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					CIBC CI M.A.X. Deposit NotesTM,,
Portfolio Series Growth Note, S5
            (CBL 311)


CIBC CI M.A.X. Deposit NotesTM,,
Portfolio Series Income Note, S6
            (CBL 312)




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The information contained herein is confidential and for advisor use only. The information contained herein is not to be
reproduced or distributed to the public or the press.

This presentation is not an offer or a solicitation of an offer or a recommendation to buy or sell any securities or financial
instrument, nor shall it be deemed to provide investment, tax or accounting advice. The information contained herein is
intended as a summary only and is qualified entirely by, and should be read in conjunction with, the more detailed
information appearing in the Information Statements. Details regarding the dynamic allocation strategy, calculation and
payment of interest,, the notional portfolio, repayment of principal at maturity and certain risk factors are contained in the
Information Statements. Any examples in this presentation are included for illustrative purposes only and are not intended
to predict actual results, which may differ substantially from those reflected herein.

“CI”, CI Investments design and Portfolio Series are registered trademarks of CI Investments Inc. and have been licensed
for use by CIBC. “M.A.X. Deposit Notes” is a trademark of CIBC.




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                                      Key Features

•   Maximizes Benefits of Asset Allocation
     –   Combines strategic asset allocation of the underlying Portfolio
         Series Fund, with dynamic asset allocation of the structure of
         the CI MAX deposit notes


•   Maximizes Performance through CPPI
     –   Provides increased initial exposure to the underlying Funds
         with the with the potential for up to 200% exposure
     –   Additional protection in downward markets


•   Identifying Potential Investors
     –   These products are structured to appeal to many different
         types of investors




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                                Portfolio Series Growth Fund
 Portfolio Series Growth Fund is a strategically global diversified portfolio that is comprised of a
 selected group of CI mutual funds with:

 • global equity investments and a small fixed-income component
 • an emphasis on long-term growth
 • lower long-term volatility due to exposure to different markets on a style-neutral basis.

                             Current Asset Mix                                                  Sector Allocation
                         as of September 30, 2006                                           as of September 30, 2006

                                                                                               Unclassified
                                                                                                  2.3%           Telecom
                         Canadian                                          Utilities 2.3%                     Services 2.3%
                          Income
                                                     Canadian               Consumer                                       Financials
                           20.0%                                                                                             25.1%
                                                    Equity 31.0%           Staples 6.8%
                                                                      Health Care
                                                                        7.4%

                                                                      Materials 8.7%
         Int'l Equity                                                                                                               Energy 15.1%
                                                                            Industrials
           21.0%                                                                                                     Consumer
                                          US Equity                            9.8%         Info Tech 9.9%          Discretionary
                                           28.0%
                                                                                                                       10.3%


Source: CI Investments                                             Source: PALTrak


                           Looking for global exposure – choose the
                CIBC CI M.A.X. Deposit Notes, Portfolio Series Growth Note, S5
                                                                                                                                                   9
                                  CIBC CI M.A.X. Deposit Notes,
                                 Portfolio Series Growth Note, S5
MAXimizes Global Exposure and Performance
•        Underlying Fund: Portfolio Series Growth Fund
•        135% initial exposure to Portfolio Series Growth Fund (with the potential for 200% exposure) combined with a low
         cost notional loan facility
•        Reinvests 100% of any distributions in additional units of the Fund.

MAXimizes Protection
•        CIBC provides 100% principal protection at maturity, regardless of the performance of the Funds or the amount of
         leverage applied.

MAXimizes Value
•        Maximum portfolio fee of 2.40% on the Fund Account, with no fee on the Bond Account. Additional 35% exposure
         provided at 4.58% per annum.**
•        Tax Efficient:
          – Capital gains potential if sold prior to maturity
          – Interest income will not be taxed until it is paid at maturity.




    ** As at October 23. 2006.


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                                Portfolio Series Income Fund
Portfolio Series Income Fund is a strategically diversified income portfolio that is comprised of a
selected group of CI mutual funds with:

• a reliable, sustainable income stream from holdings in bonds, mortgages and income trusts
• a small equity component to provide stability and general moderate growth potential


                             Target Asset Mix                                                      Asset Class Breakdown
                         as of September 30, 2006                                                 as of September 30, 2006

                                                                                                           Foreign Bond
                                                                                                              20.4%
                                         Int'l Equity, 5%
                                                                                                                                       Cash 16.3%
                         US Equity, 5%
                                                                            Canadian Bond
        Canadian                                                               27.7%                                                       Income Trust
       Equity, 20%                                                                                                                            10.0%

                                                                                                                                        Canadian
                                                              Canadian             Other 1.8%             International                Equity 9.4%
                                                            Income, 55%                                    Equity 6.1%
                   Global                                                                                                 US Equity 6.3%
                                                                                             Preferred
                Income, 15%                                                                 Equity 2.0%




Source: CI Investments                                                    Source: PALTrak


                              Looking for income – choose the
               CIBC CI M.A.X. Deposit Notes, Portfolio Series Income Note, S6
                                                                                                                                                          11
                             CIBC CI M.A.X. Deposit Notes,
                            Portfolio Series Income Note, S6
     MAXimizes Income and distributions
     •      Underlying Fund: Portfolio Series Income Fund
     •      150% initial exposure to Portfolio Series Income Fund (with the potential for 200% exposure).
     •      75% of ordinary distributions made by Portfolio Series Income Fund will be paid to investors on a monthly
            basis. Any excess and all other distributions will be reinvested in additional Units of the Fund.
     •      Notes are expected to yield 5.57% per annum at inception.*
     •      The Notes could yield up to 7.5% per annum if the Portfolio Series Income Fund’s target distribution of 5%
            is achieved with 200% exposure to the Fund.

     MAXimizes Protection
     •      CIBC provides 100% principal protection at maturity, regardless of the performance of the Funds or the
            amount of leverage applied.

     MAXimizes Value
     •      Maximum portfolio fee of [2.75%] on the Fund Account, [0.50%] on the Bond Account. Additional 50%
            exposure provided at 4.58% per annum.**
     •      Tax Efficient:
             – Capital gains potential if sold prior to maturity
             – Interest income will not be taxed until it is paid at maturity.



* As at October 23 , 2006, the indicated distribution rate on the Fund was 4.95%. There is no guarantee that the Fund will achieve its target yield or make any distributions, or that
the Deposit Notes will maintain 150% exposure. Accordingly, the amount of interest paid for any month during the term of the Deposit Notes will likely vary and could be zero.
** As at October 23. 2006.
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           Advantages of CI M.A.X. Structure
•     Increased initial exposure to the underlying funds.
    •      Portfolio Series Growth Note, S5 - 135% initial exposure to Portfolio Series Growth Fund
    •      Portfolio Series Income Note, S6 – 150% initial exposure to the Portfolio Series Income Fund
    •      With the potential for up to 200%


•    In market conditions where the Funds perform well, additional exposure to the Funds may be achieved
     through a notional loan generating the potential for enhanced returns.


•    In market conditions where the Funds perform negatively, reduced exposure may dampen losses in an
     effort to allow participation in any subsequent recovery.


•    Low fees and interest charges help prolong Fund exposure by making the structure less prone to de-
     leveraging or allocating to Bonds.


•    100% principal protection at maturity regardless of the performance of the Funds or the amount of
     leverage applied.




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How Does CI M.A.X. Asset Allocation Work?
    Constant Proportion Portfolio Insurance (CPPI) Structure
                                             Initial Purchase

                     Initially, the assets                      Assets will reallocate
                     will be fully                              according to the
                     allocated to Units of                      dynamic allocation
                     the Fund                                   strategy




                           Fund Account                  Bond Account


  • On the Issue Date, $135 per Portfolio Series Growth Note and $150 per Portfolio
    Series Income Note will be used to notionally purchase Units of the Funds.
  • The Deposit Notes will dynamically allocate between Units of the Funds in the Fund
    Account and Bonds in a Bond Account. The Portfolio will be rebalanced from time to
    time in accordance with pre-defined Portfolio Allocation Rules.
  • The leveraging or de-leveraging of the Fund Account will occur based on the
    “Distance” between the NAV of the Portfolio and the Floor Price (i.e., generally, the
    value of notional bonds maturing on the Maturity Date).
  • The dynamic allocation strategy provides increased initial exposure (with potential for
    200% exposure) to the Funds while still providing 100% principal protection at
    maturity.
  • A reallocation will occur after a significant change in Distance has taken place.


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“Distance” is the Benchmark for Re-balancing
                 Value
                                  Dynamic leveraging strategy                       Basket NAV



                                                                    Distance
       Initial                                                                       Principal
       Investment                                                                    Repayment


       Value of

                                                    Re Leveraging
    Notional Bonds
                                    De Leveraging
                     Leveraging

                                        -




                                                                                          Time
                                                                               Maturity


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An example of how CI M.A.X. Deposit Notes determine
                    exposure?


                With the CIBC CI M.A.X. Deposit Notes,
 Portfolio Series Growth Note, S5, when “Target Exposure” differs from
                  “Actual Exposure” by more than 25%,
                     an Allocation Event will occur to
                    bring Actual Exposure in line with
                            Target Exposure.




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How does CI M.A.X. Deposit Notes determine exposure?
            CIBC CI M.A.X. Deposit Notes, Portfolio Series Growth Note, S5 (cont’d)



Leveraging Scenario
            Target Exposure exceeds
             Actual Exposure by more           Actual Exposure is
             than 25%. Upper and low er        brought in line w ith
           limits are reset from this point.    Target Exposure

                                                   +25%


                                                                        actual exposure
                       +25%                                             (new )

actual exposure                                    -25%
(initial)
                       -25%




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How does CI M.A.X. Deposit Notes determine exposure?
           CIBC CI M.A.X. Deposit Notes, Portfolio Series Growth Note, S5 (cont’d)


 De-Leveraging Scenario
                                            Actual Exposure is
                                            brought in line with
                      +25%                   Target Exposure

 actual exposure
 (initial)                                        +25%
                      -25%                                            actual exposure
                                                                      (new)
                                                  -25%


             Target Exposure falls
           below Actual Exposure by
           more than 25%. Upper and
            lower limits are reset.

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                 Protection Event

A “Protection Event” would occur when the “Distance”
falls to within 1.50% of the “Floor”, at which point the
assets would become fully allocated to Bonds until
maturity, regardless of the subsequent performance of
the Fund.




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          Identifying Potential Investors
•   Would like to invest in a fixed-term product
•   Believe in principal-protected investments, but seek potential for higher returns
•   Who would like to invest in alternative investments who might not qualify to invest
    directly on their own
•   Believe in a buy-and-hold strategy.

Portfolio Series Growth Note, S5
•   Medium to long-term, risk-sensitive investors who are looking for global diversification
•   Seeking strong capital growth combined with the potential for leveraged exposure and
    capital protection at maturity
•   A diversified global equity portfolio which includes a small-fixed-income component.

Portfolio Series Income Note, S6
•   Hesitant to lock in long-term rates at current levels
•   Who are missing investment goals due to low interest rates
•   Seeking stable, predictable performance
•   Less conservative investors who are looking for a regular income stream with little
    portfolio risk
•   Those nearing retirement who are looking for potentially higher returns than fixed-
    income products.


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              Building your Business

•   Revenue
•   Investment solutions
      – GIC / fixed income alternative
      – Equity exposure
      – Enhanced yield and growth potential
      – Tax efficiency
      – High net worth
      – Asset gathering campaigns
•   Prospecting tool
•   Hedging tool




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                                        Summary of Terms
Issuer                Canadian Imperial Bank of Commerce
Issue Date            Portfolio Series Growth Note: November 29, 2006 / Portfolio Series Income Note: December 20, 2006
Maturity Date         Portfolio Series Growth Note: December 1, 2014 / Portfolio Series Income Note: December 22, 2014
Subscription Size     Subscription Price: $100 per Deposit Note
                      Minimum Purchase: $5,000 (50 Deposit Notes)

Structural Features   Dynamic Allocation Strategy (CPPI Structure).
                      Portfolio Series Growth Note, S5:
                               Underlying Fund: Portfolio Series Growth Fund
                               135% exposure on inception, potential for 200% exposure, 100% principal protection at maturity
                               100% of any distributions made by the Fund re-invested in the structure.
                      Portfolio Series Income Note, S6:
                               Underlying Fund: Portfolio Series Income Fund
                               150% exposure on inception, potential for 200% exposure, 100% principal protection at maturity
                               Monthly coupons equivalent to 75% ordinary distributions of the Fund (expected to equal 6.58% per annum at
                               inception).
Fees & Expenses       Portfolio Series Growth Note, S5:
                                        Portfolio Fee: 2.40% of Fund Account Value; no fee on the Bond Account.
                                        Loan Facility: Interest charged at 1-month BA’s, plus 25 bps per annum.
                      Portfolio Series Income Note, S6:
                                        Portfolio Fee: 2.40% of Fund Account Value; 0.75% of the Bond Account.
                                        Loan Facility: Interest charged at 1-month BA’s, plus 25 bps per annum.
                      All fees and expenses calculated daily and payable monthly in arrears from assets in the Portfolio.
RRSP Eligibility      100% eligible for RRSPs, RRIFs, RESPs, DPSPs and LIRAs.
                      CIBC offers client-name purchases for RRSP accounts only (no fees). All other registered plan purchases must be placed
                      through a dealer or intermediary sponsored plan.
Secondary Market      CIBC World Markets Inc. will maintain a secondary market for Deposit Notes (subject to availability). Early trading charge of
                      up to 6.95% may apply on dispositions prior to maturity.
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    Advisor Compensation

 Upfront Commission: 5.00%
 Trailer: 0.25% p.a. of Fund Account Value
 FundSERV Codes:
      Portfolio Series Growth Note, S5 – CBL 311
      Portfolio Series Income Note, S6 – CBL 312
 8-year term to maturity




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                 Advisor Tools

•   PowerPoint Presentation
•   Green Sheet
•   Advisor Summary
•   Client Summary
•   Prospecting Letter
•   FAQs




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    THANK YOU


For more information please visit our website:

www.ci.com/depositnotes



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