Published on 3/11/2022 in the Prospect News Structured Products Daily.
New Issue: CIBC sells $10.04 million capped leveraged buffered basket-linked notes
By Wendy Van Sickle
Columbus, Ohio, March 11 – Canadian Imperial Bank of Commerce priced $10.04 million of 0% capped leveraged buffered notes due April 12, 2024 linked to a 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 29% weight, the FTSE 100 index with a 16% weight, the Swiss Market index with a 11% weight and the S&P/ASX 200 index with an 8% weight.
If the basket return is positive, the payout at maturity will be par plus 1.8 times the basket return, subject to a maximum settlement amount of $1,344.70 per $1,000 principal amount of notes.
If the basket declines by up to 15%, the payout at maturity will be par.
Otherwise, investors will lose 1.1765% 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 (29% weight), FTSE 100 index (16% weight), Swiss Market index (11% weight) and S&P/ASX 200 index (8% weight)
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Amount: | $10,038,000
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Maturity: | April 12, 2024
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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 1.8 times the basket gain, return capped at par plus 34.47%; if the basket declines up to 15%, par; otherwise, lose 1.1765% for every 1% decline beyond 15%
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Initial levels: | 3,505.29 for Euro Stoxx, 1,759.86 for Topix, 6,964.11 for FTSE, 11,057.06 for Swiss Market, 6,980.329 for S&P/ASX 200
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Buffer level: | 85% of initial level
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Pricing date: | March 8
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Settlement date: | March 11
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Agent: | CIBC World Markets Corp.
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Fees: | None
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Cusip: | 13607X5V5
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