Published on 10/28/2019 in the Prospect News Structured Products Daily.
New Issue: CIBC prices $18.7 million Accelerated Return Notes tied to index basket
By Angela McDaniels
Tacoma, Wash., Oct. 28 – Canadian Imperial Bank of Commerce priced $18.7 million of 0% Accelerated Return Notes due Dec. 23, 2020 linked to an index basket, according to a 424B2 filing with the Securities and Exchange Commission.
The basket includes 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.
If the final basket level is greater than the initial basket level, the payout at maturity will be par of $10 plus 300% of the basket return, subject to a maximum return of 17.75%.
If the final basket level is less than the initial basket level, investors will be exposed to the decline.
BofA Securities, Inc. is the agent.
| Issuer: | Canadian Imperial Bank of Commerce
|
| Issue: | Accelerated Return Notes
|
| Underlying indexes: | Euro Stoxx 50 (40% weight), FTSE 100 (20% weight), Nikkei Stock Average (20% weight), Swiss Market (7.5% weight), S&P/ASX 200 (7.5% weight) and Hang Seng (5% weight)
|
| Amount: | $18,702,270
|
| Maturity: | Dec. 23, 2020
|
| Coupon: | 0%
|
| Price: | Par of $10
|
| Payout at maturity: | If final basket level is greater than initial basket level, par plus 300% of basket return, subject to maximum return of 17.75%; if final basket level is less than initial basket level, exposure to decline
|
| Initial levels: | 3,621.37 for Euro Stoxx 50, 7,328.25 for FTSE 100, 22,750.60 for Nikkei Stock Average, 10,106.53 for Swiss Market, 6,693.647 for S&P/ASX 200 and 26,797.95 for Hang Seng
|
| Final levels: | For each index, average of closing levels on five trading days ending Dec. 18, 2020
|
| Pricing date: | Oct. 24
|
| Settlement date: | Oct. 31
|
| Agent: | BofA Securities, Inc.
|
| Fees: | 2%
|
| Cusip: | 13607G542
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