Published on 12/31/2018 in the Prospect News Structured Products Daily.
New Issue: CIBC prices $625,000 buffered notes due 2023 on index, ETF basket
By Sarah Lizee
Olympia, Wash., Dec. 31 – Canadian Imperial Bank of Commerce priced $625,000 of 0% buffered notes due Dec. 29, 2023 linked to an equally-weighted basket of the S&P 500 index and the Invesco QQQ Trust, series 1, according to a 424B2 filing with the Securities and Exchange Commission.
The payout at maturity will be par plus any basket gain.
Investors will receive par if the basket falls by up to 20% and will lose 1% for every 1% decline beyond 20%.
CIBC World Markets Corp. is the underwriter.
Issuer: | Canadian Imperial Bank of Commerce
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Issue: | Buffered notes
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Underlying assets: | S&P 500 index and the Invesco QQQ Trust, series 1, equally weighted
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Amount: | $625,000
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Maturity: | Dec. 29, 2023
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Coupon: | 0%
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Price: | Par
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Payout at maturity: | Par plus any basket gain; par if the basket falls by up to 20%; 1% loss for every 1% decline beyond 20%
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Initial levels: | 2,467.70 for S&P, $152.46 for Invesco
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Pricing date: | Dec. 26
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Settlement date: | Dec. 31
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Underwriter: | CIBC World Markets Corp.
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Fees: | 3%
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Cusip: | 13605WNP2
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