CIBC will price buffered notes due 2021 linked to the S&P 500 index

By Devika Patel

Knoxville, Tenn., Nov. 9 – Canadian Imperial Bank of Commerce plans to price 0% buffered notes due Nov. 29, 2021 linked to the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.

If the index return is positive, the payout at maturity will be par plus the index return. If the index return is zero or negative but not below the buffer percentage, which is expected to fall between negative 18% and negative 22% and will be set at pricing, the payout will be par. If the index return is less than the buffer, investors will lose 1% for every 1% that the index declines beyond the buffer.

CIBC World Markets is the agent.

The notes (Cusip: 13605WBX8) will price Nov. 22 and settle Nov. 28.

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