Published on 1/4/2019 in the Prospect News Structured Products Daily.
New Issue: CIBC sells $5 million notes on international equity index basket
Chicago, Jan. 4 – Canadian Imperial Bank of Commerce priced $5 million of notes due Dec. 23 2021 linked to a basket of unequally weighted 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 FTSE 100 index with a 20% weight, the Nikkei Stock Average index with a 20% weight, the Swiss Market index with a 7.5% weight, the S&P/ASX 200 index with a 7.5% weight and the Hang Seng index with a 5% weight.
The payout at maturity will be par plus 1.7205 times any basket gain.
Investors will receive par plus the absolute value of the index return if the basket falls by up to 15% and will lose 1% for each 1% decline beyond the 15% buffer.
BofA Merrill Lynch is the agent.
| Issuer: | Canadian Imperial Bank of Commerce
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| Issue: | Notes
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| Underlying basket: | Euro Stoxx 50 index (40% weight), the FTSE 100 index (20% weight), the Nikkei Stock Average index (20% weight), the Swiss Market index (7.5% weight), the S&P/ASX 200 index (7.5% weight) and the Hang Seng index (5% weight)
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| Amount: | $5 million
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| Maturity: | Dec. 23, 2021
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| Coupon: | 0%
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| Price: | Par of $10
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| Payout at maturity: | If the basket return is positive, par plus 1.7205 times the basket gain; par plus the absolute value of the return if basket falls by up to 15%; if basket falls by more than 15%, 1% loss for every 1% decline beyond the buffer
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| Initial levels: | 3,000.06 for Euro Stoxx 50 index, 6,711.93 for FTSE 100 index, 20,392.58 for Nikkei Stock Average index, 8,414.48 for the Swiss Market index, 5,505.822 for the S&P/ASX 200 index and 25,623.53 for the Hang Seng index
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| Final values: | Average of index’s closing levels on five trading days ending Dec. 20, 2021
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| Pricing date: | Dec. 20
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| Settlement date: | Dec. 28
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| Agent: | BofA Merrill Lynch
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| Fees: | 1.75%
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| Cusip: | 13607B204
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