Published on 5/1/2018 in the Prospect News Structured Products Daily.
New Issue: CIBC sells $17.12 million capped leveraged buffered notes on indexes
By Marisa Wong
Morgantown, W.Va., May 1 – Canadian Imperial Bank of Commerce priced $17.12 million of 0% capped leveraged buffered notes due June 29, 2020 linked to a basket of indexes, according to a 424B2 filing with the Securities and Exchange Commission.
The basket includes the Euro Stoxx 50 index with a 37% weight, the FTSE 100 index with a 23% weight, the Topix index with a 23% weight, the Swiss Market index with a 9% weight and the S&P/ASX 200 index with an 8% weight.
If the basket return is positive, the payout at maturity will be par plus 2.5 times the basket return, subject to a maximum settlement amount of $1,491.25 per $1,000 principal amount.
If the basket falls by up to 10%, the payout will be par.
If the basket falls by more than 10%, investors will lose 1.1111% for every 1% decline beyond the buffer.
CIBC World Markets Corp. is the agent.
Issuer: | Canadian Imperial Bank of Commerce
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Issue: | Capped leveraged buffered notes
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Underlying indexes: | Euro Stoxx 50 index (37% weight), FTSE 100 index (23% weight), Topix index (23% weight), Swiss Market index (9% weight) and S&P/ASX 200 index (8% weight)
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Amount: | $17,121,000
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Maturity: | June 29, 2020
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Coupon: | 0%
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Price: | Par
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Payout at maturity: | If the basket return is positive, par plus 2.5 times the basket gain, return capped at 49.125%; if basket falls by up to 10%, par; if basket falls by more than 10%, 1.1111% loss for every 1% decline beyond the buffer
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Initial levels: | 3,506.03 for Euro Stoxx, 7,421.43 for FTSE, 1,772.13 for Topix, 8,835.03 for Swiss Market, 5,910.772 for S&P/ASX 200
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Pricing date: | April 26
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Settlement date: | May 3
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Agent: | CIBC World Markets Corp.
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Fees: | 2%
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Cusip: | 13605WKU4
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