Published on 10/29/2018 in the Prospect News Structured Products Daily.
New Issue: CIBC sells $9.16 million market-linked step-up notes on index basket
By Sarah Lizee
Olympia, Wash., Oct. 29 – Canadian Imperial Bank of Commerce priced $9.16 million of 0% market-linked step-up notes due Oct. 29, 2020 linked to a basket of indexes, according to a 424B2 with the Securities and Exchange Commission.
The basket consists of 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 Hang Seng index with an initial weight of 5%.
If the index finishes at or above the step-up value – 132.1% of the initial level – the payout at maturity will be par of $10 plus the index gain.
If the index gains by up to the step-up level, the payout will be par plus the step-up payment of 32.1%.
Otherwise, investors will lose 1% for each 1% decline.
BofA Merrill Lynch is the agent.
| Issuer: | Canadian Imperial Bank of Commerce
|
| Issue: | Autocallable market-linked step-up notes
|
| Underlying basket: | Euro Stoxx 50 index (40% weight), FTSE 100 index (20% weight), Nikkei Stock Average index (20% weight), Swiss Market index (7.5% weight), the S&P/ASX 200 index (7.5% weight) and the Hang Seng index (5% weight)
|
| Amount: | $9,159,010
|
| Maturity: | Oct. 29, 2020
|
| Coupon: | 0%
|
| Price: | Par of $10
|
| Payout at maturity: | If basket finishes above step-up level, par plus gain; if basket gains up to step-up level, par plus 32.1%; exposure to declines
|
| Step-up level: | 132.1% of initial level
|
| Initial levels: | 3,164.40 for Stoxx, 7,004.10 for FTSE, 21,268.73 for Nikkei, 8,706.40 for Swiss, 5,664.066 for S&P/ASX, 24,994.46 for Hang Seng
|
| Pricing date: | Oct. 25
|
| Settlement date: | Nov. 1
|
| Underwriter: | BofA Merrill Lynch
|
| Fees: | 2%
|
| Cusip: | 13606M359
|
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