CIBC to price market-linked step-up notes due 2020 tied to S&P 500

By Sarah Lizee

Olympia, Wash., July 16 – Canadian Imperial Bank of Commerce plans to price 0% market-linked step-up notes due July 2020 linked to the S&P 500 index, according to an FWP filing with the Securities and Exchange Commission.

If the index finishes at or above the step-up value – 110% to 116% of the initial level – the payout at maturity will be par of $10 plus the index gain.

If the index gains by up to the step-up level, the payout will be par plus the step-up payment of 10% to 16%.

Otherwise, investors will lose 1% for each 1% decline.

BofA Merrill Lynch is the agent.

The notes will price in July and settle in August.

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