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CIBC plans capped Leveraged Index Return Notes linked to S&P 500
By Angela McDaniels
Tacoma, Wash., Oct. 7 – Canadian Imperial Bank of Commerce plans to price 0% capped Leveraged Index Return Notes due December 2020 linked to the S&P 500 index, according to an FWP filing with the Securities and Exchange Commission.
If the index return is positive, the payout at maturity will be par of $10 plus 200% of the index return, subject to a maximum return that is expected to be 7% to 11% and will be set at pricing. Investors will receive par if the index declines by 5% or less and will lose 1% for every 1% that it declines beyond 5%.
BofA Securities, Inc. is the agent.
The notes will price and settle in October.
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