Published on 3/4/2020 in the Prospect News Structured Products Daily.
New Issue: CIBC sells $10.52 million market-linked notes on index basket
By Sarah Lizee
Olympia, Wash., March 4 – Canadian Imperial Bank of Commerce priced $10.52 million of 0% market-linked securities with upside participation to a cap and fixed percentage buffered downside due Dec. 6, 2021 linked to a basket of indexes including the S&P 500 index with a 50% weight and the Euro Stoxx 50 index with a 50% weight, according to a 424B3 filing with the Securities and Exchange Commission.
The payout at maturity will be par plus any basket gain, up to a maximum return of 23%.
Investors will receive par if the basket falls by up to 10% and will lose 1% for every 1% decline beyond 10%.
Wells Fargo Securities, LLC is the agent.
Issuer: | Canadian Imperial Bank of Commerce
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Issue: | Market-linked securities with upside participation to a cap and fixed percentage buffered downside
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Underlying basket: | S&P 500 (50% weight), Euro Stoxx 50 (50% weight)
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Amount: | $10,519,000
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Maturity: | Dec. 6, 2021
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Coupon: | 0%
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Price: | Par
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Payout at maturity: | Par plus any basket gain, up to a maximum return of 23%; par if the basket falls by up to 10%; 1% loss for every 1% decline beyond 10%
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Initial levels: | 2,954.22 for S&P, 3,329.49 for Stoxx
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Buffer level: | 90% of initial basket level
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Pricing date: | Feb. 28
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Settlement date: | March 4
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Agent: | Wells Fargo Securities, LLC
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Fees: | 2.15%
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Cusip: | 13605WVP3
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