Published on 11/9/2020 in the Prospect News Structured Products Daily.
New Issue: CIBC sells $2.53 million capped leveraged buffered notes on index basket
By Kiku Steinfeld
Chicago, Nov. 9 – Canadian Imperial Bank of Commerce priced $2.53 million of 0% capped leveraged buffered notes due Oct. 26, 2022 linked to a basket of indexes, according to a 424B2 filing with the Securities and Exchange Commission.
The basket consists of the Euro Stoxx 50 index with a 36% weight, the Topix index with a 29% weight, the FTSE 100 index with a 16% weight, the Swiss Market index with an 11% weight and the S&P/ASX 200 index with an 8% weight.
The payout at maturity will be par plus 1.4 times any basket gain, up to a maximum settlement amount of $1,241.50 per $1,000 principal amount.
Investors will receive par if the basket falls by up to 12.5% and will lose 1.1429 times each 1% decline beyond 12.5%.
CIBC World Markets is the agent.
| Issuer: | Canadian Imperial Bank of Commerce
|
| Issue: | Capped leveraged buffered notes
|
| Underlying basket: | Euro Stoxx 50 index (36% weight), Topix index (29% weight), FTSE 100 index (16% weight), Swiss Market index (11% weight) and S&P/ASX 200 index (8% weight)
|
| Amount: | $2,527,000
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| Maturity: | Oct. 26, 2022
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| Coupon: | 0%
|
| Price: | Par
|
| Payout at maturity: | If the basket return is positive, par plus 1.4 times the basket gain, capped at $1,241.50 per $1,000 principal amount; if basket falls by up to 12.5%, par; if basket falls by more than 12.5%, 1.1429 times loss for every 1% decline beyond the buffer
|
| Initial levels: | 2,958.21 for Stoxx, 1,579.33 for Topix, 5,577.27 for FTSE, 9,587.15 for Swiss and 5,927.580 for S&P/ASX
|
| Buffer level: | 87.5%
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| Pricing date: | Oct. 30
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| Settlement date: | Nov. 6
|
| Agent: | CIBC World Markets
|
| Fees: | None
|
| Cusip: | 13605WL25
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