Published on 3/3/2020 in the Prospect News Structured Products Daily.
New Issue: CIBC prices $28.15 million leveraged market-linked step-up notes on index basket
By Sarah Lizee
Olympia, Wash., March 3 – Canadian Imperial Bank of Commerce priced $28.15 million of leveraged market-linked step-up notes due Feb. 28, 2025 linked to a global equity basket, according to a 424B2 filing with the Securities and Exchange Commission.
The basket consists of the Euro Stoxx 50 index (40% weight), the FTSE 100 index (20% weight), the Nikkei Stock Average index (20% weight), the Swiss Market index (7.5% weight), the S&P/ASX 200 index (7.5% weight) and the Hang Seng index (5% weight).
If the basket finishes above the step-up value, 140% of the initial level, the payout at maturity will be par of $10 plus the basket gain.
If the basket gains by up to the step-up level, the payout will be par plus the step-up payment of 40%.
If the basket falls by up to 15%, the payout will be par.
Investors will be fully exposed to any basket decline beyond 15%.
BofA Securities, Inc. is the agent.
| Issuer: | Canadian Imperial Bank of Commerce
|
| Issue: | Leveraged market-linked step-up notes
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| Underlying basket: | Euro Stoxx 50 index (40% weight), FTSE 100 index (20% weight), Nikkei Stock Average index (20% weight), Swiss Market index (7.5% weight), S&P/ASX 200 index (7.5% weight) and Hang Seng index (5% weight)
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| Amount: | $28,147,300
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| Maturity: | Feb. 28, 2025
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| Coupon: | 0%
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| Price: | Par
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| Payout at maturity: | If the basket finishes above the step-up value, par plus the basket gain; if the basket gains by up to the step-up level, par plus the step-up payment of 40%; if the basket falls by up to buffer level, par; exposure to basket decline beyond buffer
|
| Initial levels: | 3,455.92 for Stoxx, 6,796.40 for FTSE, 21,948.23 for Nikkei, 10,205.46 for Swiss, 6,657.852 for S&P/ASX, 26,778.62 for Hang Seng
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| Step-up value: | 140% of initial basket level
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| Buffer level: | 85% of initial basket level
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| Pricing date: | Feb. 27
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| Settlement date: | March 6
|
| Agent: | BofA Securities, Inc.
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| Fees: | 2%
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| Cusip: | 13607G294
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