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CIBC plans to sell market-linked securities due 2023 tied to biotech ETF
By Emma Trincal
New York, July 16 – 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. 23, 2023 linked to the SPDR S&P Biotech exchange-traded fund, according to an FWP filing with the Securities and Exchange Commission.
The payout at maturity will be par plus 125% of any ETF gain up to a maximum return of 25% to 30%, to be set at pricing.
Investors will receive par if the index falls by up to 15% and will lose 1% for every 1% decline beyond 15%.
Wells Fargo Securities LLC is the agent.
The notes (Cusip:13605WZQ7) will price Friday and settle July 22.
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