CIBC plans three-year digital buffered notes linked to S&P 500

By Susanna Moon

Chicago, May 15 – Canadian Imperial Bank of Commerce plans to price 0% digital buffered notes due May 28, 2021 linked to the S&P 500 index, according to a 424B2 filed with the Securities and Exchange Commission.

If the index finishes at or above its 85% barrier level, the payout at maturity will be par plus a fixed return of 15% to 16%. The exact digital return will be set at pricing.

Otherwise, investors will lose 1% for each 1% decline beyond the 15% buffer.

CIBC World Markets Corp. is the agent.

The notes will price on May 24 and settle on May 31.

The Cusip number is 13605WKV2.

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