CIBC to price notes on 11 Raymond James top pick healthcare stocks

By Marisa Wong

Morgantown, W.Va., Oct. 18 – Canadian Imperial Bank of Commerce plans to price 0% notes linked to Raymond James Healthcare Top Selections due April 22, 2020, according to a 424B2 filing with the Securities and Exchange Commission.

The notes are linked to an equally weighted basket of 11 common equity securities of entities in the healthcare industry selected by Raymond James & Associates, Inc. The reference shares are CVS Health Corp., Gilead Sciences, Inc., ICU Medical, Inc., Incyte Corp., Iqvia Holdings Inc., Intuitive Surgical, Inc., Stryker Corp., Teleflex Inc., Tenet Healthcare Corp., UnitedHealth Group Inc. and Zimmer Biomet Holdings, Inc.

Initially, each reference stock will have a 9.0909% weight. If the issuer determines on Oct. 19 that one or more of the reference shares has relatively lower liquidity than the rest of the basket stocks, the issuer may assign a lower weight to those reference shares.

The payout at maturity will be par of $1,000 times 98.85% times the basket level percentage. Because of the 98.85% participation rate, investors will receive less than par if the basket does not gain by at least 1.17%.

CIBC World Markets Corp. is the agent.

The notes will price on Oct. 19.

The Cusip number is 136069X89.

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