Published on 7/29/2019 in the Prospect News Structured Products Daily.
New Issue: CIBC sells $23.66 million Accelerated Return Notes linked to Euro Stoxx 50
By Wendy Van Sickle
Columbus, Ohio, July 29 – Canadian Imperial Bank of Commerce priced $23.66 million of 0% Accelerated Return Notes due Sept. 25, 2020 linked to the Euro Stoxx 50 index, according to a 424B2 filing with the Securities and Exchange Commission.
The payout at maturity will be par of $10 plus triple any index gain, up to a maximum return of 21.57%. Investors will be exposed to any index decline.
BofA Merrill Lynch is the underwriter.
Issuer: | Canadian Imperial Bank of Commerce
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Issue: | Accelerated Return Notes
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Underlying index: | Euro Stoxx 50
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Amount: | $23,658,720
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Maturity: | Sept. 25, 2020
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Coupon: | 0%
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Price: | Par of $10
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Payout at maturity: | Par plus 300% of any index gain, capped at 21.57%; exposure to any index decline
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Initial index level: | 3,510.15
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Final index level: | Average of index’s closing levels on five trading days ending Sept. 22, 2020
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Pricing date: | July 25
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Settlement date: | Aug. 1
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Underwriter: | BofA Merrill Lynch
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Fees: | 2%
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Cusip: | 13607G658
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