Published on 8/19/2020 in the Prospect News Structured Products Daily.
New Issue: CIBC sells $13.44 million capped leveraged buffered notes on index basket
By Taylor Fox
New York, Aug. 19 – Canadian Imperial Bank of Commerce priced $13.44 million of 0% capped leveraged buffered notes due Oct. 5, 2022 linked to a basket of indexes, according to a 424B2 filing with the Securities and Exchange Commission.
The basket consists of the Euro Stoxx 50 index with a 36% weight, the Topix index with a 29% weight, the FTSE 100 index with a 16% weight, the Swiss Market index with an 11% weight and the S&P/ASX 200 index with an 8% weight.
The payout at maturity will be par plus 1.4 times any basket gain, up to a maximum settlement amount of $1,249.90 per $1,000 principal amount.
Investors will receive par if the basket falls by up to 12.5% and will lose 1.1429 times each 1% decline beyond 12.5%.
CIBC World Markets is the agent.
Issuer: | Canadian Imperial Bank of Commerce
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Issue: | Capped leveraged buffered notes
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Underlying basket: | Euro Stoxx 50 index (36% weight), Topix index (29% weight), FTSE 100 index (16% weight), Swiss Market index (11% weight) and S&P/ASX 200 index (8% weight)
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Amount: | $13,436,000
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Maturity: | Oct. 5, 2022
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Coupon: | 0%
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Price: | Par
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Payout at maturity: | If the basket return is positive, par plus 1.4 times the basket gain, capped at $1,249.90 per $1,000 principal amount; if basket falls by up to 12.5%, par; if basket falls by more than 12.5%, 1.1429 times loss for every 1% decline beyond the buffer
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Initial levels: | 3,363.18 for Stoxx, 1,605.53 for Topix, 6,280.12 for FTSE, 10,278.66 for Swiss and 6,132.049 for S&P/ASX
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Buffer level: | 87.5%
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Pricing date: | Aug. 12
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Settlement date: | Aug. 19
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Agent: | CIBC World Markets
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Fees: | None
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Cusip: | 13605WC25
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