Investment Solutions for Municipalities
Rate Structured Notes: The Art of the Possible
CIBC Range Notes have a term to maturity of 5 years. The Notes provide a guaranteed coupon for the first year of the term. In all
subsequent years, the Notes only provide a coupon of if the benchmark rate is greater than a certain threshold.
2.4%
1.6%
0.8%
0.0%
Coupon
Benchmark Rate
Coupon in
Years 2-5
Issuer Currency Term
Coupon in
Year 1
CIBC
CAD
5 years
1.75%
-Threshold
1.75% provided that the
benchmark rate is greater than
1.75% on the valuation date
jen
Coupon Benchmark
Frequency
Quarterly
10-year
CMS Rate
CIBC Bond Bear Notes provide a fixed coupon in the first year. For all subsequent years, the coupon is calculated according to a
pre-defined formula
4.0%
3.2%
2.4%
1.6%
0.8%
0.0%
Coupon
Benchmark Rate
Issuer Currency Term
Coupon in
Year 1
CIBC
CAD
5 years
1.75%
Coupon in
Years 2-5
1.50% x (benchmark
rate - 1.75%), 0
igi
Coupon Benchmark
Frequency
Quarterly 10-year
CMS Rate
CIBC
CONFIDENTIAL
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