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CIBC to price capped leveraged buffered notes linked to S&P 500 index
By Angela McDaniels
Tacoma, Wash., Aug. 14 – Canadian Imperial Bank of Commerce plans to price 25- to 28-month 0% capped leveraged buffered notes linked to the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
If the index return is positive, the payout at maturity will be par plus 140% of the index return, subject to a maximum settlement amount that is expected to be $1,224.28 to $1,263.62 per $1,000 principal amount of notes. Investors will receive par if the index declines by 12.5% or less and will lose 1.1429% for every 1% that it may decline beyond 12.5%.
The exact maturity date and maximum settlement amount will be set at pricing.
CIBC World Markets Corp. is the agent.
The Cusip number is 13605WFB2.
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