Published on 10/29/2018 in the Prospect News Structured Products Daily.
New Issue: CIBC sells $41.42 million Accelerated Return Notes on financial stocks
By Sarah Lizee
Olympia, Wash., Oct. 29 – Canadian Imperial Bank of Commerce priced $41.42 million of 0% Accelerated Return Notes due Dec. 20, 2019 linked to a basket of financial sector stocks, according to a 424B2 filing with the Securities and Exchange Commission.
The basket consists of Citigroup Inc. with a 33.33% weight, JPMorgan Chase & Co. with a 33.33% weight and Wells Fargo & Co. with a 33.34% weight.
The payout at maturity will be par of $10 plus 300% of any basket gain, subject to a maximum return of 22.5%. Investors will be exposed to any basket 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 stocks: | Citigroup Inc. (Symbol: C) with a 33.33% weight, JPMorgan Chase & Co. (Symbol: JPM) with a 33.33% weight and Wells Fargo & Co. (Symbol: WFC) with a 33.34% weight
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Amount: | $41,417,780
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Maturity: | Dec. 20, 2019
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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 basket gain, capped at 22.5%; exposure to any basket decline
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Initial share prices: | $64.97 for Citigroup, $104.86 for JPMorgan and $51.86 for Wells
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Pricing date: | Oct. 25
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Settlement date: | Nov. 1
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Agent: | BofA Merrill Lynch
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Fees: | 2%
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Cusip: | 13606M334
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