Published on 4/20/2023 in the Prospect News Structured Products Daily.
New Issue: CIBC prices $3.91 million trigger Gears linked to basket of five indexes
By William Gullotti
Buffalo, N.Y., April 20 – Canadian Imperial Bank of Commerce priced $3.91 million of 0% trigger Gears due April 20, 2028 linked to a weighted index basket, according to a 424B2 filing with the Securities and Exchange Commission.
The basket is composed of the Euro Stoxx 50 index with a 40% weight, the Nikkei 225 index with a 25% weight, the FTSE 100 index with a 17.5% weight, the Swiss Market index with a 10% weight and the S&P/ASX 200 index with a 7.5% weight.
If the basket return is positive, the payout at maturity will be par plus 2.11 times the gain.
If the basket finishes flat or declines by no more than 25%, the payout will be par.
Otherwise, investors will be fully exposed to the decline of the basket from its initial level.
UBS Financial Services Inc. and CIBC Capital Markets are the agents.
| Issuer: | Canadian Imperial Bank of Commerce
|
| Issue: | Trigger gears
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| Underlying indexes: | Euro Stoxx 50 index (40% weight), Nikkei 225 index (25% weight), FTSE 100 index (17.5% weight), Swiss Market index (10% weight), S&P/ASX 200 index (7.5% weight)
|
| Amount: | $3,912,530
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| Maturity: | April 20, 2028
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| Coupon: | 0%
|
| Price: | Par of $10
|
| Payout at maturity: | Par plus 2.11 times any basket gain; par if basket finishes flat or falls by up to 25%; otherwise, full exposure to basket decline from initial level
|
| Initial index levels: | 4,367.61 for Stoxx, 28,514.78 for Nikkei, 7,879.51 for FTSE, 11,311.76 for Swiss Market, 7,381.515 for S&P/ASX
|
| Downside threshold: | 75% of initial level
|
| Pricing date: | April 17
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| Settlement date: | April 19
|
| Agents: | UBS Financial Services Inc. and CIBC Capital Markets
|
| Fees: | 3.5%
|
| Cusip: | 13608K187
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