Published on 11/4/2020 in the Prospect News Structured Products Daily.
New Issue: CIBC prices $23.39 million capped leveraged notes linked to S&P 500
By Marisa Wong
Los Angeles, Nov. 4 – Canadian Imperial Bank of Commerce priced $23.39 million of 0% capped leveraged notes due May 11, 2022 linked to the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
The payout at maturity will be par plus 3 times any index gain, capped at par plus 22.2%.
Investors will be fully exposed to any index decline.
CIBC World Markets Corp. is the agent.
Issuer: | Canadian Imperial Bank of Commerce
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Issue: | Capped leveraged notes
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Underlying index: | S&P 500
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Amount: | $23,385,000
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Maturity: | May 11, 2022
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Coupon: | 0%
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Price: | Par
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Payout at maturity: | Par plus 3 times any index gain, capped at par plus 22.2%; full exposure to losses
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Initial level: | 3,310.24
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Pricing date: | Nov. 2
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Settlement date: | Nov. 9
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Agent: | CIBC World Markets Corp.
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Fees: | 1.51%
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Cusip: | 13605WK83
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