CIBC plans market-linked notes with leveraged upside on energy fund

By Susanna Moon

Chicago, Jan. 5 – 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 Aug. 3, 2020 linked to the Energy Select Sector SPDR fund, according to a 424B3 filing with the Securities and Exchange Commission.

The payout at maturity will be par plus 170% of any fund gain, up to a maximum return of 33% to 38%. The exact cap will be set at pricing.

Investors will receive par if the fund falls by up to 15% and will lose 1% for each 1% decline beyond 15%.

Wells Fargo Securities, LLC is the agent.

The notes will price on Jan. 31 and settle on Feb. 3.

The Cusip number is 13605WCC3.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.