Published on 10/10/2019 in the Prospect News Structured Products Daily.
New Issue: CIBC prices $2.92 million capped leveraged buffered notes on S&P 500
By Kiku Steinfeld
Chicago, Oct. 10 – Canadian Imperial Bank of Commerce priced $2.92 million of 0% capped leveraged buffered notes due Sept. 22, 2021 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 the index gain, capped at par plus 18.1%. Investors will receive par if the index declines by up to 20% and will lose 1.25 % for each 1% decline beyond the buffer.
CIBC World Markets Corp. is the agent.
Issuer: | Canadian Imperial Bank of Commerce
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Issue: | Capped buffered index-linked notes
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Underlying index: | S&P 500
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Amount: | $2,918,000
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Maturity: | Sept. 22, 2021
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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 par plus 18.1%; par if the index declines by up to 20%; 1.25% loss for each 1% decline beyond the buffer
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Initial index level: | 3,006.73
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Buffer level: | 80% of the initial level
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Pricing date: | Sept. 20
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Settlement date: | Sept. 25
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Agent: | CIBC World Markets Corp.
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Fees: | 1.73%
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Cusip: | 13605WSF9
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