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CIBC plans 6.5% one-year STEP Income notes on JPMorgan via Merrill
By Susanna Moon
Chicago, April 13 – Canadian Imperial Bank of Commerce plans to price 6.5% STEP Income Securities due May 2018 linked to JPMorgan Chase & Co. shares, according to an FWP filing with the Securities and Exchange Commission.
Interest is payable quarterly.
If JPMorgan shares finish at or above the step level – 106.5% of the initial price – the payout at maturity will be par of $10 plus a step payment of 1% to 5%, with the exact amount to be set at pricing.
If the shares gain by up to the step level, the payout at maturity will be par.
Investors will be exposed to any losses.
BofA Merrill Lynch is the agent.
The notes will price and settle in April.
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