CIBC plans to price market-linked step-up notes linked to Dow

By Wendy Van Sickle

Columbus, Ohio, Oct. 14 – Canadian Imperial Bank of Commerce plans to price 0% market-linked step-up notes due October 2019 linked to the Dow Jones industrial average, according to an FWP filing with the Securities and Exchange Commission.

If the final index level is greater than the step-up value, the payout at maturity will be par of $10 plus the index return. The step-up value is expected to be 116% to 122% of the initial index level.

If the final index level is greater than or equal to the initial level but less than or equal to the step-up value, the payout will be par plus the step-up payment, which is expected to be 16% to 22%.

Investors will be fully exposed to any decline in the index.

The exact step-up value and step-up payment will be set at pricing.

BofA Merrill Lynch is the agent.

The notes are expected to price in October and settle in November.

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