Published on 4/2/2019 in the Prospect News Structured Products Daily.
New Issue: CIBC prices $21.56 million Accelerated Return Notes on index basket
By Marisa Wong
Morgantown, W.Va., April 2 – Canadian Imperial Bank of Commerce priced $21.56 million of 0% Accelerated Return Notes due May 29, 2020 linked to an international equity index basket, according to a 424B2 filing with the Securities and Exchange Commission.
The basket consists of the Euro Stoxx 50 index with a 40% weight, the FTSE 100 index with a 20% weight, the Nikkei Stock Average index with a 20% weight, the Swiss Market index with a 7.5% weight, the S&P/ASX 200 index with a 7.5% weight and the Hang Seng index with a 5% weight.
The payout at maturity will be par of $10 plus triple any basket gain, up to a maximum return of 26.8%. Investors will be exposed to any basket 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 basket: | Euro Stoxx 50 index with a 40% weight, FTSE 100 index with a 20% weight, Nikkei Stock Average index with a 20% weight, Swiss Market index with a 7.5% weight, S&P/ASX 200 index with a 7.5% weight and Hang Seng index with a 5% weight
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Amount: | $21,558,060
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Maturity: | May 29, 2020
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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 basket gain, capped at 26.8%; exposure to any basket decline
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Initial index levels: | 3,320.29 for Euro Stoxx, 7,234.33 for FTSE, 21,033.76 for Nikkei, 9,405.93 for Swiss Market, 6,176.078 for S&P/ASX, 28,775.21 for Hang Seng
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Final basket level: | Average of basket closing levels on five trading days ending May 26, 2020
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Pricing date: | March 28
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Settlement date: | April 4
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Underwriter: | BofA Merrill Lynch
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Fees: | 2%
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Cusip: | 13606M144
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