Published on 2/22/2018 in the Prospect News Structured Products Daily.
New Issue: CIBC prices $33.97 million digital notes linked to index basket
By Marisa Wong
Morgantown, W.Va., Feb. 22 – Canadian Imperial Bank of Commerce priced $33.97 million of 0% digital notes due Aug. 6, 2020 linked to a basket of indexes, according to a 424B2 filing with the Securities and Exchange Commission.
The basket consists of the Euro Stoxx 50 index with a 37% weight, the FTSE 100 index with a 23% weight, the Topix index with a 23% weight, the Swiss Market index with a 9% weight and the S&P/ASX 200 index with an 8% weight.
If the basket return is zero or positive, the payout at maturity will be par plus the greater of the basket return and 36.2%. Otherwise, investors will be fully exposed to losses.
CIBC World Markets Corp. is the agent.
Issuer: | Canadian Imperial Bank of Commerce
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Issue: | Digital notes
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Underlying basket: | Euro Stoxx 50 index (37% weight), FTSE 100 index (23% weight), Topix index (23% weight), Swiss Market index (9% weight) and S&P/ASX 200 index (8% weight)
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Amount: | $33.97 million
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Maturity: | Aug. 6, 2020
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Coupon: | 0%
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Price: | Par
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Payout at maturity: | If basket return is zero or positive, par plus greater of basket return and 36.2%; otherwise, full exposure to losses
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Initial index levels: | 3,389.63 for Euro Stoxx, 7,234.81 for FTSE, 1,719.27 for Topix, 8,917.80 for Swiss Market, 5,908.99 for S&P/ASX
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Pricing date: | Feb. 15
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Settlement date: | Feb. 23
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Agent: | CIBC World Markets Corp.
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Fees: | 2.47%
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Cusip: | 13605WJT9
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