Published on 1/30/2017 in the Prospect News Structured Products Daily.
New Issue: CIBC prices $22.75 million Accelerated Return Notes linked to Euro Stoxx 50
By Angela McDaniels
Tacoma, Wash., Jan. 30 – Canadian Imperial Bank of Commerce priced $22.75 million of 0% Accelerated Return Notes due March 29, 2018 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 triple any index gain, up to a maximum return of 20.91%. 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: | Euro Stoxx 50
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Amount: | $22,745,820
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Maturity: | March 29, 2018
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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 20.91%; exposure to any index decline
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Initial level: | 3,319.13
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Final index level: Average of index’s closing levels on five trading days ending March 26, 2018
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Pricing date: | Jan .26
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Settlement date: | Feb. 2
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Underwriters: | BofA Merrill Lynch
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Fees: | 2%
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Cusip: | 13607R431
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