CIBC plans 6%-7% coupon bearing notes linked to Facebook via Merrill

By Susanna Moon

Chicago, Oct. 4 – Canadian Imperial Bank of Commerce plans to price 6% to 7% coupon bearing notes due October 2017 linked to Facebook, Inc. shares, according to a 424B2 filing with the Securities and Exchange Commission.

Interest is payable quarterly, with the exact coupon to be set at pricing.

If Facebook shares finish at or above the threshold level – 95% of the initial level – the payout at maturity will be par of $10.

Otherwise, investors will be exposed to losses beyond 5%.

Bank of America Merrill Lynch is the agent.

The notes will price and settle in October.

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