Published on 1/9/2024 in the Prospect News Structured Products Daily.
New Issue: CIBC sells $9.47 million digital index-linked notes on S&P 500
By Wendy Van Sickle
Columbus, Ohio, Jan. 9 – Canadian Imperial Bank of Commerce priced $9.47 million of 0% digital notes due March 11, 2026 linked to the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
If the final index level is greater than or equal to 85% of the initial level, the payout at maturity will be par plus 19.42%.
Otherwise, investors will lose 1.1765% for every 1% that the index declines beyond 15%.
CIBC World Markets Corp. is the agent.
Issuer: | Canadian Imperial Bank of Commerce
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Issue: | Digital index-linked notes
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Underlying index: | S&P 500 index
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Amount: | $9,472,000
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Maturity: | March 11, 2026
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Coupon: | 0%
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Price: | Par
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Payout at maturity: | If the final index level is greater than or equal to 85% of the initial level, par plus 19.42%; otherwise, investors will lose 1.1765% for every 1% that the index declines beyond 15%
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Initial index level: | 4,704.81
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Buffer level: | 85% of initial level
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Pricing date: | Jan. 3
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Settlement date: | Jan. 10
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Agent: | CIBC World Markets Corp.
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Fees: | 0%
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Cusip: | 13607XPX9
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