Published on 12/29/2023 in the Prospect News Structured Products Daily.
New Issue: CIBC sells $25.3 million capped leveraged notes with absolute return buffer on basket
By William Gullotti
Buffalo, N.Y., Dec. 29 – Canadian Imperial Bank of Commerce priced $25.3 million of 0% capped leveraged notes with absolute return buffer due Dec. 22, 2025 linked to a weighted basket of indexes, according to a 424B2 filing with the Securities and Exchange Commission.
The basket consists of 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 FTSE China 50 index with a 5% weight.
The payout at maturity will be par of $10 plus 1.25 times any basket gain, subject to a maximum return of par plus 35%.
If the basket finishes flat or falls by up to 13.4%, investors will receive par plus the absolute value of the basket return.
Otherwise, investors will lose 1% for every 1% that the basket declines beyond 13.4%.
BofA Securities, Inc. is the agent.
| Issuer: | Canadian Imperial Bank of Commerce
|
| Issue: | Capped leveraged notes with absolute return buffer
|
| 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), FTSE China 50 index (5% weight)
|
| Amount: | $25,297,780
|
| Maturity: | Dec. 22, 2025
|
| Coupon: | 0%
|
| Price: | Par of $10
|
| Payout at maturity: | Par plus 1.25 times any basket gain, capped at par plus 35%; if basket falls by up to 13.4%, par plus absolute value of basket return; otherwise, lose 1% for every 1% of basket decline beyond 13.4%
|
| Initial levels: | 4,524.86 for Stoxx, 7,694.73 for FTSE 100, 33,140.47 for Nikkei, 11,132.6 for Swiss Market, 7,504.121 for S&P/ASX, 10,732.61 for FTSE China
|
| Threshold level: | 86.6% of initial level
|
| Pricing date: | Dec. 21
|
| Settlement date: | Dec. 29
|
| Agent: | BofA Securities, Inc.
|
| Fees: | 2%
|
| Cusip: | 13608J495
|
|
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
