Published on 10/11/2016 in the Prospect News Structured Products Daily.
New Issue: CIBC prices $5.22 million Accelerated Return Notes on MSCI EM index
By Marisa Wong
Morgantown, W.Va., Oct. 11 – Canadian Imperial Bank of Commerce priced $5.22 million of 0% Accelerated Return Notes due Nov. 22, 2017 linked to the MSCI Emerging Markets index, according to a 424B2 filing with the Securities and Exchange Commission.
The payout at maturity will be par of $10 plus triple any index gain, subject to a maximum return of 16.47%. Investors will lose 1% for each 1% decline.
BofA Merrill Lynch is the underwriter.
Issuer: | Canadian Imperial Bank of Commerce
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Issue: | Accelerated Return Notes
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Underlying index: | MSCI Emerging Markets
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Amount: | $5,224,330
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Maturity: | Nov. 22, 2017
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Coupon: | 0%
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Price: | Par of $10.00
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Payout at maturity: | Par plus triple any index gain, capped at 16.47%; 1% loss for each 1% decline
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Initial level: | 913.39
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Final index level: | Average of index’s closing levels on five trading days ending Nov. 17, 2017
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Pricing date: | Sept. 29
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Settlement date: | Oct. 6
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Underwriter: | BofA Merrill Lynch
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Fees: | 2%
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Cusip: | 13607R647
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