Published on 4/11/2019 in the Prospect News Structured Products Daily.
New Issue: CIBC sells $701,000 notes on Raymond James equity securities selections
By Marisa Wong
Morgantown, W.Va., April 11 – Canadian Imperial Bank of Commerce priced $701,000 of notes linked to Raymond James equity securities selections due March 24, 2021, according to a 424B2 filing with the Securities and Exchange Commission.
The notes are linked to an equally weighted basket of 20 common equity securities selected by Raymond James & Associates, Inc. The reference shares are Alaska Air Group, Inc., Allstate Corp., Best Buy Co., Inc., Comcast Corp., CareTrust REIT, Inc., CVS Health Corp., Chevron Corp., Delta Air Lines, Inc., Fastenal Co., Gilead Sciences, Inc., Granite Point Mortgage Trust Inc., Hewlett Packard Enterprise Co., Medtronic plc, Marathon Petroleum Corp., Oneok, Inc., Old Republic International Corp., Qualcomm Inc., Union Pacific Corp., United Parcel Service, Inc. and Walmart Inc.
Interest is payable quarterly. The amount of interest to be paid will depend on the total dividends paid on the reference stocks during the preceding quarter.
The payout at maturity will be par of $1,000 times 98.6% times the basket level percentage. Because of the 98.6% participation rate, investors will receive less than par if the basket does not gain by at least 1.42%.
CIBC World Markets Corp. is the agent.
| Issuer: | Canadian Imperial Bank of Commerce
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| Issue: | Notes linked to Raymond James equity securities selections
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| Underlying basket: | Alaska Air Group, Inc. (Symbol: ALK), Allstate Corp. (Symbol: ALL), Best Buy Co., Inc. (Symbol: BBY), Comcast Corp. (Symbol: CMCSA), CareTrust REIT, Inc. (Symbol: CTRE), CVS Health Corp. (Symbol: CVS), Chevron Corp. (Symbol: CVX), Delta Air Lines, Inc. (Symbol: DAL), Fastenal Co. (Symbol: FAST), Gilead Sciences, Inc. (Symbol: GILD), Granite Point Mortgage Trust Inc. (Symbol: GPMT), Hewlett Packard Enterprise Co. (Symbol: HPE), Medtronic plc (Symbol: MDT), Marathon Petroleum Corp. (Symbol: MPC), Oneok, Inc. (Symbol: OKE), Old Republic International Corp. (Symbol: ORI), Qualcomm Inc. (Symbol: QCOM), Union Pacific Corp. (Symbol: UNP), United Parcel Service, Inc. (Symbol: UPS) and Walmart Inc. (Symbol: WMT); equally weighted
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| Amount: | $701,000
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| Maturity: | March 24, 2021
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| Coupon: | Payable quarterly; amount to be paid will depend on the total dividends paid on the reference stocks during the preceding quarter
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| Price: | Par of $1,000
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| Payout at maturity: | Par times 98.6% times the basket return
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| Initial prices: | $54.25 for Alaska Air, $94.17 for Allstate, $70.11 for Best Buy, $39.46 for Comcast, $23.43 for CareTrust, $56.04 for CVS, $123.09 for Chevron, $49.76 for Delta, $61.70 for Fastenal, $63.77 for Gilead, $18.59 for Granite Point, $15.29 for Hewlett Packard, $90.39 for Medtronic, $61.30 for Marathon, $69.01 for Oneok, $20.63 for Old Republic, $56.82 for Qualcomm, $160.62 for Union Pacific, $107.35 for UPS, $98.28 for Walmart
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| Pricing date: | March 22
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| Settlement date: | March 29
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| Agent: | CIBC World Markets Corp.
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| Fees: | None
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| Cusip: | 136071AB3
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