Published on 2/11/2021 in the Prospect News Structured Products Daily.
New Issue: CIBC prices $77.35 million capped leveraged notes on S&P 500
By Marisa Wong
Los Angeles, Feb. 11 – Canadian Imperial Bank of Commerce priced $77.35 million of 0% capped leveraged notes due March 10, 2022 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 the initial level, the payout at maturity will be par plus 1.5 times the index gain, subject to a maximum payout of $1,198 per $1,000 principal amount.
Investors will lose 1% for each 1% index decline.
CIBC World Markets Corp. is the agent.
Issuer: | Canadian Imperial Bank of Commerce
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Issue: | Capped leveraged notes
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Underlying index: | S&P 500
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Amount: | $77,349,000
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Maturity: | March 10, 2022
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Coupon: | 0%
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Price: | Par
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Payout at maturity: | Par plus 1.5 times any index gain, capped at par plus 19.8%; full exposure to any index decline
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Initial level: | 3,915.59
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Pricing date: | Feb. 8
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Settlement date: | Feb. 16
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Agent: | CIBC World Markets Corp.
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Fees: | 0.95%
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Cusip: | 13605WU82
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