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CIBC plans 14-month bear Accelerated Return Notes tied to S&P 500
By Marisa Wong
Morgantown, W.Va., July 24 – Canadian Imperial Bank of Commerce plans to price 0% bear Accelerated Return Notes due September 2018 linked to the S&P 500 index, according to an FWP filing with the Securities and Exchange Commission.
The payout at maturity will be par of $10 plus triple the absolute value of any index decline, up to a maximum return of 12% to 16%. The exact cap will be set at pricing.
Investors will lose 1% for every 1% gain in the index.
Bank of America Merrill Lynch is the agent.
The notes will price in July and settle in August.
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