Published on 6/21/2023 in the Prospect News Structured Products Daily.
New Issue: CIBC sells $2 million capped leveraged buffered basket-linked notes
Chicago, June 21 – Canadian Imperial Bank of Commerce priced $2 million of 0% capped leveraged buffered notes due June 4, 2025 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 26% weight, the FTSE 100 index with a 17% 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 1.5 times the basket return, subject to a maximum settlement amount of $1,432.90 per $1,000 principal amount of notes.
If the basket declines by up to 20%, the payout at maturity will be par.
Otherwise, investors will lose 1.25% for every 1% of basket decline beyond the 20% 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 (26% weight), FTSE 100 index (17% weight), Swiss Market index (12% weight) and S&P/ASX 200 index (9% weight)
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Amount: | $2,000,000
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Maturity: | June 4, 2025
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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 1.5 times the basket gain, return capped at par plus 43.29%; if the basket declines up to 20%, par; otherwise, lose 1.25% for every 1% decline beyond 20%
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Initial levels: | 4,218.04 for Stoxx, 2,130.63 for Topix, 7,446.14 for FTSE, 11,217.89 for Swiss Market, 7,091.311 for S&P/ASX
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Buffer level: | 80% of initial level
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Pricing date: | May 31
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Settlement date: | June 7
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Agent: | CIBC World Markets Corp.
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Fees: | 2%
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Cusip: | 13607XJ57
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