New Issue: CIBC prices $1.05 million Accelerated Return Notes on basket of healthcare stocks

By William Gullotti

Buffalo, N.Y., Jan. 24 – Canadian Imperial Bank of Commerce priced $1.05 million of 0% Accelerated Return Notes due March 28, 2024 linked to a basket of stocks, according to a 424B2 filing with the Securities and Exchange Commission.

The basket consists of Merck & Co., Inc. with a 33.34% weight, Boston Scientific Corp. with a 33.33% weight and Bristol-Myers Squibb Co. with a 33.33% weight.

The payout at maturity will be par of $10 plus 300% of any basket gain, subject to a maximum return of par plus 20.4%.

Investors will be fully exposed to any basket decline.

BofA Securities, Inc. is the underwriter.

Issuer:	Canadian Imperial Bank of Commerce
Issue:	Accelerated Return Notes
Underlying stocks:	Merck & Co., Inc. (33.34% weight), Boston Scientific Corp. (33.33% weight), Bristol-Myers Squibb Co. (33.33% weight)
Amount:	$1,049,050
Maturity:	March 28, 2024
Coupon:	0%
Price:	Par of $10
Payout at maturity:	Par plus 300% of any basket gain, capped at par plus 20.4%; full exposure to any basket decline
Initial levels:	$109.90 for Merck, $45.46 for Boston, $73.75 for Bristol
Pricing date:	Jan. 19
Settlement date:	Jan. 26
Agent:	BofA Securities, Inc.
Fees:	1.75%
Cusip:	13607Y501

© 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.