Published on 5/1/2017 in the Prospect News Structured Products Daily.
New Issue: CIBC prices $41.33 million step-up notes linked to Euro Stoxx 50
By Angela McDaniels
Tacoma, Wash., May 1 – Canadian Imperial Bank of Commerce priced $41.33 million of 0% market-linked step-up notes due June 28, 2018 linked to the Euro Stoxx 50 index, 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 115.95% 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, 15.95%.
If the final index level is less than the initial level, investors will have one-to-one exposure to the decline.
BofA Merrill Lynch is the agent.
Issuer: | Canadian Imperial Bank of Commerce
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Issue: | Market-linked step-up notes
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Underlying index: | Euro Stoxx 50
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Amount: | $41,334,010
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Maturity: | June 28, 2018
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Coupon: | 0%
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Price: | Par of $10
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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 15.95%; if final index level is less than initial level, exposure to index’s decline
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Initial index level: | 3,563.29
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Step-up value: | 4,131.63, 115.95% of initial level
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Pricing date: | April 27
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Settlement date: | May 4
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Agent: | BofA Merrill Lynch
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Fees: | 2% plus 0.75% hedging-related charge
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Cusip: | 13607R357
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