CIBC to price Accelerated Return Notes linked to basket of indexes

By Angela McDaniels

Tacoma, Wash., Oct. 7 – Canadian Imperial Bank of Commerce plans to price 0% Accelerated Return Notes due December 2020 linked to an index basket, according to an FWP filing with the Securities and Exchange Commission.

The basket includes the Euro Stoxx 50 index with a 40% weight, the FTSE 100 index with a 20% weight, the Nikkei Stock Average index with a 20% weight, the Swiss Market index with a 7.5% weight, the S&P/ASX 200 index with a 7.5% weight and the Hang Seng index with a 5% weight.

If the final basket level is greater than the initial basket level, the payout at maturity will be par of $10 plus 300% of the basket return, subject to a cap that is expected to be 15% to 19% and will be set at pricing.

If the final basket level is less than the initial basket level, investors will be exposed to the decline. BofA Securities, Inc. is the agent.

The notes will price and settle in October.

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