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CIBC plans Capped Leveraged Index Return Notes on index basket
By Marisa Wong
Morgantown, W.Va., March 29 – Canadian Imperial Bank of Commerce plans to price 0% Capped Leveraged Index Return Notes due March 2019 linked to a basket of unequally weighted indexes, according to an FWP filing with the Securities and Exchange Commission.
The basket components are the S&P 500 index with a 45% weight, the MSCI EAFE index with a 27.5% weight and the MSCI Emerging Markets index with a 27.5% weight.
If the basket return is positive, the payout at maturity will be par plus double the basket return, subject to a maximum return that is expected to fall between 13% and 17% and will be set at pricing.
If the basket falls by up to 10%, the payout will be par.
Investors will lose 1% for each 1% decline beyond 10%.
BofA Merrill Lynch is the agent.
The notes will price in March and settle in April.
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