Published on 3/3/2020 in the Prospect News Structured Products Daily.
New Issue: CIBC sells $22.76 million Accelerated Return Notes linked to Russell 2000
By Wendy Van Sickle
Columbus, Ohio, March 3 – Canadian Imperial Bank of Commerce priced $22.76 million of 0% Accelerated Return Notes due April 30, 2021 linked to the Russell 2000 index, according to a 424B2 filing with the Securities and Exchange Commission.
The payout at maturity will be par of $10 plus triple any index gain, up to a maximum return of 14.4%. Investors will be exposed to any index decline.
BofA Securities, Inc. is the agent.
Issuer: | Canadian Imperial Bank of Commerce
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Issue: | Accelerated Return Notes
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Underlying index: | Russell 2000
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Amount: | $22,756,780
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Maturity: | April 30, 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 index gain, capped at 14.4%; exposure to any index decline
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Initial index level: | 1,497.87
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Final index level: | Average of index’s closing levels on five trading days ending April 27, 2021
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Pricing date: | Feb. 27
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Settlement date: | March 6
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Underwriter: | BofA Merrill Lynch
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Fees: | 2%
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Cusip: | 13607G237
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