Published on 7/14/2017 in the Prospect News Structured Products Daily.
New Issue: CIBC sells $9.06 million Capped Leveraged Index Return Notes tied to Russell 2000
By Marisa Wong
Morgantown, W.Va., July 14 – Canadian Imperial Bank of Commerce priced $9.06 million 0% Capped Leveraged Index Return Notes due June 28, 2019 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 16.1%.
Investors will receive par if the index 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 index: | Russell 2000
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Amount: | $9,062,810
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Maturity: | June 28, 2019
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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 index gain, up to a maximum return of 16.1%; par if the index falls by up to 10%; 1% loss for every 1% decline beyond 10%
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Initial level: | 1,416.199
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Threshold value: | 1,274.579, 90% of initial level
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Final level: | Average of closing levels on five trading dates ending June 25, 2019
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Pricing date: | June 29
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Settlement date: | July 7
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Agent: | BofA Merrill Lynch
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Fees: | 2%
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Cusip: | 13607R274
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