Published on 9/9/2019 in the Prospect News Structured Products Daily.
New Issue: CIBC sells $2.65 million buffered market-linked autocalls on oil and gas ETF
By Wendy Van Sickle
Columbus, Ohio, Sept. 9 – Canadian Imperial Bank of Commerce priced $2.65 million of market-linked securities due Sept. 6, 2022 – autocallable with fixed percentage buffered downside linked to the SPDR S&P Oil & Gas Exploration & Production ETF, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will be called at par plus an annual premium of 12.7% if the fund closes at or above its initial level on any annual observation date.
The payout at maturity will be par unless the fund finishes below its 85% buffer level, in which case the payout will be par plus the return of the fund with exposure to any losses beyond 15%
Wells Fargo Securities, LLC is the agent.
Issuer: | Canadian Imperial Bank of Commerce
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Issue: | Market linked securities – autocallable with fixed percentage buffered downside
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Underlying fund: | SPDR S&P Oil & Gas Exploration & Production ETF
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Amount: | $2,645,000
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Maturity: | Sept. 6, 2022
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Coupon: | 0%
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Price: | Par
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Payout at maturity: | If fund closes above threshold, par; otherwise, 1% loss for each 1% decline
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Call: | At par plus annual premium of 12.7% if fund closes at or above its initial level on any annual determination date
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Initial level: | $21.57
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Threshold level: | $18.3345, 85% of initial level
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Pricing date: | Aug. 30
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Settlement date: | Sept. 5
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Agent: | Wells Fargo Securities LLC
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Fees: | 3.15%
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Cusip: | 13605WRV5
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