Published on 8/2/2022 in the Prospect News Structured Products Daily.
New Issue: CIBC sells $22.97 million capped notes with absolute return buffer on S&P 500
By William Gullotti
Buffalo, N.Y., Aug. 2 – Canadian Imperial Bank of Commerce priced $22.97 million of 0% capped notes with absolute return buffer due July 26, 2024 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 of $10 plus any index gain, up to a maximum return of 15%.
If the index finishes flat or falls by up to 21%, investors will receive par plus the absolute value of the index return. Otherwise, investors will lose 1% for every 1% decline beyond 21%.
BofA Securities, Inc. is the agent.
Issuer: | Canadian Imperial Bank of Commerce
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Issue: | Capped notes with absolute return buffer
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Underlying index: | S&P 500 index
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Amount: | $22,965,650
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Maturity: | July 26, 2024
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Coupon: | 0%
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Price: | Par of $10
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Payout at maturity: | Par plus any index gain, capped at 15%; if index falls by up to 21%, par plus absolute value of index return; otherwise, lose 1% for every 1% decline beyond 21%
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Initial value: | 4,072.43
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Threshold value: | 3,217.22; 79% of initial value
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Final value: | Average of index’s closing levels on five trading days ending July 23, 2024
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Pricing date: | July 28
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Settlement date: | Aug. 4
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Agent: | BofA Securities, Inc.
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Fees: | 2%
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Cusip: | 13607W554
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