Published on 4/30/2019 in the Prospect News Structured Products Daily.
New Issue: CIBC sells $18.88 million Capped Leveraged Index Return Notes on Russell
By Sarah Lizee
Olympia, Wash., April 30 – Canadian Imperial Bank of Commerce priced $18.88 million of 0% Capped Leveraged Index Return Notes due April 30, 2021 linked to the Russell 2000 index, according to a 424B2 filed with the Securities and Exchange Commission.
The payout at maturity will be par plus double any index gain, capped at 16.84%.
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: | $18,881,090
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Maturity: | April 30, 2021
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Coupon: | 0%
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Price: | Par
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Payout at maturity: | Par plus 200% of any index gain, capped at 16.84%; par if index falls by up to 10%; 1% loss for every 1% decline beyond 10%
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Initial value: | 1,575.612
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Buffer value: | 1,418.051, 90% of initial value
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Pricing date: | April 25
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Settlement date: | May 2
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Agent: | BofA Merrill Lynch
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Fees: | 2%
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Cusip: | 13607G500
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