By Sarah Lizee
Olympia, Wash., May 6 – Canadian Imperial Bank of Commerce priced $2.19 million of 0% market-linked securities with leveraged upside participation to a cap and fixed percentage buffered downside due Nov. 6, 2023 linked to an ETF basket, according to a 424B2 filing with the Securities and Exchange Commission.
The basket components are the SPDR Dow Jones industrial average ETF trust (50% weight), SPDR S&P MidCap 400 ETF trust (30% weight) and iShares Russell 2000 ETF (20% weight).
The payout at maturity will be par plus 150% of any basket gain, subject to a 40% maximum gain.
Investors will receive par if the basket falls by up to 10% and will lose 1% for every 1% decline beyond the buffer.
Wells Fargo Securities, LLC is the agent.
| Issuer: | Canadian Imperial Bank of Commerce
|
| Issue: | Market-linked securities with leveraged upside participation to a cap and fixed percentage buffered downside
|
| Underlying basket: | SPDR Dow Jones industrial average ETF trust (50% weight), SPDR S&P MidCap 400 ETF trust (30% weight) and iShares Russell 2000 ETF (20% weight)
|
| Amount: | $2,185,000
|
| Maturity: | Nov. 6, 2023
|
| Coupon: | 0%
|
| Price: | Par
|
| Payout at maturity: | Par plus 150% of any basket gain, subject to 40% maximum gain; par if the basket falls by up to 10%; 1% loss for every 1% decline beyond buffer
|
| Initial levels: | $243.22 for Dow ETF, $299.81 for MidCap ETF and $130.31 for Russell ETF
|
| Buffer level: | 90% of initial basket level
|
| Pricing date: | April 30
|
| Settlement date: | May 5
|
| Agent: | Wells Fargo Securities, LLC
|
| Fees: | 3.64%
|
| Cusip: | 13605WXT3
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