CIBC to price leveraged market-linked notes on ETF basket

By Sarah Lizee

Olympia, Wash., May 18 – Canadian Imperial Bank of Commerce plans to price 0% market-linked securities with leveraged upside participation to a cap and fixed percentage buffered downside due Dec. 4, 2023 linked to an ETF basket, according to a 424B2 filing with the Securities and Exchange Commission.

The basket components are the SPDR Dow Jones industrial average ETF trust (50% weight), SPDR S&P MidCap 400 ETF trust (30% weight) and iShares Russell 2000 ETF (20% weight).

The payout at maturity will be par plus 150% of any basket gain, subject to a 35% to 40% maximum gain.

Investors will receive par if the basket falls by up to 10% and will lose 1% for every 1% decline beyond the buffer.

Wells Fargo Securities, LLC is the agent.

The notes will price on May 29.

The Cusip number is 13605WYF2.

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