Published on 2/15/2022 in the Prospect News Structured Products Daily.
New Issue: CIBC sells $8.2 million leveraged index return notes on index basket
By Wendy Van Sickle
Columbus, Ohio, Feb. 15 – Canadian Imperial Bank of Commerce priced $8.2 million of 0% leveraged index return notes due Feb. 25, 2028 linked to an equally 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 an initial weight of 40%, the FTSE 100 index with an initial weight of 20%, the Nikkei Stock Average index with an initial weight of 20%, the Swiss Market index with an initial weight of 7.5%, the S&P/ASX 200 index with an initial weight of 7.5% and the FTSE China 50 index with an initial weight of 5%.
The payout at maturity will be par plus 2.57 times any basket gain.
Investors will will be fully exposed to any basket decline.
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 (40% weight), FTSE 100 index (20% weight), Nikkei Stock Average index (20% weight), Swiss Market index (7.5% weight), S&P/ASX 200 index (7.5% weight) and FTSE China 50 index (5% weight)
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Amount: | $8,196,430
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Maturity: | Feb. 25, 2028
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Coupon: | 0%
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Price: | Par of $10
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Payout at maturity: | Par plus 257% of any basket gain; full exposure to loss
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Initial index levels: | 4,197.07 for Stoxx, 7,627.4 for FTSE, 27,696.08 for Nikkei, 12,313.16 for Swiss, 7,288.453 for S&P/ASX, 17,277.89 for FTSE China 50
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Pricing date: | Feb. 10
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Settlement date: | Feb. 17
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Agent: | BofA Securities, Inc.
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Fees: | 2.5%
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Cusip: | 13607V226
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