CIBC plans market-linked notes with leveraged upside on S&P 500

By Devika Patel

Knoxville, Tenn., Dec. 17 – Canadian Imperial Bank of Commerce plans to price 0% market-linked securities with leveraged upside participation to a cap and fixed percentage buffered downside due Jan. 2, 2020 linked to the S&P 500 index, according to a 424B3 filing with the Securities and Exchange Commission.

The payout at maturity will be par plus 200% of any index gain, up to a maximum payout of 11% to 15%. The exact cap will be set at pricing.

Investors will receive par if the index falls by up to 7.5% and will lose 1% for every 1% decline beyond 7.5%.

Wells Fargo Securities, LLC is the agent.

The notes (Cusip: 13605WNV9) will price Dec. 28 and settle Jan. 4.

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