Published on 5/24/2022 in the Prospect News Structured Products Daily.
New Issue: CIBC sells $11.65 million capped leveraged buffered basket-linked notes
By William Gullotti
Buffalo, N.Y., May 24 – Canadian Imperial Bank of Commerce priced $11.65 million of 0% capped leveraged buffered notes due Feb. 9, 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 FTSE 100 index with a 17% weight, the Topix index with a 26% 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 1.7 times the basket return, subject to a maximum settlement amount of $1,340.68 per $1,000 principal amount of notes.
If the basket declines by up to 12.5%, the payout at maturity will be par.
Otherwise, investors will lose 1.1429% 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), FTSE 100 index (17% weight), Topix index (26% weight), Swiss Market index (12% weight) and S&P/ASX 200 index (9% weight)
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Amount: | $11,653,000
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Maturity: | Feb. 9, 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 1.7 times the basket gain, return capped at par plus 34.068%; if the basket declines up to 12.5%, par; otherwise, lose 1.1429% for every 1% decline beyond 12.5%
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Initial levels: | 3,640.55 for Euro Stoxx, 7,302.74 for FTSE, 1,860.08 for Topix, 11,309.49 for Swiss Market, 7,064.46 for S&P/ASX 200
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Buffer level: | 87.5% of initial level
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Pricing date: | May 19
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Settlement date: | May 26
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Agent: | CIBC World Markets Corp.
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Fees: | None
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Cusip: | 13607X7F8
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