CIBC plans Raymond James Healthcare Top Selections notes on 16 stocks

By Marisa Wong

Morgantown, W.Va., March 20 – Canadian Imperial Bank of Commerce plans to price 0% notes linked to Raymond James Healthcare Top Selections due Sept. 26, 2019, according to a 424B3 filing with the Securities and Exchange Commission.

The notes are linked to a basket of 16 common equity securities of entities in the healthcare industry selected by Raymond James & Associates, Inc. The reference shares are Incyte Corp., Vertex Pharmaceuticals Inc., Sage Therapeutics, Inc., Spark Therapeutics, Inc., DaVita Inc., CVS Health Corp., UnitedHealth Group Inc., Becton, Dickinson and Co., Hill-Rom Holdings, Inc., Baxter International Inc., ICU Medical, Inc., Abbott Laboratories, Boston Scientific Corp., Laboratory Corp. of America Holdings, HMS Holdings Corp. and Mylan NV.

Initially, each reference stock will have a 6.25% weight. If the issuer determines on March 23 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 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.

The notes will price on March 23.

The Cusip number is 136069YJ4.

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