CIBC to price 18- to 21-month digital notes linked to S&P oil ETF

By Sarah Lizee

Olympia, Wash., Dec. 6 – Canadian Imperial Bank of Commerce plans to price 0% digital notes linked to the SPDR S&P Oil & Gas Exploration & Production ETF, according to a 424B2 filing with the Securities and Exchange Commission.

The notes will mature between 18 and 21 months after pricing.

If the ETF return is greater than or equal to negative 15%, the payout at maturity will be the threshold settlement amount, between $1,171.30 and $1,201.50 per $1,000 principal amount.

If the ETF falls by more than 15%, investors will lose 1.1765% for each 1% decline beyond the 15% buffer.

CIBC World Markets Corp. is the agent.

The Cusip number is 13605WNK3.

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