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CIBC plans to price capped leveraged notes with absolute return buffer on S&P
By Emma Trincal
New York, April 23 – Canadian Imperial Bank of Commerce plans to price 0% capped leveraged notes with absolute return buffer due April 2029 linked to the S&P 500 index, according to an FWP filing with the Securities and Exchange Commission.
The payout at maturity will be par of $10 plus 1.1 to 1.3 times any index gain, subject to a maximum return of par plus 60%. The exact leverage multiple will be set at pricing.
If the index finishes flat or falls by up to 20%, investors will receive par plus the absolute value of the index return.
Otherwise, investors will lose 1% for every 1% decline beyond 20%.
BofA Securities, Inc. is the agent.
The notes will price in April and settle in May.
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