Published on 8/2/2022 in the Prospect News Structured Products Daily.
New Issue: CIBC sells $4.75 million capped Leveraged Index Return Notes on index basket
By William Gullotti
Buffalo, N.Y., Aug. 2 – Canadian Imperial Bank of Commerce priced $4.75 million of 0% capped Leveraged Index Return Notes due July 26, 2024 linked to a weighted basket of indexes, according to a 424B2 filing with the Securities and Exchange Commission.
The basket components are the Euro Stoxx 50 index with a 40% weight, the Nikkei Stock Average index with a 20% weight, the FTSE 100 index with a 20% weight, the Swiss Market index with a 7.5% weight, the S&P/ASX 200 index with a 7.5% and the FTSE China 50 index with a 5%.
The payout at maturity will be par plus 200% of any basket gain, subject to a maximum return of par plus 28.62%.
Investors will receive par if the basket declines up to 10% and will lose 1% for every 1% of basket decline beyond 10%.
BofA Securities, Inc. is the agent.
| Issuer: | Canadian Imperial Bank of Commerce
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| Issue: | Capped Leveraged Index Return Notes
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| Underlying indexes: | Euro Stoxx 50 index (40% weight), Nikkei Stock Average index (20% weight), FTSE 100 index (20% weight), Swiss Market index (7.5% weight), S&P/ASX 200 index (7.5% weight) and FTSE China 50 index (5% weight)
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| Amount: | $4,754,120
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| Maturity: | July 26, 2024
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| Coupon: | 0%
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| Price: | Par of $10
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| Payout at maturity: | Par plus 200% of any basket gain, capped at par plus 28.62%; if basket declines up to 10%, par; otherwise, 1% loss for every 1% decline beyond 10%
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| Initial index levels: | 3,652.2 for Stoxx, 27,815.48 for Nikkei, 7,345.25 for FTSE, 11,129.33 for Swiss, 6,889.746 for S&P/ASX, 14,076.85 for FTSE China 50
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| Threshold level: | 90% of initial level
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| Pricing date: | July 28
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| Settlement date: | Aug. 4
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| Agent: | BofA Securities, Inc.
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| Fees: | 2%
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| Cusip: | 13607W596
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