Published on 3/22/2022 in the Prospect News Structured Products Daily.
New Issue: CIBC sells $8.55 million Leveraged Index Return Notes on index basket
By William Gullotti
Buffalo, N.Y., March 22 – Canadian Imperial Bank of Commerce priced $8.55 million of 0% Leveraged Index Return Notes due March 29, 2027 linked to a weighted basket of indexes, according to a 424B2 filing with the Securities and Exchange Commission.
The basket components are the Euro Stoxx 50 index with a 35% weight, the Nikkei Stock Average index with a 20% weight, the MSCI Emerging Markets index with a 15% weight, the FTSE 100 index with a 15% weight, the Swiss Market index with a 5% weight, the S&P/ASX 200 index with a 5% and the FTSE China 50 index with a 5%.
The payout at maturity will be par plus 1.41 times any basket gain.
If the basket finishes flat or declines up to 20%, the payout at maturity will be par. Otherwise, investors will lose 1% for every 1% of basket decline below 20%.
BofA Securities, Inc. is the agent.
| Issuer: | Canadian Imperial Bank of Commerce
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| Issue: | Leveraged Index Return Notes
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| Underlying indexes: | Euro Stoxx 50 index (35% weight), Nikkei Stock Average index (20% weight), MSCI Emerging Markets index (15% weight), FTSE 100 index (15% weight), Swiss Market index (5% weight), S&P/ASX 200 index (5% weight) and FTSE China 50 index (5% weight)
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| Amount: | $8,552,000
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| Maturity: | March 29, 2027
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| Coupon: | 0%
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| Price: | Par of $10
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| Payout at maturity: | Par plus 1.41 times any basket gain; if basket declines up to 20%, par; otherwise, 1% loss for every 1% decline beyond 20%
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| Initial index levels: | 3,885.32 for Stoxx, 26,652.89 for Nikkei, 1,120.93 for MSCI EM, 7,385.34 for FTSE, 12,061.87 for Swiss, 7,250.796 for S&P/ASX, 14,526.83 for FTSE China 50
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| Threshold value: | 80% of initial level
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| Pricing date: | March 17
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| Settlement date: | March 24
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| Agent: | BofA Securities, Inc.
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| Fees: | 2.5%
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| Cusip: | 13607V192
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