CIBC plans two-year market-linked step-up notes linked to Euro Stoxx 50

By Susanna Moon

Chicago, Oct. 4 – Canadian Imperial Bank of Commerce plans to price 0% market-linked step-up notes due October 2018 linked to the Euro Stoxx 50 index, according to an FWP filing with the Securities and Exchange Commission.

If the index finishes at or above the step-up value – 123% to 129% of the initial level – the payout at maturity will be par plus the index gain.

If the index finishes below the step-up level but at or above the initial level, the payout will be par plus the step-up return of 23% to 29%.

Investors will be exposed to any losses.

BofA Merrill Lynch is the agent.

The notes will price in October and settle in November.

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