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CIBC plans three-year market-linked step-up notes tied to MSCI EM
By Wendy Van Sickle
Columbus, Ohio, April 25 – Canadian Imperial Bank of Commerce plans to price 0% market-linked step up notes due April 2019 linked to the MSCI Emerging Markets index, according to an FWP filing with the Securities and Exchange Commission.
If the index finishes above the step-up level – 121% to 127% of the initial value – the payout at maturity will be par plus the index return.
If the index gains by up to the step-up level, the payout will be par plus the step-up payment of 21% to 27%.
Investors will be fully exposed to any index decline.
Merrill Lynch & Co. is the agent.
The notes will price in April and settle in May.
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