Published on 3/5/2018 in the Prospect News Structured Products Daily.
New Issue: CIBC sells $2.84 million capped leveraged buffered notes on indexes
By Marisa Wong
Morgantown, W.Va., March 5 – Canadian Imperial Bank of Commerce priced $2.84 million of 0% capped leveraged buffered notes due April 27, 2020 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 1.7 times the basket return, subject to a maximum settlement amount of $1,612 per $1,000 principal amount.
If the basket falls by up to 20%, the payout will be par.
If the basket falls by more than 20%, investors will lose 1.25% for every 1% decline beyond the buffer.
CIBC World Markets Corp. is the agent.
Issuer: | Canadian Imperial Bank of Commerce
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Issue: | Capped leveraged buffered 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: | $2,835,000
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Maturity: | April 27, 2020
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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 1.7 times the basket gain, return capped at 61.2%; if basket falls by up to 20%, par; if basket falls by more than 20%, 1.25% loss for every 1% decline beyond the buffer
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Initial levels: | 3,441.46 for Euro Stoxx, 7,244.41 for FTSE, 1,760.53 for Topix, 8,948.19 for Swiss Market, 5,999.785 for S&P/ASX 200
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Pricing date: | Feb. 23
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Settlement date: | March 2
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Agent: | CIBC World Markets Corp.
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Fees: | None
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Cusip: | 13605WKB6
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