Published on 7/26/2017 in the Prospect News Structured Products Daily.
New Issue: CIBC sells $443,000 Raymond James Healthcare Top Selections notes tied to 14 stocks
By Marisa Wong
Morgantown, W.Va., July 26 – Canadian Imperial Bank of Commerce priced $443,000 of 0% notes linked to Raymond James Healthcare Top Selections due July 31, 2018, according to a 424B2 filing with the Securities and Exchange Commission.
The notes are linked to a basket of 14 common equity securities of entities in the healthcare industry selected by Raymond James & Associates, Inc. The reference shares are Acadia Healthcare Co., Inc., Allergan plc, Becton, Dickinson and Co., Celgene Corp., Envision Healthcare Corp., ICU Medical, Inc., INC Research Holdings, Inc., Laboratory Corp. of America Holdings, Mallinckrodt plc, Premier, Inc., Sage Therapeutics, Inc., Steris plc, TG Therapeutics, Inc. and UnitedHealth Group Inc. Each reference stock has a 7 1/7% weight.
The payout at maturity will be par of $1,000 times 99.05% times the basket level percentage. The basket level percentage is the sum of the weighted reference share performances. Because of the 99.05% participation rate, investors will receive less than par if the basket level percentage is less than 100.96%.
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: | Acadia Healthcare Co., Inc. (Symbol: ACHC), Allergan plc (Symbol: AGN), Becton, Dickinson and Co. (Symbol: BDX), Celgene Corp. (Symbol: CELG), Envision Healthcare Corp. (Symbol: EVHC), ICU Medical, Inc. (Symbol: ICUI), INC Research Holdings, Inc. (Symbol: INCR), Laboratory Corp. of America Holdings (Symbol: LH), Mallinckrodt plc (Symbol: MNK), Premier, Inc. (Symbol: PINC), Sage Therapeutics, Inc. (Symbol: SAGE), Steris plc (Symbol: STE), TG Therapeutics, Inc. (Symbol: TGTX) and UnitedHealth Group Inc. (Symbol: UNH); equally weighted
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| Amount: | $443,000
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| Maturity: | July 31, 2018
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| Coupon: | 0%
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| Price: | Par of $1,000
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| Payout at maturity: | Par times 99.05% times the basket level percentage, which is sum of weighted reference share performances
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| Initial price: | For each stock, average of stock’s average intraday prices on each of July 21, July 24 and July 25
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| Final price: | For each stock, sum of (a) average of closing prices on July, 24, 2018, July 25, 2018 and July 26, 2018 and (b) dividend amount for that stock
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| Pricing date: | July 21
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| Settlement date: | July 28
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| Agent: | CIBC World Markets Corp.
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| Fees: | None
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| Cusip: | 13605WDY4
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