CIBC plans to sell Accelerated Return Notes on financial stock basket

By Devika Patel

Knoxville, Tenn., Dec. 19 – Canadian Imperial Bank of Commerce plans to price 0% Accelerated Return Notes due February 2018 linked to a basket of three equally weighted financial sector stocks, according to an FWP filing with the Securities and Exchange Commission.

The underlying stocks are Citigroup Inc., JPMorgan Chase & Co. and Morgan Stanley.

The payout at maturity will be par of $10 plus triple any basket gain, up to a maximum return of 20.5% to 24.5%. The exact cap will be set at pricing.

Investors will lose 1% for each 1% decline.

BofA Merrill Lynch is the agent.

The notes will price and settle in December.

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