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CIBC plans six-year market-linked step-up notes linked to the Dow
By Marisa Wong
Morgantown, W.Va., Jan. 13 – Canadian Imperial Bank of Commerce plans to price 0% market-linked step-up notes due January 2022 tied to the Dow Jones industrial average, according to an FWP filing with the Securities and Exchange Commission.
If the index finishes above the step-up level – 135% to 141% of the initial value – the payout at maturity will be par plus the index return.
If the index gains by up to the step-up level, the payout will be par plus the step-up payment of 35% to 41%.
If the index falls by up to 20%, the payout will be par.
Investors will be exposed to any index decline beyond 20%.
BofA Merrill Lynch is the underwriter.
The notes will price in January and settle in February.
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