Published on 4/12/2019 in the Prospect News Structured Products Daily.
New Issue: CIBC sells $9.67 million market-linked step-up notes on index basket
By Marisa Wong
Morgantown, W.Va., April 12 – Canadian Imperial Bank of Commerce priced $9.67 million of 0% market-linked step-up notes due May 28, 2020 linked to an index basket, according to a 424B2 filed 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 basket finishes at or above the step-up value – 116.82% of the initial level – the payout at maturity will be par of $10 plus the basket gain.
If the basket is unchanged or gains by up to the step-up level, the payout will be par plus the step-up payment of 16.82%.
Investors will lose 1% for each 1% decline of the basket from its initial level.
BofA Merrill Lynch is the agent.
| Issuer: | Canadian Imperial Bank of Commerce
|
| Issue: | 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), S&P/ASX 200 index (7.5% weight) and Hang Seng index (5% weight)
|
| Amount: | $9,669,630
|
| Maturity: | May 28, 2020
|
| Coupon: | 0%
|
| Price: | Par of $10
|
| Payout at maturity: | If the basket finishes at or above the 116.82% step-up level, par plus the basket gain; if the basket is unchanged or gains by up to the step-up level, par plus 16.82%; 1% loss for each 1% decline of the basket from its initial level
|
| Initial index levels: | 3,320.29 for Stoxx, 7,234.33 for FTSE, 21,033.76 for Nikkei, 9,405.93 for Swiss, 6,176.078 for S&P/ASX, 28,775.21 for Hang Seng
|
| Pricing date: | March 28
|
| Settlement date: | April 4
|
| Agent: | BofA Merrill Lynch
|
| Fees: | 2%
|
| Cusip: | 13606M110
|
|
|
© 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.
