Published on 9/29/2005 in the Prospect News Convertibles Daily.
New Issue: CIBC sells $4 million notes linked to 10 stocks
New York, Sept. 29 - Canadian Imperial Bank of Commerce sold $4 million of Premium Yield Generator Notes linked to a basket of 10 stocks, according to a 424B5 filing with the Securities and Exchange Commission.
The 10 underlying stocks are Caterpillar Inc., Citigroup Inc., Clorox Co., Dow Jones & Co., Inc., Eli Lilly & Co., FedEx Corp., 3M Co., PepsiCo, Inc., Pfizer Inc. and Sunoco, Inc.
The annual coupon on the notes is the average of the returns on each stock, with the return being 8% per stock if it has gained since the pricing date or the negative return if it has fallen. The coupon has a floor of zero.
At maturity, the notes pay par.
Issuer: | Canadian Imperial Bank of Commerce
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Underlying basket: | Caterpillar Inc., Citigroup Inc., Clorox Co., Dow Jones & Co., Inc., Eli Lilly & Co., FedEx Corp., 3M Co., PepsiCo, Inc., Pfizer Inc. and Sunoco, Inc.
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Issue: | Premium Yield Generator Notes
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Amount: | $4 million
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Maturity: | Sept. 28, 2007
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Coupon: | The average return on the basket since pricing, calculated as 8% per stock if the return on that stock is greater than zero, otherwise the return or loss; minimum coupon of 0%
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Price: | Par
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Payout at maturity: | Par
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Pricing date: | Sept. 27
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Settlement date: | Sept. 30
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Agents: | CIBC World Markets, H&R Block Financial Advisors, Inc.
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Listing: | "MRS.W" on American Stock Exchange
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