Published on 7/24/2023 in the Prospect News Structured Products Daily.
New Issue: CIBC prices $10.85 million capped leveraged buffered basket-linked notes on index basket
By William Gullotti
Buffalo, N.Y., July 24 – Canadian Imperial Bank of Commerce priced $10.85 million of 0% capped leveraged buffered notes due Aug. 8, 2025 linked to a weighted basket of indexes, according to a 424B2 filing with the Securities and Exchange Commission.
The basket includes the Euro Stoxx 50 index with a 36% weight, the Topix index with a 26% weight, the FTSE 100 index with a 17% weight, the Swiss Market index with a 12% weight and the S&P/ASX 200 index with an 9% weight.
If the basket return is positive, the payout at maturity will be par plus 200% of the basket return, subject to a maximum settlement amount of par plus 45.36%.
If the basket declines by up to 17.5%, the payout at maturity will be par.
Otherwise, investors will lose 1.2121% for every 1% of basket decline beyond the buffer.
CIBC World Markets Corp. is the agent.
Issuer: | Canadian Imperial Bank of Commerce
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Issue: | Capped leveraged buffered notes
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Underlying indexes: | Euro Stoxx 50 index (36% weight), Topix index (26% weight), FTSE 100 index (17% weight), Swiss Market index (12% weight) and S&P/ASX 200 index (9% weight)
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Amount: | $10,852,000
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Maturity: | Aug. 8, 2025
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Coupon: | 0%
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Price: | Par
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Payout at maturity: | If the basket return is positive, par plus 200% of the basket gain, return capped at par plus 45.36%; if the basket declines up to 17.5%, par; otherwise, lose 1.2121% for every 1% decline beyond 17.5%
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Initial levels: | 4,362.28 for Euro Stoxx, 2,278.97 for Topix, 7,588.2 for FTSE, 11,120.15 for Swiss Market, 7,323.722 for S&P/ASX 200
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Buffer level: | 82.5% of initial level
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Pricing date: | July 19
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Settlement date: | July 26
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Agent: | CIBC World Markets Corp.
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Fees: | None
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Cusip: | 13607XL39
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