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CIBC plans to price five-year buffered notes linked to S&P 500
By Marisa Wong
Morgantown, W.Va., March 27 – Canadian Imperial Bank of Commerce plans to price 0% buffered notes due March 31, 2022 linked to the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
If the index return is zero or positive, the payout at maturity will be par plus the index return.
If the index falls by up to 25%, the payout will be par.
If the index falls by more than 25%, investors will lose 1% for every 1% decline beyond the buffer.
CIBC World Markets Corp. is the agent.
The notes will price on March 28.
The Cusip number is 13605WCK5.
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