Published on 5/1/2023 in the Prospect News Structured Products Daily.
New Issue: CIBC sells $350,000 capped leveraged barrier notes on Wynn Resorts
Chicago, May 1 – Canadian Imperial Bank of Commerce priced $350,000 of 0% capped leveraged barrier notes due Aug. 10, 2023 linked to the shares of Wynn Resorts, Ltd., according to a 424B2 filing with the Securities and Exchange Commission.
If the stock return is positive, the payout at maturity will be par plus two times the stock gain, capped at par plus 50.52%.
Investors will receive par if the stock declines by up to 15%.
Investors will be fully exposed to losses if the stock declines beyond the 85% barrier.
CIBC World Markets Corp. is the agent.
| Issuer: | Canadian Imperial Bank of Commerce
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| Issue: | Capped leveraged barrier notes
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| Underlying stock: | Wynn Resorts, Ltd.
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| Amount: | $350,000
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| Maturity: | Aug. 10, 2023
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| Coupon: | 0%
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| Price: | Par
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| Payout at maturity: | Par plus two times any stock gain, capped at par plus 50.52%; par if stock declines by up to 15%; otherwise, 1% loss for each 1% decline
|
| Initial price: | $66.84
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| Barrier price: | $56.81, 85% of initial price
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| Pricing date: | June 6, 2022
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| Settlement date: | June 9, 2022
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| Agent: | CIBC World Markets Corp.
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| Fees: | 2%
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| Cusip: | 13607XA64
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