CIBC plans 7% STEP Income Securities linked to JPMorgan stock

By Emma Trincal

New York, June 25 – Canadian Imperial Bank of Commerce plans to price 7% STEP Income Securities due July 2020 linked to the common stock of JPMorgan Chase & Co., according to an FWP filing with the Securities and Exchange Commission.

Interest will be payable quarterly.

If the stock price finishes at or above the step level – 107% of the initial level – the payout at maturity will be par of $10 plus a step payment of 1% to 5% that will be set at pricing.

If the stock finishes at or above the initial level but below the step level, the payout at maturity will be par.

Investors will lose 1% for each 1% decline.

BofA Securities Inc. is the agent.

The notes will price in June and settle in July.

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