Published on 4/16/2018 in the Prospect News Structured Products Daily.
New Issue: CIBC sells $7.80 million Capped Leveraged Index Return Notes on indexes
By Marisa Wong
Morgantown, W.Va., April 16 – Canadian Imperial Bank of Commerce priced $7,803,590 of 0% Capped Leveraged Index Return Notes due May 31, 2019 linked to a global equity index basket, according to a 424B2 filing with the Securities and Exchange Commission.
The basket consists of the S&P 500 index with a 33.33% weight, Russell 2000 index with a 33.33% weight and the Euro Stoxx 50 index with a 33.34% weight.
If the basket return is positive, the payout at maturity will be par plus double the basket gain, subject to a capped return of 11.4%.
If the basket falls by up to 5%, the payout will be par. Investors will be exposed to any basket decline beyond 5%.
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 basket: | S&P 500 index (33.33% weight), Russell 2000 index (33.33% weight), Euro Stoxx 50 index (33.34% weight)
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Amount: | $7,803,590
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Maturity: | May 31, 2019
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Coupon: | 0%
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Price: | Par
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Payout at maturity: | Par plus double any basket gain, subject to a capped return of 11.4%; par if basket falls by up to 5%; exposure to any basket decline beyond 5%
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Initial index level: | 2,605.00 for S&P, 1,513.031 for Russell, 3,331.25 for Euro Stoxx
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Final index level: | Average of closing levels on five trading days ending May 28, 2019
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Pricing date: | March 28
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Settlement date: | April 5
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Agent: | BofA Merrill Lynch
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Fees: | 2%
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Cusip: | 13606M623
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