Published on 6/28/2018 in the Prospect News Structured Products Daily.
New Issue: CIBC prices $165,000 notes on 10 Raymond James Housing Top Selections
By Marisa Wong
Morgantown, W.Va., June 28 – Canadian Imperial Bank of Commerce priced $165,000 of 0% notes linked to Raymond James Housing Industry Top Selections due Dec. 27, 2019, according to a 424B2 filing with the Securities and Exchange Commission.
The notes are linked to an equally weighted basket of 10 common equity securities of entities in the housing industry selected by Raymond James & Associates, Inc. The reference shares are American Homes 4 Rent, Beacon Roofing Supply, Inc., D.R. Horton, Inc., Foundation Building Materials, Inc., Home Depot, Inc., Invitation Homes Inc., Lennar Corp., Lowe’s Cos., Inc., Mohawk Industries, Inc. and Toll Brothers, 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 Housing Industry Top Selections
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| Underlying basket: | American Homes 4 Rent (Symbol: AMH), Beacon Roofing Supply, Inc. (Symbol: BECN), D.R. Horton, Inc. (Symbol: DHI), Foundation Building Materials, Inc. (Symbol: FBM), Home Depot, Inc. (Symbol: HD), Invitation Homes Inc. (Symbol: INVH), Lennar Corp. (Symbol: LEN), Lowe’s Cos., Inc. (Symbol: LOW), Mohawk Industries, Inc. (Symbol: MHK) and Toll Brothers, Inc. (Symbol: TOL); equally weighted
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| Amount: | $165,000
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| Maturity: | Dec. 27, 2019
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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: | $21.85 for American, $44.97 for Beacon, $40.75 for D.R. Horton, $15.79 for Foundation, $197.41 for Home Depot, $22.60 for Invitation, $51.20 for Lennar, $98.22 for Lowe’s, $211.87 for Mohawk, $37.11 for Toll
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| Pricing date: | June 22
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| Settlement date: | June 29
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| Agent: | CIBC World Markets Corp.
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| Fees: | None
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| Cusip: | 136069G62
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