By Wendy Van Sickle
Columbus, Ohio, June 24 – Canadian Imperial Bank of Commerce priced $1.79 million of 0% market-linked securities with leveraged upside participation and a fixed percentage buffered downside due Dec. 22, 2023 linked to a domestic ETF basket, according to a 424B2 filing with the Securities and Exchange Commission.
The basket consists of the SPDR Dow Jones Industrial Average ETF Trust (50% weight), the SPDR S&P MidCap 400 ETF Trust (30% weight) and the iShares Russell 2000 ETF (20% weight).
If the basket return is positive, the payout at maturity will be par plus 150% of the gain, subject to a maximum return of 36% of the principal amount.
If the basket falls by up to 10%, the payout will be par.
If the basket falls by more than 10%, investors will lose 1% for every 1% decline beyond the initial level.
Wells Fargo Securities, LLC is the agent.
| Issuer: | Canadian Imperial Bank of Commerce
|
| Issue: | Market-linked securities – leveraged upside participation 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: | $1,791,000
|
| Maturity: | Dec. 22, 2023
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| Coupon: | 0%
|
| Price: | Par
|
| Payout at maturity: | If the basket return is positive, par plus 150% of the gain, subject to a cap of 36%; if the basket falls by up to 10%, par; if the basket falls by more than 10%, 1% loss for every 1% drop beyond 10%
|
| Initial levels: | $261.82 for Dow, $328.27 for MidCap and $141.77 for Russell
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| Threshold level: | 90% of initial level
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| Pricing date: | June 17
|
| Settlement date: | June 22
|
| Agent: | Wells Fargo Securities, LLC
|
| Fees: | 3.49%
|
| Cusip: | 13605WYS4
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