CIBC eyes capped Leveraged Index Return Notes linked to S&P 500 index

By Devika Patel

Knoxville, Tenn., April 3 – Canadian Imperial Bank of Commerce plans to price 0% capped Leveraged Index Return Notes due June 2018 tied to the S&P 500 index, according to an FWP filing with the Securities and Exchange Commission.

The payout at maturity will be par of $10 plus double any index gain, subject to a maximum payout of 6% to 10%. The exact cap will be set at pricing.

Investors will receive par if the index falls by up to 5% and will lose 1% for every 1% decline beyond 5%.

BofA Merrill Lynch is the agent.

The notes will price in April and settle in May.

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