Published on 7/25/2023 in the Prospect News Structured Products Daily.
New Issue: CIBC prices $1.39 million capped leveraged buffered notes on S&P 500
By William Gullotti
Buffalo, N.Y., July 25 – Canadian Imperial Bank of Commerce priced $1.39 million of 0% capped leveraged buffered index-linked notes due July 23, 2025 linked to the performance of the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
If the index’s return is positive, the payout at maturity will be par plus 1.5 times the gain, subject to a maximum payout of par plus 21.735%.
Investors will receive par if the index falls by up to 20% and will lose 1.25% for each 1% decline beyond 20%.
CIBC World Markets Corp. is the agent.
Issuer: | Canadian Imperial Bank of Commerce
|
Issue: | Capped leveraged buffered index-linked notes
|
Underlying index: | S&P 500 index
|
Amount: | $1,392,000
|
Maturity: | July 23, 2025
|
Coupon: | 0%
|
Price: | Par
|
Payout at maturity: | Par plus 1.5 times any index gain, capped at par plus 21.735%; par if the index falls by up to 20%; otherwise, 1.25% loss for each 1% decline beyond 20%
|
Initial level: | 4,565.72
|
Buffer level: | 80% of initial level
|
Pricing date: | July 19
|
Settlement date: | July 26
|
Agent: | CIBC World Markets Corp.
|
Fees: | 1.73%
|
Cusip: | 13607XL21
|
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.