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CIBC plans Accelerated Return Notes linked to S&P Regional Banks
By Marisa Wong
Morgantown, W.Va., July 14 – Canadian Imperial Bank of Commerce plans to price 0% Accelerated Return Notes due September 2018 linked to the S&P Regional Banks Select Industry index, according to an FWP filing with the Securities and Exchange Commission.
The payout at maturity will be par of $10 plus triple any index gain, up to a maximum return of 15% to 19%. Investors will be exposed to any index decline.
BofA Merrill Lynch is the underwriter.
The notes will price in July and settle in August.
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