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CIBC to price one-year Accelerated Return Notes linked to Apple
By Marisa Wong
Morgantown, W.Va., Aug. 1 – Canadian Imperial Bank of Commerce plans to price 0% Accelerated Return Notes due August 2018 linked to the common stock of Apple Inc., according to an FWP filing with the Securities and Exchange Commission.
The payout at maturity will be par of $10 plus triple any stock price gain, up to a maximum return of 16% to 20%. Investors will be exposed to any stock price decline.
BofA Merrill Lynch is the underwriter.
The notes are expected to price and settle in August.
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