Published on 8/16/2020 in the Prospect News Structured Products Daily.
New Issue: CIBC sells $9.8 million Leveraged Index Return Notes on Russell 1000 Value
By Kiku Steinfeld
Chicago, Aug. 17 – Canadian Imperial Bank of Commerce priced $9.8 million of 0% Leveraged Index Return Notes due July 25, 2025 linked to the Russell 1000 Value index, according to a 424B2 filed with the Securities and Exchange Commission.
The payout at maturity will be par plus 1.58 times any index gain.
Investors will receive par if the index falls and will lose 1% for every 1% decline of the index from its initial level.
BofA Merrill Lynch is the agent.
Issuer: | Canadian Imperial Bank of Commerce
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Issue: | Leveraged Index Return Notes
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Underlying index: | Russell 1000 Value
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Amount: | $9,802,970
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Maturity: | July 25, 2025
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Coupon: | 0%
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Price: | Par
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Payout at maturity: | Par plus 158% of any index gain; par if index falls and will lose 1% for every 1% decline of the index from its initial level
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Initial value: | 1,158.144
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Pricing date: | July 30
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Settlement date: | Aug. 6
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Agent: | BofA Securities, Inc.
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Fees: | 2.5%
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Cusip: | 13607H730
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