Published on 4/12/2024 in the Prospect News Structured Products Daily.
New Issue: CIBC sells $1.02 million market-linked notes with contingent fixed return on Meta
By Kiku Steinfeld
Chicago, April 12 – Canadian Imperial Bank of Commerce priced $1.02 million of 0% market-linked securities with contingent fixed return and contingent downside due July 29, 2024 linked to Meta Platforms, Inc., according to a 424B2 filing with the Securities and Exchange Commission.
If the final share price is greater than or equal to 60% of the initial share price, the payout at maturity will be par plus 10%.
If the stock price decreases by more than 40%, investors will be exposed to all losses from the stock’s initial level.
Wells Fargo Securities, LLC is the agent.
Issuer: | Canadian Imperial Bank of Commerce
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Issue: | Market-linked securities with contingent fixed return and contingent downside
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Underlying stock: | Meta Platforms, Inc.
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Amount: | $1,024,000
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Maturity: | July 29, 2024
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Coupon: | 0%
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Price: | Par
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Payout at maturity: | If final share price is greater than or equal to threshold level, par plus 10%; if stock decreases by more than 40%, 1% loss for every 1% decline of stock
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Initial level: | $310.62
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Threshold level: | $186.372; 60% of initial level
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Pricing date: | July 17, 2023
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Settlement date: | July 20, 2023
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Agent: | Wells Fargo Securities, LLC
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Fees: | 2.29%
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Cusip: | 13607XKL0
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