Published on 6/30/2017 in the Prospect News Structured Products Daily.
New Issue: CIBC prices $25.97 million Accelerated Return Notes on Regional Banks
By Wendy Van Sickle
Columbus, Ohio, June 30 – Canadian Imperial Bank of Commerce priced $25.97 million of 0% Accelerated Return Notes due Aug. 31, 2018 linked to the S&P Regional Banks Select Industry 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, subject to a maximum payout of par plus 19.2%. Investors will lose 1% for each 1% decline.
BofA Merrill Lynch is the agent.
Issuer: | Canadian Imperial Bank of Commerce
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Issue: | Accelerated Return Notes
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Underlying index: | S&P Regional Banks Select Industry
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Amount: | $25,970,560
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Maturity: | Aug. 31, 2018
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Coupon: | 0%
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Price: | Par of $10.00
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Payout at maturity: | Par plus triple any index gain, return capped at 19.2%; 1% loss for each 1% decline
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Initial level: | 1,731.02
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Final index level: | Average of index’s closing levels on five trading days ending Aug. 28, 2018
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Pricing date: | June 29
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Settlement date: | July 7
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Underwriters: | BofA Merrill Lynch
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Fees: | 2%
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Cusip: | 13607R266
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