Published on 10/4/2023 in the Prospect News Structured Products Daily.
New Issue: CIBC sells $43.66 million capped Leveraged ETF Return Notes on Invesco ETF
By William Gullotti
Buffalo, N.Y., Oct. 4 – Canadian Imperial Bank of Commerce priced $43.66 million of 0% capped Leveraged ETF Return Notes due Sept. 26, 2025 linked to the Invesco S&P 500 Equal Weight ETF, according to a 424B2 filed with the Securities and Exchange Commission.
If the ETF return is positive, the payout at maturity will be par plus double the ETF gain, capped at par plus 24.86%.
Investors will receive par if the ETF declines by 10% or less and will lose 1% for every 1% that it declines beyond 10%.
BofA Securities, Inc. is the agent.
Issuer: | Canadian Imperial Bank of Commerce
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Issue: | Capped Leveraged ETF Return Notes
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Underlying fund: | Invesco S&P 500 Equal Weight ETF
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Principal amount: | $43,660,780
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Maturity: | Sept. 26, 2025
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Coupon: | 0%
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Price: | Par of $10
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Payout at maturity: | Par plus 200% of any ETF gain, capped at par plus 24.86%; par if ETF declines by 10% or less; otherwise, 1% loss for every 1% that ETF declines beyond 10%
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Initial level: | $142.07
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Threshold level: | $127.86; 90% of initial level
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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: | 2%
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Cusip: | 13607Y311
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