Published on 7/19/2022 in the Prospect News Structured Products Daily.
New Issue: CIBC prices $7.72 million market-linked one look notes on iShares Silver Trust
By William Gullotti
Buffalo, N.Y., July 19 – Canadian Imperial Bank of Commerce priced $7.72 million of 0% market-linked one look notes due July 28, 2023 linked to the iShares Silver Trust, according to a 424B2 filing with the Securities and Exchange Commission.
If the ETF finishes flat or gains, the payout at maturity will be par plus 26.1%. Otherwise, investors will be fully exposed to any ETF decline.
BofA Securities, Inc. is the agent.
| Issuer: | Canadian Imperial Bank of Commerce
|
| Issue: | Market-linked one look notes
|
| Underlying fund: | iShares Silver Trust
|
| Amount: | $7,718,500
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| Maturity: | July 28, 2023
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| Coupon: | 0%
|
| Price: | Par of $10
|
| Payout at maturity: | Par plus 26.1% unless ETF finishes below its initial price, in which case full exposure to losses
|
| Initial price: | $17.00
|
| Pricing date: | July 14
|
| Settlement date: | July 21
|
| Underwriter: | BofA Securities, Inc.
|
| Fees: | 1.5%
|
| Cusip: | 13607W547
|
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