Published on 4/22/2024 in the Prospect News Structured Products Daily.
New Issue: CIBC prices $30.02 million trigger step securities linked to Nikkei Stock Average
By Wendy Van Sickle
Columbus, Ohio, April 22 – Canadian Imperial Bank of Commerce priced $30.02 million of 0% trigger step securities due April 20, 2029 linked to the Nikkei Stock Average index, according to a 424B2 filing with the Securities and Exchange Commission.
If the index return is zero or positive, the payout at maturity will be par of $10 plus the greater of the index return and the step return of 70.34%.
Investors will receive par if the index declines by 25% or less and will lose 1% for each 1% decline from its initial level if the index falls more than 25%.
UBS Financial Services Inc. and CIBC World Markets Corp. are the agents.
Issuer: | Canadian Imperial Bank of Commerce
|
Issue: | Trigger step securities
|
Underlying index: | Nikkei Stock Average index
|
Amount: | $30,015,830
|
Maturity: | April 20, 2029
|
Coupon: | 0%
|
Price: | Par of $10
|
Payout at maturity: | If index return is zero or positive, par plus greater of 70.34% and return; par if index declines by up to 25%; otherwise, 1% loss for each 1% decline of index from initial level
|
Initial level: | 37,961.8
|
Downside threshold: | 28,471.35; 75% of initial level
|
Pricing date: | April 17
|
Settlement date: | April 22
|
Agents: | UBS Financial Services Inc. and CIBC World Markets Corp.
|
Fees: | 3.5%
|
Cusip: | 13608Q200
|
|
|
© 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.