Published on 1/31/2021 in the Prospect News Structured Products Daily.
New Issue: CIBC prices $1.21 million leveraged upside participation market-linked notes on basket
By Taylor Fox
New York, Feb. 1 – Canadian Imperial Bank of Commerce priced $1.21 million of 0% market-linked securities with leveraged upside participation to a cap and a fixed percentage buffered downside due July 5, 2024 linked to a basket containing the SPDR Dow Jones industrial average ETF trust with a 50% weight, the SPDR S&P MidCap 400 ETF trust with a 30% weight and the iShares Russell 2000 ETF with a 20% weight, according to a 424B2 filing with the Securities and Exchange Commission.
The payout at maturity will be par plus 1.25 times any basket gain, up to a 20% maximum gain.
If the basket falls by up to 10%, the payout will be par.
Investors will lose 1% for each 1% basket decline beyond 10%.
Wells Fargo Securities, LLC is the agent.
Issuer: | Canadian Imperial Bank of Commerce
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Issue: | Market-linked securities with leveraged upside participation to a cap and a fixed percentage buffered downside
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Underlying basket: | SPDR Dow Jones industrial average ETF trust with a 50% weight, the SPDR S&P MidCap 400 ETF trust with a 30% weight and the iShares Russell 2000 ETF with a 20% weight
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Amount: | $1,210,000
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Maturity: | July 5, 2024
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Coupon: | 0%
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Price: | Par
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Payout at maturity: | Par plus 1.25 times any basket gain, up to a 20% maximum gain; par if basket falls by up to 10%; exposure to losses beyond 10% buffer
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Initial ETF levels: | $304.13 for Dow, $419.43 for S&P and $196.41 for Russell
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Buffer levels: | 90% of initial levels
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Pricing date: | Dec. 30
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Settlement date: | Jan. 5
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Agent: | Wells Fargo Securities, LLC
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Fees: | 3.07%
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Cusip: | 13605WP70
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