Published on 3/22/2024 in the Prospect News Structured Products Daily.
New Issue: CIBC prices $4.67 million Accelerated Return Notes linked to Starbucks
By William Gullotti
Buffalo, N.Y., March 22 – Canadian Imperial Bank of Commerce priced $4.67 million of 0% Accelerated Return Notes due May 30, 2025 linked to Starbucks Corp., according to a 424B2 filing with the Securities and Exchange Commission.
The payout at maturity will be par of $10 plus triple any stock gain, capped at par plus 26.46%.
Investors will be exposed to any stock decline.
BofA Securities, Inc. is the underwriter.
| Issuer: | Canadian Imperial Bank of Commerce
|
| Issue: | Accelerated Return Notes
|
| Underlying stock: | Starbucks Corp.
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| Amount: | $4,466,320
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| Maturity: | May 30, 2025
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| Coupon: | 0%
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| Price: | Par of $10
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| Payout at maturity: | Par plus 300% of any stock gain, capped at par plus 26.46%; otherwise, full exposure to any stock decline
|
| Initial level: | $91.09
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| Pricing date: | March 14
|
| Settlement date: | March 21
|
| Agent: | BofA Securities, Inc.
|
| Fees: | 1.75%
|
| Cusip: | 13608P608
|
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