Published on 2/1/2021 in the Prospect News Structured Products Daily.
New Issue: CIBC sells $54.51 million capped Leveraged Index Return Notes on S&P
By Marisa Wong
Los Angeles, Feb. 1 – Canadian Imperial Bank of Commerce priced $54.51 million of 0% capped Leveraged Index Return Notes due March 25, 2022 linked to the S&P 500 index, according to a 424B2 filed with the Securities and Exchange Commission.
CIBC will issue a total of $54,525,960 principal amount of notes, or 5,452,596 notes with a par amount of $10 each.
CIBC will issue 418,803 units to an investor at $9.95 per unit and the remainder to the public at par of $10 for a total price of $54,505,019.85.
If the index return is positive, the payout at maturity will be par of $10 plus 200% of the index return, subject to a maximum payout of par plus 11.8%. Investors will receive par if the index declines by 5% or less and will lose 1% for every 1% that it declines beyond 5%.
BofA Securities, Inc. is the agent.
| Issuer: | Canadian Imperial Bank of Commerce
|
| Issue: | Capped Leveraged Index Return Notes
|
| Underlying index: | S&P 500 index
|
| Amount: | $54,505,019.85
|
| Principal amount: | $54,525,960 (5,452,596 notes with $10 face amount each)
|
| Maturity: | March 25, 2022
|
| Coupon: | 0%
|
| Price: | $9.95 for 418,803 units; par of $10 for remainder sold to public
|
| Payout at maturity: | Par plus 200% of any index gain, capped at par plus 11.8%; par if index declines by 5% or less; 1% loss for every 1% that index declines beyond 5%
|
| Initial level: | 3,787.38
|
| Threshold level: | 3,598.01, or 95% of initial level
|
| Final level: | Average of index’s closing levels on five trading days ending March 22, 2022
|
| Pricing date: | Jan. 28
|
| Settlement date: | Feb. 4
|
| Agent: | BofA Securities, Inc.
|
| Fees: | 1.25% for 418,803 units; 1.75% for remainder
|
| Cusip: | 13607H532
|
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