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CIBC plans capped Leveraged Index Return Notes linked to Russell 2000
By Devika Patel
Knoxville, Tenn., Aug. 24 – Canadian Imperial Bank of Commerce plans to price 0% capped Leveraged Index Return Notes due August 2020 tied to the Russell 2000 index, according to an FWP filing with the Securities and Exchange Commission.
The payout at maturity will be par of $10 plus double any index gain, subject to a maximum payout of 13% to 17%. The exact cap will be set at pricing.
Investors will receive par if the index remains flat or falls by up to 10% and will lose 1% for every 1% decline from the initial level if the index falls more than 10%.
BofA Merrill Lynch is the agent.
The notes will price in August and settle in September.
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