Published on 10/31/2018 in the Prospect News Structured Products Daily.
New Issue: CIBC sells $120,000 notes on Raymond James top pick healthcare stocks
By Marisa Wong
Morgantown, W.Va., Oct. 31 – Canadian Imperial Bank of Commerce priced $120,000 of 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.
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 Healthcare Top Selections
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| Underlying basket: | CVS Health Corp. (Symbol: CVS); Gilead Sciences, Inc. (Symbol: GILD); ICU Medical, Inc. (Symbol: ICUI); Incyte Corp. (Symbol: INCY); Iqvia Holdings Inc. (Symbol: IQV); Intuitive Surgical, Inc. (Symbol: ISRG); Stryker Corp. (Symbol: SYK); Teleflex Inc. (Symbol: TFX); Tenet Healthcare Corp. (Symbol: THC); UnitedHealth Group Inc. (Symbol: UNH); and Zimmer Biomet Holdings, Inc. (Symbol: ZBH); equally weighted
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| Amount: | $120,000
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| Maturity: | April 22, 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: | $74.18 for CVS, $73.27 for Gilead, $264.70 for ICU, $66.06 for Incyte, $126.89 for Iqvia, $504.26 for Intuitive, $168.94 for Stryker, $243.39 for Teleflex, $26.12 for Tenet, $265.30 for UnitedHealth, $124.40 for Zimmer
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| Pricing date: | Oct. 19
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| Settlement date: | Oct. 26
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| Agent: | CIBC World Markets Corp.
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| Fees: | 1.5%
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| Cusip: | 136069X71
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