Published on 2/1/2016 in the Prospect News Structured Products Daily.
New Issue: CIBC prices $9.6 million step-up notes linked to Dow
By Angela McDaniels
Tacoma, Wash., Feb. 1 – Canadian Imperial Bank of Commerce priced $9.6 million of 0% market-linked step-up notes due Jan. 28, 2022 linked to the Dow Jones industrial average, according to a 424B2 filing with the Securities and Exchange Commission.
If the final index level is greater than the step-up value, the payout at maturity will be par of $10 plus the index return. The step-up value is 145.11% of the initial index level.
If the final index level is greater than or equal to the initial level but less than or equal to the step-up value, the payout will be par plus the step-up payment, 45.11%.
If the final index level is less than the initial level by up to 20%, the payout will be par.
Otherwise, investors will lose 1% for every 1%that the index declines beyond 20%.
BofA Merrill Lynch is the agent.
| Issuer: | Canadian Imperial Bank of Commerce
|
| Issue: | Market-linked step-up notes
|
| Underlying index: | Dow Jones industrial average
|
| Amount: | $9,596,550
|
| Maturity: | Jan. 28, 2022
|
| Coupon: | 0%
|
| Price: | Par of $10
|
| Payout at maturity: | If final index level is greater than step-up value, par plus index return; if final index level is greater than or equal to initial level but less than or equal to step-up value, par plus 45.11%; if final index level is less than initial level but greater than or equal to threshold value, par; otherwise, 1% loss for every 1% that index declines beyond 20%
|
| Initial level: | 16,069.64
|
| Step-up value: | 23,318.65, 145.11% of initial level
|
| Threshold value: | 12,855.71, 80% of initial level
|
| Pricing date: | Jan. 28
|
| Settlement date: | Feb. 4
|
| Agent: | BofA Merrill Lynch
|
| Fees: | 2.5%
|
| Cusip: | 13606M201
|
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