Spotlight on… CIBC US top seller on track to deliver maximum return

This time last year, Canadian Imperial Bank of Commerce’s (CIBC) Digital Notes (13607XCN5) was the best-selling structured product in the US market. Linked to the S&P 500 (SPX), and with a two-year tenor, the product had gathered sales of US$126.8m by the time it struck on 1 November 2022. Goldman Sachs acted as a dealer in connection with the distribution of the notes, which have a buffer of 20% to reduce downside risk. At maturity, the product returns 119.75% of the nominal invest