Published on 10/4/2016 in the Prospect News Structured Products Daily.
New Issue: CIBC prices $16.34 million Leveraged Index Return Notes tied to indexes
By Marisa Wong
Morgantown, W.Va., Oct. 4 – Canadian Imperial Bank of Commerce priced $16.34 million of 0% capped Leveraged Index Return Notes due Sept. 28, 2018 tied to a basket of indexes, according to a 424B2 filing with the Securities and Exchange Commission.
The basket contains the S&P 500 index with a 45% weight, the MSCI EAFE index with a 27.5% weight and the MSCI Emerging Markets index with a 27.5% weight.
The payout at maturity will be par of $10 plus double any basket gain, subject to a maximum return of 14%.
Investors will receive par if the basket falls by up to 10% and will lose 1% for every 1% decline beyond 10%.
BofA Merrill Lynch is the agent.
Issuer: | Canadian Imperial Bank of Commerce
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Issue: | Capped Leveraged Index Return Notes
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Underlying basket: | S&P 500 index with a 45% weight, MSCI EAFE index with a 27.5% weight and MSCI Emerging Markets index with a 27.5% weight
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Amount: | $16,338,810
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Maturity: | Sept. 28, 2018
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Coupon: | 0%
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Price: | Par of $10
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Payout at maturity: | Par plus double any basket gain, subject to a maximum return of 14%; par if the basket falls by up to 10%; 1% loss for every 1% decline beyond 10%
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Initial levels: | 2,151.13 for S&P, 1,706.64 for MSCI EAFE, 913.39 for MSCI EM
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Pricing date: | Sept. 29
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Settlement date: | Oct. 6
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Agent: | BofA Merrill Lynch
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Fees: | 2%
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Cusip: | 13607R654
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