CIBC plans notes with leveraged upside tied to financial sector fund

By Marisa Wong

Morgantown, W.Va., June 13 – Canadian Imperial Bank of Commerce plans to price 0% market-linked securities with leveraged upside participation to a cap and fixed percentage buffered downside due July 6, 2020 linked to the Financial Select Sector SPDR fund, according to a 424B3 filing with the Securities and Exchange Commission.

The payout at maturity will be par plus 150% of any fund gain, up to a maximum return of 37% to 42%. The exact cap will be set at pricing.

Investors will receive par if the fund falls by up to 15% and will lose 1% for every 1% decline beyond 15%.

Wells Fargo Securities, LLC is the agent.

The notes will price on June 30.

The Cusip number is 13605WBP5.

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