Published on 8/30/2017 in the Prospect News Structured Products Daily.
New Issue: CIBC sells $4.73 million capped leveraged buffered notes on S&P 500
By Marisa Wong
Morgantown, W.Va., Aug. 30 – Canadian Imperial Bank of Commerce priced $4.73 million of 0% capped leveraged buffered notes due March 21, 2019 linked to the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
If the index return is positive, the payout at maturity will be par plus 1.4 times the index return, subject to a maximum settlement amount of $1,160.30 per $1,000 principal amount.
If the index falls by up to 10%, the payout will be par.
If the index falls by more than 10%, investors will lose 1.1111% for every 1% decline beyond the buffer.
CIBC World Markets Corp. is the agent.
Issuer: | Canadian Imperial Bank of Commerce
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Issue: | Capped leveraged buffered notes
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Underlying index: | S&P 500
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Amount: | $4,727,000
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Maturity: | March 21, 2019
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Coupon: | 0%
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Price: | Par
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Payout at maturity: | If the index return is positive, par plus 1.4 times the index gain, return capped at 16.03%; if index falls by up to 10%, par; if index falls by more than 10%, 1.1111% loss for every 1% decline beyond the buffer
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Initial level: | 2,443.05
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Pricing date: | Aug. 25
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Settlement date: | Sept. 1
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Agent: | CIBC World Markets Corp.
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Fees: | None
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Cusip: | 13605WFF3
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