Published on 12/22/2016 in the Prospect News Structured Products Daily.
New Issue: CIBC sells $19.59 million Capped Leveraged Index Return Notes on Russell
By Devika Patel
Knoxville, Tenn., Dec. 22 – Canadian Imperial Bank of Commerce priced $19.59 million of 0% Capped Leveraged Index Return Notes due Feb. 23, 2018 linked to the Russell 2000 index, according to a 424B2 filed with the Securities and Exchange Commission.
The payout at maturity will be par of $10 plus double any index gain, up to a maximum return of 11.62%.
Investors will receive par if the index falls by up to 5% and will lose 1% for every 1% decline beyond 5%.
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 index: | Russell 2000
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Amount: | $19,590,440
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Maturity: | Feb. 23, 2018
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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 index gain, subject to 11.62% maximum return; par if index falls by up to 5%, otherwise 1% loss for every 1% decline beyond 5%
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Initial index level: | 1,383.956
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Pricing date: | Dec. 20
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Settlement date: | Dec. 30
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Agent: | BofA Merrill Lynch
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Fees: | 2%
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Cusip: | 13607R514
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