Published on 11/18/2019 in the Prospect News Structured Products Daily.
New Issue: CIBC prices $1.03 million buffered digital plus notes linked to Dow
By Wendy Van Sickle
Columbus, Ohio, Nov. 18 – Canadian Imperial Bank of Commerce priced $1.03 million of 0% buffered digital plus notes due Nov. 14, 2024 linked to the Dow Jones industrial average, according to a 424B2 filing with the Securities and Exchange Commission.
If the index return is greater than or equal to negative 20%, the payout at maturity will be par plus the greater of 16% and the index return. Otherwise, investors will lose 1% for every 1% that the index declines beyond 20%.
CIBC World Markets Corp. is the agent.
Issuer: | Canadian Imperial Bank of Commerce
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Issue: | Buffered digital plus notes
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Underlying index: | Dow Jones industrial average
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Amount: | $1.03 million
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Maturity: | Nov. 14, 2024
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Coupon: | 0%
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Price: | Par
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Payout at maturity: | If index return is greater than or equal to negative 20%, par plus greater of 16% and index return; otherwise, 1% loss for every 1% that index declines beyond 20%
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Initial index level: | 27,909.43
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Buffer level: | 22,681.124, 80% of initial level
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Pricing date: | Nov. 8
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Settlement date: | Nov. 14
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Agent: | CIBC World Markets Corp.
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Fees: | 0.75%
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Cusip: | 13605WTT8
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