Published on 8/30/2018 in the Prospect News Structured Products Daily.
New Issue: CIBC sells $396,000 notes on 16 Raymond James Technology top picks
By Marisa Wong
Morgantown, W.Va., Aug. 30 – Canadian Imperial Bank of Commerce priced $396,000 of 0% notes linked to Raymond James Technology 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 16 common equity securities of entities engaged in the technology sector selected by Raymond James & Associates, Inc. The reference shares are Arrow Electronics, Inc., Alibaba Group Holding Ltd., salesforce.com, inc., Facebook, Inc., FLIR Systems, Inc., Instructure, Inc., Lumentum Holdings Inc., Mastercard Inc., Microchip Technology Inc., Monolithic Power Systems, Inc., Microsoft Corp., Motorola Solutions, Inc., Pandora Media, Inc., RingCentral, Inc., VMware, Inc. and Worldpay, Inc.
The payout at maturity will be par of $1,000 times 98.85% times the basket level percentage. Because of the 98.85% participation rate, investors will receive less than par if the basket does not gain by at least 1.17%.
CIBC World Markets Corp. is the agent.
| Issuer: | Canadian Imperial Bank of Commerce
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| Issue: | Notes linked to Raymond James Technology Top Selections
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| Underlying basket: | Arrow Electronics, Inc. (Symbol: ARW), Alibaba Group Holding Ltd. (Symbol: BABA), salesforce.com, inc. (Symbol: CRM), Facebook, Inc. (Symbol: FB), FLIR Systems, Inc. (Symbol: FLIR), Instructure, Inc. (Symbol: INST), Lumentum Holdings Inc. (Symbol: LITE), Mastercard Inc. (Symbol: MA), Microchip Technology Inc. (Symbol: MCHP), Monolithic Power Systems, Inc. (Symbol: MPWR), Microsoft Corp. (Symbol: MSFT), Motorola Solutions, Inc. (Symbol: MSI), Pandora Media, Inc. (Symbol: P), RingCentral, Inc. (Symbol: RNG), VMware, Inc. (Symbol: VMW) and Worldpay, Inc. (Symbol: WP); equally weighted
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| Amount: | $396,000
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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 98.85% times the basket return
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| Initial prices: | $78.97 for Arrow, $174.23 for Alibaba, $152.30 for salesforce, $174.65 for Facebook, $61.33 for FLIR, $39.10 for Instructure, $65.10 for Lumentum, $209.40 for Mastercard, $86.98 for Microchip, $147.24 for Monolithic, $108.40 for Microsoft, $126.65 for Motorola, $8.07 for Pandora, $93.60 for RingCentral, $151.37 for VMware, $96.45 for Worldpay
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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: | None
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| Cusip: | 136069Q53
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