Published on 5/3/2021 in the Prospect News Structured Products Daily.
New Issue: CIBC sells $13.36 million capped leveraged basket-linked notes
By Wendy Van Sickle
Columbus, Ohio, May 3 – Canadian Imperial Bank of Commerce priced $13.36 million of 0% capped leveraged notes due Oct. 31, 2022 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 37% weight, the FTSE 100 index with a 23% weight, the Topix index with a 23% weight, the Swiss Market index with a 9% weight and the S&P/ASX 200 index with an 8% weight.
If the basket return is positive, the payout at maturity will be par plus 2 times the basket return, subject to a maximum settlement amount of $1,253 per $1,000 principal amount.
Investors will be exposed to any basket decline.
CIBC World Markets Corp. is the agent.
Issuer: | Canadian Imperial Bank of Commerce
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Issue: | Capped leveraged notes
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Underlying indexes: | Euro Stoxx 50 index (37% weight), FTSE 100 index (23% weight), Topix index (23% weight), Swiss Market index (9% weight) and S&P/ASX 200 index (8% weight)
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Amount: | $13,355000
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Maturity: | Oct. 31, 2022
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Coupon: | 0%
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Price: | Par
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Payout at maturity: | If the basket return is positive, par plus 2 times the basket gain, return capped at 25.3%; full exposure to losses
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Initial levels: | 4,011.91 for Euro Stoxx, 6,944.97 for FTSE, 1,903.55 for Topix, 11,092.08 for Swiss Market, 7,033.83 for S&P/ASX 200
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Pricing date: | April 27
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Settlement date: | May 4
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Agent: | CIBC World Markets Corp.
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Fees: | 1.67%
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Cusip: | 13605W3H2
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