Published on 3/29/2022 in the Prospect News Structured Products Daily.
New Issue: CIBC sells $9.88 million Capped Leveraged Index Return Notes on index basket
By Wendy Van Sickle
Columbus, Ohio, March 29 – Canadian Imperial Bank of Commerce priced $9.88 million of 0% Capped Leveraged Index Return Notes due March 28, 2024 linked to a basket of weighted indexes, according to a 424B2 filing with the Securities and Exchange Commission.
The basket consists of the Euro Stoxx 50 index with a 40% weight, the FTSE 100 index with a 20% weight, the Nikkei Stock Average index with a 20% weight, the Swiss Market index with a 7.5% weight, the S&P/ASX 200 index with a 7.5% weight and the FTSE China 50 index with a 5% weight.
The payout at maturity will be par plus two times any basket gain, up to a maximum return of par plus 24.2%.
If the basket level falls by up to 10% of its initial level, the payout will be par. Investors will lose 1% for every 1% that the basket declines beyond 10%.
BofA Securities, Inc. is the agent.
| Issuer: | Canadian Imperial Bank of Commerce
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| Issue: | Capped Leveraged Index Return Notes
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| Underlying indexes: | 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), FTSE China 50 index (5% weight)
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| Amount: | $9,879,420
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| Maturity: | March 28, 2024
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| Coupon: | 0%
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| Price: | Par of $10
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| Payout at maturity: | Par plus 200% of any basket gain, capped at 24.2%; par if basket falls by up to 10%; otherwise, lose 1% for every 1% of basket decline beyond 10%
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| Initial index levels: | 3,863.39 for Stoxx, 7,467.38 for FTSE 100, 28,110.39 for Nikkei, 12,131.45 for Swiss Market, 7,387.065 for S&P/ASX, 14,838.43 for FTSE China
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| Buffer level: | 90% of initial basket level
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| Pricing date: | March 24
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| Settlement date: | March 31
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| Agent: | BofA Securities, Inc.
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| Fees: | 2%
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| Cusip: | 13607W703
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