Published on 10/28/2019 in the Prospect News Structured Products Daily.
New Issue: CIBC sells $13.1 million market-linked step-up autocalls on index basket
By Wendy Van Sickle
Columbus, Ohio, Oct. 28 – Canadian Imperial Bank of Commerce priced $13.1 million of autocallable market-linked step-up notes due Oct. 27, 2022 linked to a basket of indexes, according to a 424B2 filing with the Securities and Exchange Commission.
The basket consists of the Euro Stoxx 50 index with an initial weight of 40%, the FTSE 100 index with an initial weight of 20%, the Nikkei Stock Average index with an initial weight of 20%, the Swiss Market index with an initial weight of 7.5%, the S&P/ASX 200 index with an initial weight of 7.5% and the Hang Seng index with an initial weight of 5%.
The notes will be called at par of $10 plus an annualized call premium of 12.3% if the basket closes at or above the initial level on any annual observation date.
If the notes are not called and the basket finishes above the step-up value, 135% of the initial level, the payout at maturity will be par plus the basket gain.
If the basket finishes at or below the step-up level but at or above the initial level, the payout will be par plus the step-up return of 35%.
Investors will be exposed to any losses.
BofA Merrill Lynch is the agent.
Issuer: | Canadian Imperial Bank of Commerce
|
Issue: | Autocallable market-linked step-up notes
|
Underlying basket: | Euro Stoxx 50 index (40% weight), FTSE 100 index (20% weight), Nikkei Stock Average index (20% weight), Swiss Market index (7.5% weight), the S&P/ASX 200 index (7.5% weight) and the Hang Seng index (5% weight)
|
Amount: | $13,097,670
|
Maturity: | Oct. 27, 2022
|
Coupon: | 0%
|
Price: | Par of $10
|
Payout at maturity: | If the basket finishes above the step-up level, par plus the basket gain; if the basket gains up to the step-up level, par plus 35%; 1% loss for each 1% decline
|
Call: | At par plus 12.3% per year if the basket closes at or above its initial level on any annual observation date
|
Initial index levels: | 3,621.37 for Stoxx, 7,328.25 for FTSE, 22,750.6 for Nikkei, 10,106.53 for Swiss, 6,693.647 for S&P/ASX, 26,797.95 for Hang Seng
|
Step-up value: | 135% of initial level
|
Pricing date: | Oct. 24
|
Settlement date: | Oct. 31
|
Underwriter: | BofA Merrill Lynch
|
Fees: | 2%
|
Cusip: | 13607G435
|
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.