By Wendy Van Sickle
Columbus, Ohio, April 6 – Canadian Imperial Bank of Commerce plans to priced $2.34 million 0% buffered notes due March 31, 2022 linked to the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
If the index return is zero or positive, the payout at maturity will be par plus the index return.
If the index falls by up to 25%, the payout will be par.
If the index falls by more than 25%, investors will lose 1% for every 1% decline beyond the buffer.
CIBC World Markets Corp. is the agent.
| Issuer: | Canadian Imperial Bank of Commerce
|
| Issue: | Buffered notes
|
| Underlying index: | S&P 500
|
| Amount: | $2,337,000
|
| Maturity: | March 31, 2020
|
| Coupon: | 0%
|
| Price: | Par
|
| Payout at maturity: | Par plus any index gain; par if index falls by up to 25%; 1% loss per 1% index decline beyond 25%
|
| Initial level: | 2,358.57
|
| Pricing date: | March 28
|
| Settlement date: | March 31
|
| Agent: | CIBC World Markets Corp
|
| Fees: | 3.25%
|
| Cusip: | 13605WCK5
|
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