CIBC plans market-linked notes tied to Energy Select Sector SPDR fund

By Wendy Van Sickle

Columbus, Ohio, March 29 – 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 Oct. 5, 2020 linked to the Energy Select Sector SPDR fund, according to a 424B3 filing with the Securities and Exchange Commission.

The payout at maturity will be par plus 170% of any fund gain, up to a maximum return of 33% to 38%. The exact cap will be set at pricing.

Investors will receive par if the fund falls by up to 15% and will lose 1% for each 1% decline beyond 15%.

Wells Fargo Securities, LLC is the agent.

The notes will price on March 31 and settle on April 5.

The Cusip number is 13605WCL3.

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