Published on 11/3/2015 in the Prospect News Structured Products Daily.
New Issue: CIBC prices $28.59 million Leveraged Index Return Notes on Euro Stoxx 50
By Susanna Moon
Chicago, Nov. 3 – Canadian Imperial Bank of Commerce priced $28.59 million of 0% capped Leveraged Index Return Notes due Oct. 27, 2017 linked to the Euro Stoxx 50 index, according to a 424B2 filing with the Securities and Exchange Commission.
The payout at maturity will be par of $10 plus 200% of any index gain, up to a maximum return of 21%.
Investors will receive par if the index falls by up to 10% and will lose 1% for every 1% decline beyond 10%.
BofA Merrill Lynch is the underwriter.
Issuer: | Canadian Imperial Bank of Commerce
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Issue: | Capped Leveraged Index Return Notes
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Underlying index: | Euro Stoxx 50
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Amount: | $28,587,030
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Maturity: | Oct. 27, 2017
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Coupon: | 0%
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Price: | Par of $10
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Payout at maturity: | Par plus 200% of any index gain, capped at 21%; par if the index declines by 10% or less; 1% loss for every 1% drop beyond 10%
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Initial level: | 3,413.39
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Pricing date: | Oct. 29
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Settlement date: | Nov. 5
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Underwriters: | BofA Merrill Lynch
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Fees: | 2%
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Cusip: | 136069341
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