|
| Maturity: | Feb. 28, 2025
|
| Coupon: | 0%
|
| Price: | Par of $10
|
| Payout at maturity: | If the ETF finishes above the step-up value, par plus the ETF gain; if the ETF finishes at or below the step-up level but at or above the initial level, par plus 22.5%; otherwise, lose 1% for every 1% decline of the ETF from its initial level
|
| Initial ETF level: | $41.83
|
| Step-up value: | $51.24; 122.5% of initial value
|
| Pricing date: | Feb. 2
|
| Settlement date: | Feb. 9
|
| Agent: | BofA Securities, Inc.
|
| Fees: | 2%
|
| Cusip: | 13607Y881
|
|
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
