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CIBC plans 14-month market-linked step-up noted tied to Stoxx 50
By Susanna Moon
Chicago, May 31 – Canadian Imperial Bank of Commerce plans to price market-linked step-up notes due August 2019 linked to the Euro Stoxx 50 index, according to an FWP with the Securities and Exchange Commission.
If the index finishes at or above the step-up value – 111% to 117% of the initial level – the payout at maturity will be par of $10 plus the index gain.
If the index gains by up to the step-up level, the payout will be par plus the step-up payment of 11% to 17%.
Otherwise, investors will lose 1% for each 1% decline.
BofA Merrill Lynch is the agent.
The notes will price in June and settle in July.
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