Published on 7/31/2018 in the Prospect News Structured Products Daily.
New Issue: CIBC sells $35.55 million Capped Leveraged Index Return Notes on indexes
By Sarah Lizee
Olympia, Wash., July 31 – Canadian Imperial Bank of Commerce priced $35.55 million of 0% Capped Leveraged Index Return Notes due July 31, 2020 linked to an international equity index basket, according to a 424B2 filing with the Securities and Exchange Commission.
The basket consists of the Euro Stoxx 50 index with a 40% initial weight, the FTSE 100 index with a 20% initial weight, the Nikkei Stock Average index with a 20% initial weight, the Swiss Market index with a 7.5% initial weight, the S&P/ASX 200 index with a 7.5% initial weight and the Hang Seng index with a 5% initial weight.
If the basket return is positive, the payout at maturity will be par plus double the basket gain, subject to a capped return of 35%.
If the basket falls by up to 10%, the payout will be par. Investors will be exposed to any basket decline beyond 10%.
BofA Merrill Lynch is the agent.
| Issuer: | Canadian Imperial Bank of Commerce
|
| Issue: | Capped Leveraged Index Return Notes
|
| Underlying basket: | Euro Stoxx 50 (40% initial weight), FTSE 100 (20% initial weight), Nikkei Stock Average (20% initial weight), Swiss Market (7.5% initial weight), S&P/ASX 200 (7.5% initial weight) and Hang Seng (5% initial weight)
|
| Amount: | $35,554,960
|
| Maturity: | July 31, 2020
|
| Coupon: | 0%
|
| Price: | Par
|
| Payout at maturity: | Par plus double any basket gain, subject to a capped return of 35%; par if basket falls by up to 10%; exposure to any basket decline beyond 10%
|
| Initial index level: | 3,509.26 for Euro Stoxx 50, 7,663.17 for FTSE 100, 22,586.87 for Nikkei Stock Average, 9,139.47 for Swiss Market, 6,244.498 for S&P/ASX 200 and 28,781.14 for Hang Seng
|
| Final index level: | Average of closing levels on five trading days ending July 28, 2020
|
| Pricing date: | July 26
|
| Settlement date: | Aug. 2
|
| Agent: | BofA Merrill Lynch
|
| Fees: | 2%
|
| Cusip: | 13606M458
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