Published on 4/25/2024 in the Prospect News Structured Products Daily.
New Issue: CIBC prices $5.58 million trigger gears on basket of five indexes
By Angela McDaniels
Tacoma, Wash., April 25 – Canadian Imperial Bank of Commerce priced $5.58 million of 0% trigger gears due July 20, 2028 linked to an unequally weighted basket of indexes, according to a 424B2 filing with the Securities and Exchange Commission.
The basket consists of Euro Stoxx 50 index with a 40% weight, the Nikkei 225 index with a 25% weight, the FTSE 100 index with a 17.5% weight, the Swiss Market index with a 10% weight and the S&P/ASX 200 index with a 7.5% weight.
If the basket return is positive, the payout at maturity will be par plus 2.15 times the basket return. Investors will receive par if the basket declines by 25% or less and will be fully exposed to the basket’s decline from its initial level if it declines by more than 25%.
UBS Financial Services Inc. and CIBC World Markets Corp. are the agents.
| Issuer: | Canadian Imperial Bank of Commerce
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| Issue: | Trigger gears
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| Underlying basket: | Euro Stoxx 50 index (40% weight), Nikkei 225 index (25% weight), FTSE 100 index (17.5% weight), Swiss Market index (10% weight), S&P/ASX 200 index (7.5% weight)
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| Amount: | $5,580,240
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| Maturity: | July 20, 2028
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| Coupon: | 0%
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| Price: | Par
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| Payout at maturity: | Par plus 2.15 times any basket gain; par if basket declines by 25% or less; full exposure to basket’s decline from its initial level if it declines by more than 25%
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| Initial levels: | 4,369.73 for Stoxx, 32,493.89 for Nikkei, 7,453.69 for FTSE, 11,103.55 for Swiss Market and 7,283.775 for S&P/ASX
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| Downside threshold: | 75% of initial value
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| Pricing date: | July 18, 2023
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| Settlement date: | July 20, 2023
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| Agents: | UBS Financial Services Inc. and CIBC World Markets Corp.
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| Fees: | 3.5%
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| Cusip: | 13608M613
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