Published on 11/5/2019 in the Prospect News Structured Products Daily.
New Issue: CIBC sells $12.64 million capped leveraged buffered notes on index basket
By Wendy Van Sickle
Columbus, Ohio, Nov. 5 – Canadian Imperial Bank of Commerce priced $12.64 million of 0% capped leveraged buffered notes due March 3, 2022 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 36% weight, the Topix index with a 27% weight, the FTSE 100 index with a 19% weight, the Swiss Market index with a 10% weight and the S&P/ASX 200 index with an 8% weight.
The payout at maturity will be par plus 2 times any basket gain, up to a maximum settlement amount of $1,384 per $1,000 principal amount.
Investors will receive par if the basket falls by up to 20% and will lose 1.25% for each 1% decline beyond 20%.
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 basket: | Euro Stoxx 50 index (36% weight), Topix index (27% weight), FTSE 100 index (19% weight), Swiss Market index (10% weight) and S&P/ASX 200 index (8% weight)
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Amount: | $12,643,000
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Maturity: | March 3, 2022
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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 2 times the basket gain, capped at $1,384 per $1,000 principal amount; if basket falls by up to 20%, par; if basket falls by more than 20%, 1.25% loss for every 1% decline beyond the buffer
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Initial levels: | 3,623.74 for Stoxx, 1,666.5 for Topix, 7,302.42 for FTSE, 10,252.24 for Swiss and 6,669.095 for S&P/ASX
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Pricing date: | Nov. 1
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Settlement date: | Nov. 8
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Agent: | CIBC World Markets Corp.
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Fees: | None
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Cusip: | 13605WTH4
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