Published on 2/11/2020 in the Prospect News Structured Products Daily.
New Issue: CIBC prices $11.82 million Capped Leveraged Index Return Notes on basket
By Wendy Van Sickle
Columbus, Ohio, Feb. 11 – Canadian Imperial Bank of Commerce priced $11.82 million of 0% Capped Leveraged Index Return Notes due Feb. 23, 2024 linked to a basket of indexes, according to a 424B2 filing with the Securities and Exchange Commission.
The basket components are the S&P 500 index with a 60% weight, the Euro Stoxx 50 index with an initial weight of 40%, the Russell 2000 index with a 10% weight, the FTSE 100 index with an initial weight of 6%, the Nikkei 225 index with an initial weight of 6%, the Swiss Market index with an initial weight of 2.25%, the S&P/ASX 200 index with an initial weight of 2.25% and the Hang Seng index with an initial weight of 1.5%.
If the basket return is positive, the payout at maturity will be par plus 1.4 times the basket return, subject to a maximum return of 62%.
If the basket falls by up to 10%, the payout will be par.
Investors will lose 1% for each 1% decline beyond 10%.
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: | S&P 500 index (60% weight), Euro Stoxx 50 index (12% weight), Russell 2000 index (10% weight), FTSE 100 index (6% weight), Nikkei 225 index (6% weight), Swiss Market index (2.25% weight), the S&P/ASX 200 index (2.25% weight) and the Hang Seng index (1.5% weight)
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| Amount: | $11,820,320
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| Maturity: | Feb. 23, 2024
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| Coupon: | 0%
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| Price: | Par of $10
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| Payout at maturity: | Par plus 1.4 times any basket gain, capped at 62%; par if basket falls by up to 10%; otherwise, 1% loss for every 1% decline beyond 10%
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| Initial index levels: | 3,345.78 for S&P, 3,305.52 for Stoxx, 1,677.457 for Russell, 7,504.79 for FTSE, 23,873.59 for Nikkei, 11,012.36 for Swiss, 7,049.199 for S&P/ASX, 27,493.7 for Hang Seng
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| Pricing date: | Feb. 6
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| Settlement date: | Feb. 14
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| Agent: | BofA Merrill Lynch
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| Fees: | 2.5%
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| Cusip: | 13607G336
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