Published on 8/30/2018 in the Prospect News Structured Products Daily.
New Issue: CIBC sells $989,000 notes on nine Raymond James Regional Bank top picks
By Marisa Wong
Morgantown, W.Va., Aug. 30 – Canadian Imperial Bank of Commerce priced $989,000 of 0% notes linked to Raymond James Regional Bank Top Selections due Feb. 26, 2020, according to a 424B2 filing with the Securities and Exchange Commission.
The notes are linked to an equally weighted basket of nine common equity securities of U.S. regional banking companies selected by Raymond James & Associates, Inc. The reference shares are Chemical Financial Corp., F.N.B. Corp., First Horizon National Corp., Hancock Whitney Corp., Origin Bancorp, Inc., PacWest Bancorp, Preferred Bank, SVB Financial Group and Wintrust Financial Corp.
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.
Issuer: | Canadian Imperial Bank of Commerce
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Issue: | Notes linked to Raymond James Regional Bank Top Selections
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Underlying basket: | Chemical Financial Corp. (Symbol: CHFC), F.N.B. Corp. (Symbol: FNB), First Horizon National Corp. (Symbol: FHN), Hancock Whitney Corp. (Symbol: HWC), Origin Bancorp, Inc. (Symbol: OBNK), PacWest Bancorp (Symbol: PACW), Preferred Bank (Symbol: PFBC), SVB Financial Group (Symbol: SIVB) and Wintrust Financial Corp. (Symbol: WTFC); equally weighted
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Amount: | $989,000
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Maturity: | Feb. 26, 2020
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Coupon: | 0%
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Price: | Par of $1,000
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Payout at maturity: | Par times 97.35% times the basket return
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Initial prices: | $57.66 for Chemical, $13.51 for F.N.B., $18.60 for First Horizon, $51.65 for Hancock, $40.67 for Origin, $50.42 for PacWest, $62.09 for Preferred, $326.53 for SVB, $89.85 for Wintrust
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Pricing date: | Aug. 24
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Settlement date: | Aug. 31
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Agent: | CIBC World Markets Corp.
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Fees: | 1.5%
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Cusip: | 136069P96
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