Published on 8/2/2021 in the Prospect News Structured Products Daily.
New Issue: CIBC sells $32.21 million Leveraged Index Return Notes on Euro Stoxx 50
By Wendy Van Sickle
Columbus, Ohio, Aug. 2 – Canadian Imperial Bank of Commerce priced $32.21 million of 0% Leveraged Index Return Notes due July 31, 2026 linked to the Euro Stoxx 50 index, according to a 424B2 filed with the Securities and Exchange Commission.
If the index return is positive, the payout at maturity will be par of $10 plus 134.2% of the index return. Investors will receive par if the index declines by 20% or less and will lose 1% for every 1% that it declines beyond 20%.
BofA Securities, Inc. is the agent.
Issuer: | Canadian Imperial Bank of Commerce
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Issue: | Leveraged Index Return Notes
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Underlying index: | Euro Stoxx 50 index
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Amount: | $32,206,470
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Maturity: | July 31, 2026
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Coupon: | 0%
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Price: | Par of $10
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Payout at maturity: | Par plus 134.2% of any index gain; par if index declines by 20% or less; 1% loss for every 1% that index declines beyond 20%
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Initial level: | 4,116.77
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Threshold level: | 3,293.42, or 80% of initial level
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Final level: | Average of index’s closing levels on five trading days ending July 28, 2026
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Pricing date: | July 29
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Settlement date: | Aug. 5
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Agent: | BofA Securities, Inc.
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Fees: | 2.5%
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Cusip: | 13607V622
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