Published on 6/28/2022 in the Prospect News Structured Products Daily.
New Issue: CIBC prices $15.67 million Accelerated Return Notes linked to index basket
By William Gullotti
Buffalo, N.Y., June 28 – Canadian Imperial Bank of Commerce priced $15.67 million of 0% Accelerated Return Notes due Aug. 25, 2023 linked to a weighted basket of indexes, according to a 424B2 filing with the Securities and Exchange Commission.
The basket consists of the Euro Stoxx 50 index with a 40% weight, the FTSE 100 index with a 20% weight, the Nikkei Stock Average index with a 20% weight, the Swiss Market index with a 7.5% weight, the S&P/ASX 200 index with a 7.5% weight and the FTSE China 50 index with a 5% weight.
The payout at maturity will be par of $10 plus 300% of any basket gain, subject to a maximum return of par plus 23.5%.
Investors will be exposed to any basket decline.
BofA Securities, Inc. is the underwriter.
Issuer: | Canadian Imperial Bank of Commerce
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Issue: | Accelerated Return Notes
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Underlying indexes: | Euro Stoxx 50 index (40% weight), FTSE 100 index (20% weight), Nikkei Stock Average index (20% weight), Swiss Market index (7.5% weight), S&P/ASX 200 index (7.5% weight), FTSE China 50 index (5% weight)
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Amount: | $15,670,160
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Maturity: | Aug. 25, 2023
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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 par plus 23.5%; exposure to any basket decline
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Initial levels: | 3,436.29 for Stoxx, 7,020.45 for FTSE 100, 26,171.25 for Nikkei, 10,453.31 for Swiss Market, 6,528.445 for S&P/ASX, 14,867.52 for FTSE China
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Pricing date: | June 23
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Settlement date: | June 30
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Agent: | BofA Securities, Inc.
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Fees: | 1.75%
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Cusip: | 13607W661
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