Bond Canadian Imperial Bank 0% ( US78015KDW18 ) in USD

Issuer	Canadian Imperial Bank
Market price	184.8 % ▲
Country	Canada
ISIN code	US78015KDW18 ( in USD )
Interest rate	0%
Maturity	31/12/2025
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Minimal amount	1 000 USD
Total amount	/
Cusip	78015KDW1
Detailed description	The Royal Bank of Canada (RBC) is a Canadian multinational financial services company offering personal and commercial banking, wealth management, insurance, and investment banking services globally. This financial analysis focuses on a specific debt instrument, identified as a bond, bearing the ISIN US78015KDW18 and CUSIP 78015KDW1, issued by the Royal Bank of Canada, a prominent financial institution based in Canada. The Royal Bank of Canada, commonly known as RBC, stands as one of North America's largest and most diversified financial services companies, providing extensive banking, wealth management, insurance, investor services, and capital markets products and services globally, underpinning its robust financial standing and extensive presence in debt markets. This particular bond, denominated in United States Dollars (USD), is scheduled to reach its maturity on December 31, 2025, and presents unique characteristics for investors; notably, it features a 0% interest rate, a trait typically associated with zero-coupon bonds where the return is derived from the discount at which it is purchased relative to its face value at maturity, though the provided data also indicates a payment frequency of 2, which for conventional bonds would imply bi-annual distributions, potentially referring to principal amortization or a specific structured feature in this 0% coupon context. The minimum lot size for investment in this security is set at 1,000 units, ensuring a defined entry threshold for potential holders. Currently, this bond commands a significant premium in the market, with its price standing at 184.8% of its face value; this elevated valuation for a bond with no stated coupon and a near-term maturity date suggests complex underlying factors, such as substantial principal repayments already having occurred, or the inclusion of embedded options or structural features that contribute to its high market value, necessitating a thorough yield-to-maturity calculation for investors to ascertain the true effective return in light of its premium pricing.