By Marisa Wong
Morgantown, W.Va., May 5 – Canadian Imperial Bank of Commerce priced $2.88 million of 0% buffered enhanced return notes due April 28, 2021 linked to a Select Sector SPDR basket, according to a 424B2 filing with the Securities and Exchange Commission.
The basket includes the Financial Select Sector SPDR fund with a 33.34% weight, the Energy Select sector SPDR fund with a 33.33% weight and the Technology Select Sector SPDR fund with a 33.33% weight.
If the basket return zero or positive, the payout at maturity will be par plus 150% of the basket return, with the payout capped at par plus 40%.
If the basket falls by up to 10%, the payout will be par.
Otherwise, investors will lose 1% for every 1% decline beyond the 10% buffer.
CIBC World Markets Corp. is the agent.
Issuer: | Canadian Imperial Bank of Commerce
|
Issue: | Buffered enhanced return notes
|
Underlying basket: | Financial Select Sector SPDR fund with a 33.34% weight, Energy Select sector SPDR fund with a 33.33% weight and Technology Select Sector SPDR fund with a 33.33% weight
|
Amount: | $2,875,000
|
Maturity: | April 28, 2021
|
Coupon: | 0%
|
Price: | Par of $10
|
Payout at maturity: | If the basket return zero or positive, par plus 150% of the basket return, capped at 40%; if the basket falls by up to 10%, par; otherwise, 1% loss for every 1% decline beyond the 10% buffer
|
Initial prices: | $23.89 for Financial, $68.77 for Energy, $54.08 for Technology
|
Pricing date: | April 25
|
Settlement date: | April 28
|
Agent: | CIBC World Markets Corp.
|
Fees: | 4.5%
|
Cusip: | 13605WCV1
|
© 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.