Published on 4/16/2024 in the Prospect News Structured Products Daily.
New Issue: CIBC prices $4.91 million of capped Mitts linked to S&P 500
By Wendy Van Sickle
Columbus, Ohio, April 16 – Canadian Imperial Bank of Commerce priced $4.91 million of 0% capped Market Index Target-Term Securities due April 28, 2028 tied to the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
The payout at maturity will be par of $10 plus any index gain, subject to a maximum return of par plus 37.3%.
If the index falls, the payout will be par.
BofA Securities, Inc. is the underwriter.
Issuer: | Canadian Imperial Bank of Commerce
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Issue: | Capped Market Index Target-Term Securities
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Underlying index: | S&P 500 index
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Amount: | $4,907,800
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Maturity: | April 28, 2028
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Coupon: | 0%
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Price: | Par of $10
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Payout at maturity: | If index gains, par plus the return capped at 37.3%; par if index falls or is flat
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Initial level: | 5,199.06
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Pricing date: | April 11
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Settlement date: | April 18
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Underwriter: | BofA Securities, Inc.
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Fees: | 2.5%
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Cusip: | 13608P814
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