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CIBC plans three-year buffered digital notes linked to S&P 500
By Marisa Wong
Morgantown, W.Va., March 8 – Canadian Imperial Bank of Commerce plans to price 0% buffered digital notes due March 12, 2020 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 at least 20%. The exact digital return will be set at pricing.
If the index falls by up to 17%, the payout will be par.
If the index falls by more than 17%, investors will lose 1% for every 1% decline beyond the buffer.
BNP Paribas Securities Corp. is the agent.
The notes will price on March 9.
The Cusip number is 13605WCM1.
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