Published on 9/27/2023 in the Prospect News Structured Products Daily.
New Issue: CIBC prices $5 million Leveraged Index Return Notes linked to JPX-Nikkei
By William Gullotti
Buffalo, N.Y., Sept. 27 – Canadian Imperial Bank of Commerce priced $5 million of 0% Leveraged Index Return Notes due Sept. 29, 2028 linked to the JPX-Nikkei Index 400, according to a 424B2 filing with the Securities and Exchange Commission.
The payout at maturity will be par plus 3.3005 times any index gain.
Investors will be fully exposed to any index decline.
BofA Securities, Inc. is the agent.
Issuer: | Canadian Imperial Bank of Commerce
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Issue: | Leveraged Index Return Notes
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Underlying index: | JPX-Nikkei Index 400
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Amount: | $5 million
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Maturity: | Sept. 29, 2028
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Coupon: | 0%
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Price: | Par of $10
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Payout at maturity: | Par plus 3.3005 times any index gain; otherwise, 1% loss for every 1% decline
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Initial index level: | 21,381.25
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Pricing date: | Sept. 22
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Settlement date: | Sept. 29
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Agent: | BofA Securities, Inc.
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Fees: | 0.6%
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Cusip: | 13607Y253
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