CIBC plans notes on 10 Raymond James Housing Industry Top Selections

By Marisa Wong

Morgantown, W.Va., June 8 – Canadian Imperial Bank of Commerce plans to price 0% notes linked to Raymond James Housing Industry Top Selections due Dec. 27, 2019, according to a 424B3 filing with the Securities and Exchange Commission.

The notes are linked to an equally weighted basket of 10 common equity securities of entities in the housing industry selected by Raymond James & Associates, Inc. The reference shares are American Homes 4 Rent, Beacon Roofing Supply, Inc., D.R. Horton, Inc., Foundation Building Materials, Inc., Home Depot, Inc., Invitation Homes Inc., Lennar Corp., Lowe’s Cos., Inc., Mohawk Industries, Inc. and Toll Brothers, Inc.

Initially, each reference stock will have a 10% weight. If the issuer determines on the pricing date 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 June 22.

The Cusip number is 136069G62.

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