Published on 2/13/2020 in the Prospect News Structured Products Daily.
New Issue: CIBC prices $7.96 million leveraged market-linked step-up notes on index basket
By Wendy Van Sickle
Columbus, Ohio, Feb. 13 – Canadian Imperial Bank of Commerce priced $7.96 million of leveraged market-linked step-up notes due Feb. 24, 2022 linked to a global equity basket, according to a 424B2 filing with the Securities and Exchange Commission.
The basket consists of the Euro Stoxx 50 index (40% weight), the FTSE 100 index (20% weight), the Nikkei Stock Average index (20% weight), the Swiss Market index (7.5% weight), the S&P/ASX 200 index (7.5% weight) and the Hang Seng index (5% weight).
If the basket finishes above the step-up value, 120% of the initial level, the payout at maturity will be par of $10 plus 178% of the basket gain.
If the basket gains by up to the step-up level, the payout will be par plus the step-up payment of 20%.
Investors will be fully exposed to any basket decline.
BofA Securities, Inc. is the agent.
| Issuer: | Canadian Imperial Bank of Commerce
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| Issue: | Leveraged market-linked step-up notes
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| 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)
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| Amount: | $7.96 million
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| Maturity: | Feb. 24, 2022
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| Coupon: | 0%
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| Price: | Par
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| Payout at maturity: | If the basket finishes above the step-up value, par plus 178% of the basket gain; if the basket gains by up to the step-up level, par plus the step-up payment of 20%; otherwise, investors will be fully exposed to any basket decline
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| Initial levels: | 3,777.84 for Stoxx, 7,482.948 for FTSE, 23,319.56 for Nikkei, 10,994.15 for Swiss, 6,976.053 for S&P/ASX, 26,786.74 for Hang Seng
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| Step-up value: | 120% of initial basket level
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| Pricing date: | Feb. 5
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| Settlement date: | Feb. 12
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| Agent: | BofA Securities, Inc.
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| Fees: | 1.5%
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| Cusip: | 13607G328
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