Published on 10/8/2018 in the Prospect News Structured Products Daily.
New Issue: CIBC sells $800,000 notes on 12 Raymond James Financial top picks
By Wendy Van Sickle
Columbus, Ohio, Oct. 8 – Canadian Imperial Bank of Commerce priced $800,000 of 0% notes linked to Raymond James Financial Top Selections due March 25, 2020, according to a 424B2 filing with the Securities and Exchange Commission.
The notes are linked to an equally weighted basket of 12 common equity securities of entities engaged in the financial sector selected by Raymond James & Associates, Inc. The reference shares are CBRE Group, Inc., Chemical Financial Corp., E*Trade Financial Corp., F.N.B. Corp., Hancock Whitney Corp., Northern Trust Corp., Origin Bancorp, Inc., Old Republic International Corp., PacWest Bancorp, Preferred Bank, Synnex Corp., SVB Financial Group and Wintrust Financial Corp.
The payout at maturity will be par of $1,000 times 97.35% times the basket level percentage. Because of the 97.35% participation rate, investors will receive less than par if the basket does not gain by at least 2.73%.
CIBC World Markets Corp. is the agent.
| Issuer: | Canadian Imperial Bank of Commerce
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| Issue: | Notes linked to Raymond James Financial Top Selections
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| Underlying basket: | CBRE Group, Inc. (Symbol: CBRE), Chemical Financial Corp. (Symbol: CHFC), E*Trade Financial Corp. (Symbol: ETFC), F.N.B. Corp. (Symbol: FNB), Hancock Whitney Corp. (Symbol: HWC), Northern Trust Corp. (Symbol: NTRS), Origin Bancorp, Inc. (Symbol: OBNK), Old Republic International Corp. (Symbol: MCHP), PacWest Bancorp (Symbol: PACW), Preferred Bank (Symbol: PFBC), SVB Financial Group (Symbol: SIVB) and Wintrust Financial Corp. (Symbol: WTFC); equally weighted
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| Amount: | $800,000
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| Maturity: | March 25, 2020
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| Coupon: | 0%
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| Price: | Par of $1,000
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| Payout at maturity: | Par times 97.35% times the basket return
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| Initial prices: | $45.46 for CBRE, $56.61 for Chemical Financial, $55.02 for E*Trade, $13.33 for F.N.B., $49.95 for Hancock Whitney, $106.35 for Northern Trust, $38.75 for Origin, $22.95 for Old Republic, $50.75 for PacWest, $61.35 for Preferred, $324.09 for SVB, $90.32 for Wintrust
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| Pricing date: | Sept. 21
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| Settlement date: | Sept. 28
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| Agent: | CIBC World Markets Corp.
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| Fees: | 1.5%
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| Cusip: | 136069T84
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