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CIBC plans Accelerated Return Notes due 2019 linked to index basket
By Sarah Lizee
Olympia, Wash., May 24 – Canadian Imperial Bank of Commerce plans to price 0% Accelerated Return Notes due August 2019 linked to an international equity index basket, according to an FWP filing with the Securities and Exchange Commission.
The basket components are the Euro Stoxx 50 index with a 40% weight, the FTSE 100 index with a 20% weight, the Nikkei Stock Average index with a 20% weight, the Swiss Market index with a 7.5% weight, the S&P/ASX 200 index with a 7.5% weight and the Hang Seng index with a 5% weight.
The payout at maturity will be par of $10 plus 300% of any basket gain, subject to a maximum return of 16.5% to 20.5%. Investors will be exposed to any basket decline.
BofA Merrill Lynch is the underwriter.
The notes will price in June and settle in July.
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