Published on 2/5/2018 in the Prospect News Structured Products Daily.
New Issue: CIBC prices $14.97 million digital notes linked to Russell 2000
By Wendy Van Sickle
Columbus, Ohio, Feb. 5 – Canadian Imperial Bank of Commerce priced $14.97 million of 0% digital notes due Feb. 6, 2020 linked to the Russell 2000 index, according to a 424B2 filing with the Securities and Exchange Commission.
If the index return is greater than or equal to negative 15%, the payout at maturity will be $1,128.30 per $1,000 principal amount of notes. 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 notes
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Underlying index: | Russell 2000
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Amount: | $14,965,000
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Maturity: | Feb. 6, 2020
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Coupon: | 0%
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Price: | Par
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Payout at maturity: | If index return is greater than or equal to negative 15%, $1,128.30 per $1,000 principal amount of notes; otherwise, 1.1765% loss for every 1% that index declines beyond 15%
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Initial index level: | 1,579.866
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Pricing date: | Feb. 1
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Settlement date: | Feb. 8
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Agent: | CIBC World Markets Corp.
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Fees: | 1.47%
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Cusip: | 13605WJK8
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