Published on 2/1/2018 in the Prospect News Structured Products Daily.
New Issue: CIBC sells $18.65 million Accelerated Return Notes on S&P Biotechnology
By Marisa Wong
Morgantown, W.Va., Feb. 1 – Canadian Imperial Bank of Commerce priced $18,646,610 of 0% Accelerated Return Notes due March 29, 2019 linked to the S&P Biotechnology Select Industry 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, up to a maximum return of 22.15%. Investors will be exposed to any index 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: | S&P Biotechnology Select Industry index
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Amount: | $18,646,610
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Maturity: | March 29, 2019
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Coupon: | 0%
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Price: | Par of $10
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Payout at maturity: | Par plus 300% of any index gain, capped at 22.15%; exposure to any index decline
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Initial index level: | 7,415.17
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Final index level: | Average of index’s closing levels on five trading days ending March 26, 2019
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Pricing date: | Jan. 25
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Settlement date: | Feb. 1
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Underwriter: | BofA Merrill Lynch
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Fees: | 2%
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Cusip: | 13607R159
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