CIBC to price notes on 14 Raymond James top pick healthcare stocks

By Marisa Wong

Morgantown, W.Va., July 20 – Canadian Imperial Bank of Commerce plans to price 0% notes linked to Raymond James Healthcare Top Selections due July 31, 2018, according to a 424B3 filing with the Securities and Exchange Commission.

The notes are linked to a basket of 14 common equity securities of entities in the healthcare industry selected by Raymond James & Associates, Inc. The reference shares are Acadia Healthcare Co., Inc., Allergan plc, Becton, Dickinson and Co., Celgene Corp., Envision Healthcare Corp., ICU Medical, Inc., INC Research Holdings, Inc., Laboratory Corp. of America Holdings, Mallinckrodt plc, Premier, Inc., Sage Therapeutics, Inc., Steris plc, TG Therapeutics, Inc. and UnitedHealth Group Inc.

Initially, each reference stock will have a 7 1/7% weight. If the issuer determines on July 21 that one or more of the reference shares has relatively lower liquidity than the rest of the basket stocks, the issuer may assign a lower weight to those reference shares.

The payout at maturity will be par of $1,000 times 99.05% times the basket level percentage. Because of the 99.05% participation rate, investors will receive less than par if the basket level percentage is less than 100.96%.

For each stock, its initial share price is the average of its average intraday prices on each averaging date – July 21, July 24 and July 25.

CIBC World Markets Corp. is the agent.

The notes will price July 21.

The Cusip number is 13605WDY4.

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