Published on 10/4/2023 in the Prospect News Structured Products Daily.
New Issue: CIBC prices $12.29 million Accelerated Return Notes on Euro Stoxx 50
By William Gullotti
Buffalo, N.Y., Oct. 4 – Canadian Imperial Bank of Commerce priced $12.29 million of 0% Accelerated Return Notes due Nov. 29, 2024 linked to the Euro Stoxx 50 index, according to a 424B2 filing with the Securities and Exchange Commission.
The payout at maturity will be par of $10 plus 300% of any index gain, capped at par plus 22.7%.
Investors will be fully exposed to any index decline.
BofA Securities, Inc. is the underwriter.
Issuer: | Canadian Imperial Bank of Commerce
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Issue: | Accelerated Return Notes
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Underlying index: | Euro Stoxx 50 index
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Amount: | $12,291,000
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Maturity: | Nov. 29, 2024
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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 index gain, capped at par plus 22.7%; otherwise, full exposure to loss
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Initial level: | 4,161.56
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Pricing date: | Sept. 28
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Settlement date: | Oct. 5
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Agent: | BofA Securities, Inc.
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Fees: | 1.75%
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Cusip: | 13607Y329
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