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CIBC plans 24- to 27-month capped buffered notes linked to S&P 500
By Sarah Lizee
Olympia, Wash., Oct. 22 – Canadian Imperial Bank of Commerce plans to price 24- to 27-month 0% capped 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 the index return, subject to a maximum settlement amount that is expected to be $1,180.70 to $1,212 per $1,000 principal amount of notes.
Investors will receive par if the index declines by 20% or less and will lose 1.25% for every 1% that it may decline beyond 20%.
The exact maturity date and maximum settlement amount will be set at pricing.
CIBC World Markets Corp. is the agent.
The Cusip number is 13605WMX6.
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