New Issue: CIBC prices $5.07 million notes on basket of 28 Raymond James picks

By Wendy Van Sickle

Columbus, Ohio, April 26 – Canadian Imperial Bank of Commerce priced $5.07 million of notes due April 28, 2023 linked to a basket of equally weighted stocks selected in March by Raymond James & Associates, Inc., according to a 424B2 filing with the Securities and Exchange Commission.

The 28 reference shares are Analog Devices, Inc., Allstate Corp., American Homes 4 Rent, Avnet, Inc., Chubb Ltd., Cisco Systems, Inc., Casella Waste Systems, Inc., Darling Ingredients Inc., Devon Energy Corp., Eagle Materials Inc., Diamondback Energy, Inc., Freeport-McMoRan Inc., Forward Air Corp., Hartford Financial Services Group, Inc., Cheniere Energy, Inc., Marathon Oil Corp., Newmont Corp., ON Semiconductor Corp., Old Republic International Corp., PulteGroup, Inc., Pioneer Natural Resources Co., Royal Gold, Inc., Signature Bank, Tractor Supply Co., Webster Financial Corp., Wesco International, Inc., Wintrust Financial Corp. and Zions Bancorporation, NA.

The notes will pay interest quarterly. The amount of each interest payment, if any, will depend on the amount of dividends on each stock during the quarter preceding the coupon payment date and will equal the sum of the dividend amounts for each of the stocks multiplied by 97.8%. Because the participation rate is less than 100%, the coupon payments on the notes will be less than the dividend amounts.

For each $1,000 principal amount, the payout at maturity will be (a) $1,000 multiplied by (b) the basket level percentage – the sum of the weighted reference share performances – multiplied by (c) 97.8%. Because the participation rate is less than 100%, the basket level percentage must exceed 102.25% in order for investors to receive more than par.

For each stock, the initial share price is the average of that stock’s closing share prices on each of the four averaging dates shortly before the issue date of the notes. The final share price will be the average of that stock’s closing share prices on each of the four valuation dates prior to the maturity date.

CIBC World Markets Corp. is the agent.

Issuer:	Canadian Imperial Bank of Commerce
Issue:	Notes
Underlying stocks:	Analog Devices, Inc. (Symbol: ADI), Allstate Corp. (Symbol: ALL), American Homes 4 Rent (Symbol: AMH), Avnet, Inc. (Symbol: AVT), Chubb Ltd. (Symbol: CB), Cisco Systems, Inc. (Symbol: CSCO), Casella Waste Systems, Inc. (Symbol: CWST), Darling Ingredients Inc. (Symbol: DAR), Devon Energy Corp. (Symbol: DVN), Eagle Materials Inc. (Symbol: EXP), Diamondback Energy, Inc. (Symbol: FANG), Freeport-McMoRan Inc. (Symbol: FCX), Forward Air Corp. (Symbol: FWRD), Hartford Financial Services Group, Inc. (Symbol: HIG), Cheniere Energy, Inc. (Symbol: LNG), Marathon Oil Corp. (Symbol: MRO), Newmont Corp. (Symbol: NEM), ON Semiconductor Corp. (Symbol: ON), Old Republic International Corp. (Symbol: ORI), PulteGroup, Inc. (Symbol: PHM), Pioneer Natural Resources Co. (Symbol: PXD), Royal Gold, Inc. (Symbol: RGLD), Signature Bank (Symbol: SBNY), Tractor Supply Co. (Symbol: TSCO), Webster Financial Corp. (Symbol: WBS), WESCO International, Inc. (Symbol: WCC), Wintrust Financial Corp. (Symbol: WTFC) and Zions Bancorporation, NA (Symbol: ZION); equally weighted
Amount:	$5,073,000
Maturity:	April 28, 2023
Coupon:	Amount of each quarterly coupon will equal the sum of the dividend amounts for each of the stocks multiplied by 97.8%; coupon payments will be less than the dividend amounts
Price:	Par
Payout at maturity:	For each $1,000 principal amount, (a) $1,000 multiplied by (b) the basket level percentage – the sum of the weighted reference share performances – multiplied by (c) 97.8%; basket level percentage must exceed 102.25% in order for investors to receive more than par
Initial share price:	$155.25 for Analog, $132.07 for Allstate, $42.48 for American Homes, $39.14 for Avnet, $206.10 for Chubb, $51.36 for Cisco, $84.49 for Casella, $79.66 for Darling, $58.07 for Devon, $121.77 for Eagle, $130.10 for Diamondback, $41.91 for Freeport, $92.83 for Forward Air, $71.51 for Hartford, $135.70 for Cheniere, $25.00 for Marathon, $74.52 for Newmont, $51.78 for ON Semiconductor, $23.80 for Old Republic, $41.91 for Pultegroup, $236.24 for Pioneer, $137.29 for Royal Gold, $259.49 for Signature, $206.65 for Tractor Supply, $50.10 for Webster, $125.68 for Tesco, $92.78 for Wintrust, $60.74 for Zions
Pricing date:	April 22
Settlement date:	April 27
Agent:	CIBC World Markets Corp.
Fees:	1.25%
Cusip:	136071GG6

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.