New Issue: CIBC prices $10.94 million Accelerated Return Notes linked to S&P 500

By Angela McDaniels

Tacoma, Wash., April 3 – Canadian Imperial Bank of Commerce priced $10.94 million of 0% Accelerated Return Notes due March 29, 2019 linked to the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.

The initial index level will be the lowest closing level of the index during the period from and including March 30 to and including May 1.

The payout at maturity will be par of $10 plus triple any index gain, up to a maximum return of 16.86%. Investors will be exposed to any index decline.

BofA Merrill Lynch is the underwriter.

Issuer:	Canadian Imperial Bank of Commerce
Issue:	Accelerated Return Notes
Underlying index:	S&P 500
Amount:	$10,935,240
Maturity:	March 29, 2019
Coupon:	0%
Price:	Par of $10
Payout at maturity:	Par plus 300% of any index gain, capped at 16.86%; exposure to any index decline
Initial index level:	Lowest closing level of index from and including March 30 to and including May 1
Final index level: Average of index’s closing levels on five trading days ending March 26, 2019
Pricing date:	March 30
Settlement date:	April 6
Underwriters:	BofA Merrill Lynch
Fees:	2%
Cusip:	13607R399

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.