CIBC plans to price capped leveraged buffered notes linked to S&P 500

By Sarah Lizee

Olympia, Wash., July 9 – Canadian Imperial Bank of Commerce plans to price 19- to 22-month 0% capped leveraged 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 1.4 times the index return, subject to a maximum settlement amount that is expected to be $1,178.50 to $1,209.44 per $1,000 principal amount of notes. Investors will receive par if the index declines by 12.5% or less and will lose 1.1429% for each 1% that the index may decline beyond 12.5%.

The exact terms will be set at pricing.

CIBC World Markets Corp. is the agent.

The Cusip number is 13605WRR4.

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