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CIBC plans market-linked step-up notes tied to Energy Select Sector
By Devika Patel
Knoxville, Tenn., March 31 – Canadian Imperial Bank of Commerce plans to price 0% market-linked step-up notes due April 2018 tied to the Energy Select Sector index, according to an FWP filing with the Securities and Exchange Commission.
If the index finishes above the step-up level – 119% to 125% of the initial value – the payout at maturity will be par plus the index return.
If the index gains by up to the step-up level, the payout will be par plus the step-up payment of 19% to 25%.
Investors will be fully exposed to any index decline.
Merrill Lynch, Pierce, Fenner & Smith Inc. is the agent.
The notes will price in April and settle in May.
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