Published on 12/22/2022 in the Prospect News Structured Products Daily.
New Issue: CIBC sells $4.74 million capped leveraged buffered basket-linked notes
By William Gullotti
Buffalo, N.Y., Dec. 22 – Canadian Imperial Bank of Commerce priced $4.74 million of 0% capped leveraged buffered notes due Feb. 7, 2025 linked to a basket of indexes, according to a 424B2 filing with the Securities and Exchange Commission.
The basket includes the Euro Stoxx 50 index with a 36% weight, the FTSE 100 index with a 17% weight, the Topix index with a 26% weight, the Swiss Market index with a 12% weight and the S&P/ASX 200 index with an 9% weight.
If the basket return is positive, the payout at maturity will be par plus 200% of the basket return, subject to a maximum settlement amount of $1,474 per $1,000 principal amount of notes.
If the basket declines by up to 17.5%, the payout at maturity will be par.
Otherwise, investors will lose 1.2121% for every 1% of basket decline beyond the buffer.
CIBC World Markets Corp. is the agent.
| Issuer: | Canadian Imperial Bank of Commerce
|
| Issue: | Capped leveraged buffered notes
|
| Underlying indexes: | Euro Stoxx 50 index (36% weight), FTSE 100 index (17% weight), Topix index (26% weight), Swiss Market index (12% weight) and S&P/ASX 200 index (9% weight)
|
| Amount: | $4,737,000
|
| Maturity: | Feb. 7, 2025
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| Coupon: | 0%
|
| Price: | Par
|
| Payout at maturity: | If the basket return is positive, par plus 200% of the basket gain, return capped at par plus 47.4%; if the basket declines up to 17.5%, par; otherwise, lose 1.2121% for every 1% decline beyond 17.5%
|
| Initial levels: | 3,804.02 for Euro Stoxx, 7,332.12 for FTSE, 1,950.21 for Topix, 10,770.38 for Swiss Market, 7,148.675 for S&P/ASX 200
|
| Buffer level: | 82.5% of initial level
|
| Pricing date: | Dec. 16
|
| Settlement date: | Dec. 23
|
| Agent: | CIBC World Markets Corp.
|
| Fees: | None
|
| Cusip: | 13607XE60
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