Published on 4/2/2018 in the Prospect News Structured Products Daily.
New Issue: CIBC sells $495,000 notes on eight Raymond James top pick healthcare stocks
By Marisa Wong
Morgantown, W.Va., April 2 – Canadian Imperial Bank of Commerce priced $495,000 of 0% notes linked to Raymond James Healthcare Top Selections due Sept. 26, 2019, according to a 424B2 filing with the Securities and Exchange Commission.
The notes are linked to an equally weighted basket of eight common equity securities of entities in the healthcare industry selected by Raymond James & Associates, Inc. The reference shares are CVS Health Corp., UnitedHealth Group Inc., Abbott Laboratories, Boston Scientific Corp., Mylan NV, Incyte Corp., Vertex Pharmaceuticals Inc., Sage Therapeutics, Inc.
The payout at maturity will be par plus double any basket gain, subject to a maximum return of 30%. Investors will be fully exposed to any basket decline.
CIBC World Markets Corp. is the agent.
Issuer: | Canadian Imperial Bank of Commerce
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Issue: | Notes linked to Raymond James Healthcare Top Selections
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Underlying basket: | CVS Health Corp. (Symbol: CVS), UnitedHealth Group Inc. (Symbol: UNH), Abbott Laboratories (Symbol: ABT), Boston Scientific Corp. (Symbol: BSX), Mylan NV (Symbol: MYL), Incyte Corp. (Symbol: INCY), Vertex Pharmaceuticals Inc. (Symbol: VRTX) and Sage Therapeutics, Inc. (Symbol: SAGE); equally weighted
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Amount: | $495,000
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Maturity: | Sept. 26, 2019
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Coupon: | 0%
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Price: | Par of $1,000
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Payout at maturity: | Par plus double any basket gain, subject to a maximum return of 30%; full exposure to any basket decline
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Initial price: | $83.06 for Incyte, $160.93 for Vertex, $156.23 for Sage, $60.86 for CVS, $212.55 for UnitedHealth, $59.50 for Abbott, $26.30 for Boston, $38.87 for Mylan
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Pricing date: | March 23
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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: | 13605WKD2
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