Published on 1/28/2019 in the Prospect News Structured Products Daily.
New Issue: CIBC prices $21.76 million Accelerated Return Notes on S&P 500 index
By Sarah Lizee
Olympia, Wash., Jan. 28 – Canadian Imperial Bank of Commerce priced $21.76 million of 0% Accelerated Return Notes due Jan. 29, 2021 linked to the S&P 500 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 17.42%.
Investors will be fully exposed to any index decline.
BofA Merrill Lynch is the underwriter.
Issuer: | Canadian Imperial Bank of Commerce
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Issue: | Accelerated Return Notes
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Underlying index: | S&P 500
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Amount: | $21,758,120
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Maturity: | Jan. 29, 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 17.42%; exposure to any index decline
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Initial index level: | 2,642.33
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Final index level: | Average of index’s closing levels on five trading days ending Jan. 26, 2021
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Pricing date: | Jan. 24
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Settlement date: | Jan. 31
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Agent: | BofA Merrill Lynch
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Fees: | 2%
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Cusip: | 13606M219
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