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Published on 5/6/2020 in the Prospect News Structured Products Daily.

New Issue: CIBC prices $2.19 million leveraged market-linked notes on ETF basket

By Sarah Lizee

Olympia, Wash., May 6 – Canadian Imperial Bank of Commerce priced $2.19 million of 0% market-linked securities with leveraged upside participation to a cap and fixed percentage buffered downside due Nov. 6, 2023 linked to an ETF basket, according to a 424B2 filing with the Securities and Exchange Commission.

The basket components are the SPDR Dow Jones industrial average ETF trust (50% weight), SPDR S&P MidCap 400 ETF trust (30% weight) and iShares Russell 2000 ETF (20% weight).

The payout at maturity will be par plus 150% of any basket gain, subject to a 40% maximum gain.

Investors will receive par if the basket falls by up to 10% and will lose 1% for every 1% decline beyond the buffer.

Wells Fargo Securities, LLC is the agent.

Issuer:Canadian Imperial Bank of Commerce
Issue:Market-linked securities with leveraged upside participation to a cap and fixed percentage buffered downside
Underlying basket:SPDR Dow Jones industrial average ETF trust (50% weight), SPDR S&P MidCap 400 ETF trust (30% weight) and iShares Russell 2000 ETF (20% weight)
Amount:$2,185,000
Maturity:Nov. 6, 2023
Coupon:0%
Price:Par
Payout at maturity:Par plus 150% of any basket gain, subject to 40% maximum gain; par if the basket falls by up to 10%; 1% loss for every 1% decline beyond buffer
Initial levels:$243.22 for Dow ETF, $299.81 for MidCap ETF and $130.31 for Russell ETF
Buffer level:90% of initial basket level
Pricing date:April 30
Settlement date:May 5
Agent:Wells Fargo Securities, LLC
Fees:3.64%
Cusip:13605WXT3

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