CIBC to price Accelerated Return Notes due 2020 tied to Russell 2000

By Sarah Lizee

Olympia, Wash., Jan. 2 – Canadian Imperial Bank of Commerce plans to price 0% Accelerated Return Notes due March 2020 linked to the Russell 2000 index, according to an FWP filing with the Securities and Exchange Commission.

The payout at maturity will be par of $10 plus triple any index gain, capped at par plus 15% to 19%. The exact cap will be set at pricing.

Investors will lose 1% for each 1% decline of the index from its initial level.

BofA Merrill Lynch is the agent.

The notes will price and settle in January.

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