By Wendy Van Sickle
Columbus, Ohio, May 4 – Canadian Imperial Bank of Commerce priced $1.94 million of 0% market-linked securities – upside participation to a cap with contingent absolute return and fixed percentage buffered downside due May 2, 2025 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 any index gain, subject to a maximum return of par plus 20%.
If the index falls by up to 15%, the payout will be par plus the absolute value of the index return.
Otherwise, investors will lose 1% for every 1% decline beyond 15%.
Wells Fargo Securities LLC is the agent.
| Issuer: | Canadian Imperial Bank of Commerce
|
| Issue: | Market-linked securities – upside participation to a cap with contingent absolute return and fixed percentage buffered downside
|
| Underlying index: | S&P 500 index
|
| Amount: | $1,941,000
|
| Maturity: | May 2, 2025
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| Coupon: | 0%
|
| Price: | Par
|
| Payout at maturity: | Par plus any index gain capped at 20%; if index falls by up to 15%, par plus the absolute value of index return; otherwise, 1% loss for each 1% decline beyond 15%
|
| Initial level: | 4,169.48
|
| Barrier level: | 3,544.058; 85% of initial level
|
| Pricing date: | April 28
|
| Settlement date: | May 2
|
| Agent: | Wells Fargo Securities LLC
|
| Fees: | 2.53%
|
| Cusip: | 13607XH34
|
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