Published on 10/31/2016 in the Prospect News Structured Products Daily.
New Issue: CIBC prices $14.81 million Capped Leveraged Index Return Notes on basket
By Wendy Van Sickle
Columbus, Ohio, Oct. 31 – Canadian Imperial Bank of Commerce priced $14.81 million of 0% Capped Leveraged Index Return Notes due Oct. 26, 2018 linked to the Dow Jones industrial average, according to a 424B2 filed with the Securities and Exchange Commission.
The basket consists of the S&P 500 index with an initial weight of 45%, and the MSCI EAFE index and the MSCI Emerging Markets index each with an initial weight of 27.5%.
The payout at maturity will be par of $10 plus 200% of any basket gain, capped at 15.1%.
Investors will receive par if the basket falls by up to 10% and will lose 1% for every 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 with initial weight of 45%; MSCI EAFE and MSCI Emerging Markets, each with initial weight of 27.5%
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Amount: | $14,805,530
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Maturity: | Oct. 26, 2018
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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 15.1%; par if basket falls by up to 10%, otherwise 1% loss for every 1% decline beyond 10%
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Initial index levels: | 2,133.04 for S&P, 1,667.18 for EAFE, 905.31 for Emerging Markets
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Threshold level: | 90% of initial level
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Pricing date: | Oct. 27
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Settlement date: | Nov. 3
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Agent: | BofA Merrill Lynch
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Fees: | 2%
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Cusip: | 13607R563
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