Published on 10/30/2023 in the Prospect News Structured Products Daily.
New Issue: CIBC sells $18.29 million digital index-linked notes on S&P 500
By Wendy Van Sickle
Columbus, Ohio, Oct. 30 – Canadian Imperial Bank of Commerce priced $18.29 million of 0% digital notes due Dec. 17, 2025 linked to the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
If the final index level is greater than or equal to 87.5% of the initial level, the payout at maturity will be par plus 21.46%.
Otherwise, investors will lose 1.2121% for every 1% that the index declines beyond 17.5%.
CIBC World Markets Corp. is the agent.
Issuer: | Canadian Imperial Bank of Commerce
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Issue: | Digital index-linked notes
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Underlying index: | S&P 500 index
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Amount: | $18,286,000
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Maturity: | Dec. 17, 2025
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Coupon: | 0%
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Price: | Par
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Payout at maturity: | If the final index level is greater than or equal to 87.5% of the initial level, par plus 21.46%; otherwise, investors will lose 1.2121% for every 1% that the index declines beyond 17.5%
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Initial index level: | 4,247.68
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Buffer level: | 87.5% of initial level
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Pricing date: | Oct. 24
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Settlement date: | Oct. 31
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Agent: | CIBC World Markets Corp.
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Fees: | 0%
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Cusip: | 13607XNT0
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