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CIBC to price capped leveraged buffered notes linked to S&P 500
By Sarah Lizee
Olympia, Wash., Oct. 10 – Canadian Imperial Bank of Commerce plans to price 0% capped leveraged buffered notes linked to the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will mature between 24 and 27 months after pricing.
If the index return is positive, the payout at maturity will be par plus 1.5 times the index gain, subject to a maximum settlement amount of $1,177.45 to $1,208.20 per $1,000 principal amount. The cap will be set at pricing.
If the index falls by up to 10%, the payout will be par. If the index falls by more than 10%, investors will lose 1.1111% for every 1% decline beyond the buffer.
CIBC World Markets Corp. is the agent.
The Cusip number is 13605WMQ1.
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