Published on 6/5/2019 in the Prospect News Structured Products Daily.
New Issue: CIBC prices $18.02 million Capped Leveraged Index Return Notes on basket
By Wendy Van Sickle
Columbus, Ohio, June 5 – Canadian Imperial Bank of Commerce priced $18.02 million of 0% Capped Leveraged Index Return Notes due July 31, 2020 linked to a basket of indexes, according to a 424B2 filing with the Securities and Exchange Commission.
The basket components are the Euro Stoxx 50 index with an initial weight of 40%, the FTSE 100 index with an initial weight of 20%, the Nikkei 225 index with an initial weight of 20%, the Swiss Market index with an initial weight of 7.5%, the S&P/ASX 200 index with an initial weight of 7.5% and the Hang Seng index with an initial weight of 5%.
If the basket return is positive, the payout at maturity will be par plus double the basket return, subject to a maximum return of 14.11%.
If the basket falls by up to 5%, the payout will be par.
Investors will lose 1% for each 1% decline beyond 5%.
BofA Merrill Lynch is the agent.
| Issuer: | Canadian Imperial Bank of Commerce
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| Issue: | Capped Leveraged Index Return Notes
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| Underlying indexes: | Euro Stoxx 50 index (40% weight), FTSE 100 index (20% weight), Nikkei 225 index (20% weight), 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: | $18,019,450
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| Maturity: | July 31, 2020
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| Coupon: | 0%
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| Price: | Par of $10
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| Payout at maturity: | Par plus 200% of any basket gain, capped at 14.11%; par if basket falls by up to 5%; otherwise, 1% loss for every 1% decline beyond 5%
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| Initial index levels: | 3,318.15 for Stoxx, 7,218.16 for FTSE, 20,942.53 for Nikkei, 9,523.98 for Swiss, 6,392.125 for S&P/ASX, 27,114.88 for Hang Seng
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| Pricing date: | May 30
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| Settlement date: | June 6
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| Agent: | BofA Merrill Lynch
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| Fees: | 2%
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| Cusip: | 13607G864
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