Published on 4/12/2023 in the Prospect News Structured Products Daily.
New Issue: CIBC sells $19.96 million Leveraged Index Return Notes on index basket
By Wendy Van Sickle
Columbus, Ohio, April 12 – Canadian Imperial Bank of Commerce priced $19.96 million of 0% Leveraged Index Return Notes due April 28, 2028 linked to a weighted basket of indexes, according to a 424B2 filing with the Securities and Exchange Commission.
The basket components are the Euro Stoxx 50 index with a 40% weight, the Nikkei Stock Average index with a 20% weight, the FTSE 100 index with a 20% weight, the Swiss Market index with a 7.5% weight, the S&P/ASX 200 index with a 7.5% and the FTSE China 50 index with a 5%.
The payout at maturity will be par plus 225% of any basket gain.
Investors will be fully exposed to any basket decline.
BofA Securities, Inc. is the agent.
Issuer: | Canadian Imperial Bank of Commerce
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Issue: | Leveraged Index Return Notes
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Underlying indexes: | Euro Stoxx 50 index (40% weight), Nikkei Stock Average index (20% weight), FTSE 100 index (20% weight), Swiss Market index (7.5% weight), S&P/ASX 200 index (7.5% weight) and FTSE China 50 index (5% weight)
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Amount: | $19,964,370
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Maturity: | April 28, 2028
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Coupon: | 0%
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Price: | Par of $10
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Payout at maturity: | Par plus 225% of any basket gain; otherwise, full exposure to loss
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Initial index levels: | 4,309.45 for Stoxx, 27,472.63 for Nikkei, 7,741.56 for FTSE, 11,230.07 for Swiss, 7,218.981 for S&P/ASX, 13,287.35 for FTSE China 50
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Pricing date: | April 6
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Settlement date: | April 14
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Agent: | BofA Securities, Inc.
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Fees: | 2.5%
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Cusip: | 13607Y725
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