Published on 10/30/2018 in the Prospect News Structured Products Daily.
New Issue: CIBC sells $889,000 two-year capped buffered notes tied to S&P 500
By Sarah Lizee
Olympia, Wash., Oct. 30 – Canadian Imperial Bank of Commerce priced $889,000 of 0% capped buffered notes due Oct. 28, 2020 linked to the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
The payout at maturity will be par plus any index gain, up to a maximum settlement amount of $1,220 per $1,000 principal amount.
Investors will receive par if the index falls by up to 20% and will lose 1.25% for every 1% decline beyond 20%.
CIBC World Markets Corp. is the agent.
Issuer: | Canadian Imperial Bank of Commerce
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Issue: | Capped buffered notes
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Underlying index: | S&P 500
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Amount: | $889,000
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Maturity: | Oct. 28, 2020
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Coupon: | 0%
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Price: | Par
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Payout at maturity: | Par plus any index gain, capped at 22%; if index falls by up to 20%, par; 1.25% loss per 1% drop beyond 20%
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Initial level: | 2,658.69
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Pricing date: | Oct. 26
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Settlement date: | Nov. 2
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Agent: | CIBC World Markets Corp.
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Fees: | 2%
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Cusip: | 13605WMX6
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