Published on 7/11/2023 in the Prospect News Structured Products Daily.
New Issue: CIBC prices $2.26 million capped buffer gears linked to S&P 500
By Wendy Van Sickle
Columbus, Ohio, July 11 – Canadian Imperial Bank of Commerce priced $2.26 million of 0% capped buffer gears due June 30, 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 plus two times any index gain, up to a maximum payout of par plus 26.37%.
Investors will receive par if the index declines but finishes at or above its buffer level, 85% of its initial level. Otherwise, investors will receive 1% for every 1% decline of the index beyond 15%.
UBS Financial Services Inc. and CIBC Capital Markets Corp. are the agents.
Issuer: | Canadian Imperial Bank of Commerce
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Issue: | Capped buffer gears
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Underlying index: | S&P 500 index
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Amount: | $2,261,000
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Maturity: | June 30, 2025
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Coupon: | 0%
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Price: | Par of $10
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Payout at maturity: | Par plus double any index gain, up to a maximum payout of par plus 26.37%; par if index declines but finishes at or above buffer level; otherwise, 1% loss for every 1% decline of index beyond 15%
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Initial index level: | 4,378.41
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Buffer level: | 3,721.65; 85% of initial index level
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Pricing date: | June 27
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Settlement date: | June 30
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Agents: | UBS Financial Services Inc. and CIBC Capital Markets Corp.
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Fees: | 0%
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Cusip: | 13608M746
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