Published on 1/29/2019 in the Prospect News Structured Products Daily.
New Issue: CIBC prices $648,000 capped leveraged notes linked to indexes
By Angela McDaniels
Tacoma, Wash., Jan. 29 – Canadian Imperial Bank of Commerce priced $648,000 of 0% capped leveraged notes due Oct. 28, 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 36% weight, the Topix index with a 27% weight, the FTSE 100 index with a 20% 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 200% of the basket return, subject to a maximum settlement amount of $1,594 per $1,000 principal amount of notes. If the basket return is negative but not below negative 15%, the payout will be par. Otherwise, investors will lose 1.1765% for every 1% that the basket declines beyond 15%.
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 (36% weight), Topix (27% weight), FTSE 100 (20% weight), Swiss Market (9% weight) and S&P/ASX 200 (8% weight)
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Amount: | $648,000
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Maturity: | Oct. 28, 2020
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Coupon: | 0%
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Price: | Par
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Payout at maturity: | If basket return is positive, par plus 200% of basket return, subject to maximum settlement amount of $1,594 per $1,000 principal amount; if basket return is negative but not below negative 15%, par; otherwise, 1.1765% loss for every 1% that basket declines beyond 15%
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Initial index levels: | 3,163.24 for Euro Stoxx 50; 1,566.10 for Topix; 6,809.22 for FTSE 100; 8,922.49 for Swiss Market; 5,905.605 for S&P/ASX 200
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Pricing date: | Jan. 25
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Settlement date: | Feb. 1
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Agent: | CIBC World Markets Corp.
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Fees: | None
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Cusip: | 13605WPG0
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