Published on 11/11/2020 in the Prospect News Structured Products Daily.
New Issue: CIBC sells $5.21 million Accelerated Return Notes on basket of ETFs
By Taylor Fox
New York, Nov. 11 – Canadian Imperial Bank of Commerce priced $5.21 million of 0% Accelerated Return Notes due Dec. 31, 2021 linked to a basket of three ETFs, according to a 424B2 filing with the Securities and Exchange Commission.
The basket consists of the VanEck Vectors Gold Miners ETF, the Energy Select Sector SPDR fund and the iShares Silver trust, with equal weights.
The payout at maturity will be par of $10 plus 300% of any basket gain, subject to a maximum return of par plus 36%. Investors will be exposed to any basket decline.
BofA Securities, Inc. is the underwriter.
| Issuer: | Canadian Imperial Bank of Commerce
|
| Issue: | Accelerated Return Notes
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| Underlying funds: | VanEck Vectors Gold Miners ETF, the Energy Select Sector SPDR fund and the iShares Silver Trust, equally weighted
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| Amount: | $5,207,300
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| Maturity: | Dec. 31, 2021
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| Coupon: | 0%
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| Price: | Par of $10
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| Payout at maturity: | Par plus 300% of any basket gain, capped at par plus 36%; exposure to any basket decline
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| Pricing date: | Oct. 14
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| Settlement date: | Oct. 21
|
| Agent: | BofA Securities, Inc.
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| Fees: | 1.75%
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| Cusip: | 13607V200
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