Bond CBIC 0% ( US13605WTH42 ) in USD

Issuer CBIC
Market price 100 %  ⇌ 
Country  Canada
ISIN code  US13605WTH42 ( in USD )
Interest rate 0%
Maturity 03/03/2022 - Bond has expired



Prospectus brochure of the bond CIBC US13605WTH42 in USD 0%, expired


Minimal amount 1 000 USD
Total amount 12 643 000 USD
Cusip 13605WTH4
Standard & Poor's ( S&P ) rating N/A
Moody's rating N/A
Detailed description CIBC is a leading North American financial institution offering a wide range of financial products and services to personal and business clients, including banking, wealth management, and capital markets.

The Bond issued by CBIC ( Canada ) , in USD, with the ISIN code US13605WTH42, pays a coupon of 0% per year.
The coupons are paid 2 times per year and the Bond maturity is 03/03/2022







424B2 1 a19-21743_3424b2.htm 424B2

Filed Pursuant to Rule 424(b)(2)
Registration No. 333-216286


PRICING SUPPLEMENT dated November 1, 2019
(To Prospectus Supplement dated November 6, 2018
and Prospectus dated March 28, 2017)


Ca na dia n I m pe ria l Ba nk of Com m e rc e
$ 1 2 ,6 4 3 ,0 0 0
Se nior Globa l M e dium -T e rm N ot e s
Ca ppe d Le ve ra ge d Buffe re d Ba sk e t -Link e d
N ot e s due M a rc h 3 , 2 0 2 2

T he not e s do not be a r int e re st . The amount that you will be paid on your notes on the stated maturity date (March 3, 2022, subject to adjustment) is
based on the performance of a weighted basket comprised of the EURO STOXX 50® Index (36.00% weighting), the TOPIX (27.00% weighting), the
FTSE® 100 Index (19.00% weighting), the Swiss Market Index (10.00% weighting) and the S&P/ASX 200 Index (8.00% weighting) (the "basket") as
measured from the trade date to and including the determination date (March 1, 2022, subject to adjustment). The initial basket level is 100 and the final
basket level will equal the sum of the products, as calculated for each basket underlier, of: (i) the final basket underlier level divided by the initial basket
underlier level (set on the trade date and equal to the closing level of the basket underlier on the trade date) multiplied by (ii) the applicable initial weighted
value for the basket underlier. If the final basket level on the determination date is greater than the initial basket level, the return on your notes will be
positive, subject to the maximum settlement amount ($1,384.00 for each $1,000 face amount of your notes). If the final basket level declines by up to
20.00% from the initial basket level, you will receive the face amount of your notes. I f t he fina l ba sk e t le ve l de c line s by m ore t ha n 2 0 .0 0 %
from t he init ia l ba sk e t le ve l, t he re t urn on your not e s w ill be ne ga t ive . Y ou c ould lose your e nt ire inve st m e nt in t he not e s.

To determine your payment at maturity, we will calculate the basket return, which is the percentage increase or decrease in the final basket level from the
initial basket level. On the stated maturity date, for each $1,000 face amount of your notes, you will receive an amount in cash equal to:

·
if the basket return is

positive (i.e. the final basket level is greater than the initial basket level), the sum of (i) $1,000 plus (ii) the product of
(a) $1,000 times (b) 2.0 times (c) the basket return, subject to the maximum settlement amount;

·
if the basket return is

zero or negative but not below -20.00% (i.e. the final basket level is equal to or is less than the initial basket level, but not by
more than 20.00%), $1,000; or

·
if the basket return is

negative and is below -20.00% (i.e. the final basket level is less than the initial basket level by more than 20.00%), the sum of
(i) $1,000 plus (ii) the product of (a) 1.25 times (b) the sum of the basket return plus 20.00% times (c) $1,000.

De c line s in one ba sk e t unde rlie r m a y offse t inc re a se s in t he ot he r ba sk e t unde rlie rs. Due t o t he une qua l w e ight ing of e a c h
ba sk e t unde rlie r, t he pe rform a nc e s of t he EU RO ST OX X 5 0 ® I nde x , t he T OPI X a nd t he FT SE ® 1 0 0 I nde x w ill ha ve a
signific a nt ly la rge r im pa c t on your re t urn on t he not e s t ha n t he pe rform a nc e of t he Sw iss M a rk e t I nde x or t he S& P/ASX 2 0 0
I nde x .

T he not e s ha ve c om ple x fe a t ure s a nd inve st ing in t he not e s involve s risk s not a ssoc ia t e d w it h a n inve st m e nt in c onve nt iona l
de bt se c urit ie s. Se e "Addit iona l Risk Fa c t ors Spe c ific t o Y our N ot e s" be ginning on pa ge PRS -1 3 of t his Pric ing Supple m e nt .

Our estimated value of the notes on the trade date, based on our internal pricing models, is $997.50 per note. The estimated value is less than the initial
issue price of the notes. See "The Bank's Estimated Value of the Notes" in this Pricing Supplement.


Initial Issue Price
Price to Public
Agent's Commission
Proceeds to Issuer
Per Note
$1,000
100%
0%
100%
Total
$12,643,000
$12,643,000
$0
$12,643,000

T he not e s a re unse c ure d obliga t ions of Ca na dia n I m pe ria l Ba nk of Com m e rc e a nd a ll pa ym e nt s on t he not e s a re subje c t t o
t he c re dit risk of Ca na dia n I m pe ria l Ba nk of Com m e rc e . T he not e s w ill not c onst it ut e de posit s insure d by t he Ca na da De posit
I nsura nc e Corpora t ion, t he U .S. Fe de ra l De posit I nsura nc e Corpora t ion or a ny ot he r gove rnm e nt a ge nc y or inst rum e nt a lit y of
Ca na da , t he U nit e d St a t e s or a ny ot he r jurisdic t ion. T he not e s a re not ba il-ina ble not e s (a s de fine d on pa ge S-2 of t he
prospe c t us supple m e nt ).

N e it he r t he U nit e d St a t e s Se c urit ie s a nd Ex c ha nge Com m ission (t he "SEC") nor a ny st a t e or provinc ia l se c urit ie s c om m ission
ha s a pprove d or disa pprove d of t he se se c urit ie s or de t e rm ine d if t his Pric ing Supple m e nt or t he a c c om pa nying Produc t
Supple m e nt N o. 6 , a c c om pa nying Ge ne ra l T e rm s Supple m e nt N o. 1 , a c c om pa nying Prospe c t us Supple m e nt a nd a c c om pa nying
Prospe c t us is t rut hful or c om ple t e . Any re pre se nt a t ion t o t he c ont ra ry is a c rim ina l offe nse .

The issue price, agent's commission and net proceeds listed above relate to the notes we will sell initially. We may decide to sell additional notes after the
trade date, at issue prices and with agent's commissions and net proceeds that differ from the amounts set forth above. The return (whether positive or
negative) on your investment will depend in part on the issue price you pay for your notes.

CI BC World M a rk e t s Corp. or one of our ot he r a ffilia t e s m a y use t his Pric ing Supple m e nt in a m a rk e t -m a k ing t ra nsa c t ion in a
not e a ft e r it s init ia l sa le . U nle ss w e or our a ge nt inform s t he purc ha se r ot he rw ise in t he c onfirm a t ion of sa le , t his Pric ing
Supple m e nt is be ing use d in a m a rk e t -m a k ing t ra nsa c t ion.

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We w ill de live r t he not e s in book -e nt ry form t hrough t he fa c ilit ie s of T he De posit ory T rust Com pa ny ("DT C") on N ove m be r 8 ,
2 0 1 9 a ga inst pa ym e nt in im m e dia t e ly a va ila ble funds.

CI BC World M a rk e t s


Ca ppe d Le ve ra ge d Buffe re d Ba sk e t -Link e d N ot e s due M a rc h 3 , 2 0 2 2

ABOU T T H I S PRI CI N G SU PPLEM EN T

You should read this Pricing Supplement together with the Prospectus dated March 28, 2017 (the "Prospectus"), the Prospectus
Supplement dated November 6, 2018 (the "Prospectus Supplement"), the General Terms Supplement No. 1, dated May 1, 2017
(the "General Terms Supplement"), and the Product Supplement No. 6 (the "Product Supplement No. 6"), dated May 1, 2017, each
relating to our Senior Global Medium-Term Notes, for additional information about the notes. When you read the accompanying
General Terms Supplement and the Product Supplement No. 6, please note that all references in such supplements to the
Prospectus Supplement dated March 28, 2017, or to any sections therein, should refer instead to the accompanying Prospectus
Supplement dated November 6, 2018 or to the corresponding sections of such Prospectus Supplement, as applicable, unless
otherwise specified or the context otherwise requires. Information in this Pricing Supplement supersedes information in the Product
Supplement No. 6, the General Terms Supplement, the Prospectus Supplement and the Prospectus to the extent it is different from
that information. Certain defined terms used but not defined herein have the meanings set forth in the Product Supplement No. 6,
the General Terms Supplement, the Prospectus Supplement or the Prospectus.

You should rely only on the information contained in or incorporated by reference in this Pricing Supplement, the accompanying
Product Supplement No. 6, the accompanying General Terms Supplement, the accompanying Prospectus Supplement and the
accompanying Prospectus. This Pricing Supplement may be used only for the purpose for which it has been prepared. No one is
authorized to give information other than that contained in this Pricing Supplement, the accompanying Product Supplement No. 6,
the accompanying General Terms Supplement, the accompanying Prospectus Supplement and the accompanying Prospectus, and
in the documents referred to in this Pricing Supplement, the Product Supplement No. 6, the General Terms Supplement, the
Prospectus Supplement and the Prospectus and which are made available to the public. We have not, and CIBC World Markets
Corp. ("CIBCWM") has not, authorized any other person to provide you with different or additional information. If anyone provides
you with different or additional information, you should not rely on it.

We are not, and CIBCWM is not, making an offer to sell the notes in any jurisdiction where the offer or sale is not permitted. You
should not assume that the information contained in or incorporated by reference in this Pricing Supplement, the accompanying
Product Supplement No. 6, the accompanying General Terms Supplement, the accompanying Prospectus Supplement or the
accompanying Prospectus is accurate as of any date other than the date of the applicable document. Our business, financial
condition, results of operations and prospects may have changed since that date. Neither this Pricing Supplement, nor the
accompanying Product Supplement No. 6, nor the accompanying General Terms Supplement, nor the accompanying Prospectus
Supplement, nor the accompanying Prospectus constitutes an offer, or an invitation on our behalf or on behalf of CIBCWM, to
subscribe for and purchase any of the notes and may not be used for or in connection with an offer or solicitation by anyone in any
jurisdiction in which such an offer or solicitation is not authorized or to any person to whom it is unlawful to make such an offer or
solicitation.

References to "CIBC," "the Issuer," "the Bank," "we," "us" and "our" in this Pricing Supplement are references to Canadian Imperial
Bank of Commerce and not to any of our subsidiaries, unless we state otherwise or the context otherwise requires.

You may access the Product Supplement No. 6, the General Terms Supplement, the Prospectus Supplement and the Prospectus
on the SEC website www.sec.gov as follows (or if such address has changed, by reviewing our filing for the relevant date on the
SEC website):

·
Product Supplement No. 6, dated May 1, 2017:

https://www.sec.gov/Archives/edgar/data/1045520/000110465917028390/a17-10322_19424b2.htm

·
General Terms Supplement No. 1, dated May 1, 2017:

https://www.sec.gov/Archives/edgar/data/1045520/000110465917028383/a17-10322_18424b2.htm

·
Prospectus Supplement dated November 6, 2018 and Prospectus dated March 28, 2017:

https://www.sec.gov/Archives/edgar/data/1045520/000110465918066166/a18-37094_1424b2.htm

PRS-2

Ca ppe d Le ve ra ge d Buffe re d Ba sk e t -Link e d N ot e s due M a rc h 3 , 2 0 2 2

SU M M ARY I N FORM AT I ON

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We refer to the notes we are offering by this Pricing Supplement as the "offered notes" or the "notes". Each of the offered notes
has the terms described below. The notes will be issued under the indenture, dated as of September 15, 2012, between the
Bank and Deutsche Bank Trust Company Americas, as trustee, which we refer to herein as the indenture. This section is meant
as a summary and should be read in conjunction with the section entitled "General Terms of the Underlier-Linked Notes" in the
accompanying Product Supplement No. 6 and "Supplemental Terms of the Notes" in the accompanying General Terms
Supplement. Please note that certain features, as noted below, described in the accompanying Product Supplement No. 6 and
General Terms Supplement are not applicable to the notes. This Pricing Supplement supersedes any conflicting provisions of the
accompanying Product Supplement No. 6 or the accompanying General Terms Supplement.

K e y T e rm s

I ssue r: Canadian Imperial Bank of Commerce

Ba sk e t unde rlie rs: the EURO STOXX 50® Index (Bloomberg symbol, "SX5E Index"), as published by STOXX Limited
("STOXX"); the TOPIX (Bloomberg symbol, "TPX Index"), as maintained by the Tokyo Stock Exchange, Inc. ("TSE"); the
FTSE® 100 Index (Bloomberg symbol, "UKX Index"), as published by FTSE Russell ("FTSE"); the Swiss Market Index (Bloomberg
symbol, "SMI Index"), as published by SIX Group Ltd. ("SIX Group"); and the S&P/ASX 200 Index (Bloomberg symbol, "AS51
Index"), as published by S&P Dow Jones Indices LLC ("S&P"); see "The Basket and the Basket Underliers" in this Pricing
Supplement

Spe c ifie d c urre nc y: U.S. dollars ("$")

T e rm s t o be spe c ifie d in a c c orda nc e w it h t he a c c om pa nying Produc t Supple m e nt N o. 6 :

·
type of notes: notes linked to a basket of underliers


·
exchange rates: not applicable


·
averaging dates: not applicable


·
redemption right or price dependent redemption right: not applicable


·
cap level: yes, as described below


·
buffer level: yes, as described below


·
interest: not applicable


Fa c e a m ount : each note will have a face amount of $1,000; $12,643,000 in the aggregate for all the offered notes; the
aggregate face amount of the offered notes may be increased if the Issuer, at its sole option, decides to sell an additional amount
of the offered notes on a date subsequent to the trade date

M inim um I nve st m e nt : $1,000 (one note)

De nom ina t ions: $1,000 and integral multiples of $1,000 in excess thereof

Purc ha se a t a m ount ot he r t ha n fa c e a m ount : the amount we will pay you on the stated maturity date for your notes will
not be adjusted based on the issue price you pay for your notes, so if you acquire notes at a premium (or a discount) to face
amount and hold them to the stated maturity date, it could affect your investment in a number of ways. The return on your
investment in such notes will be lower (or higher) than it would have been had you purchased the notes at face amount. Also, the
stated buffer level would not offer the same measure of protection to your investment as would be the case if you had purchased
the notes at face amount. Additionally, the cap level would be triggered at a lower (or higher) percentage return than indicated
below, relative to your initial investment. See "Additional Risk Factors Specific to Your Notes -- If You Purchase Your Notes at a
Premium to Face Amount, the Return on Your Investment Will Be Lower Than the Return on Notes Purchased at Face Amount and
the Impact of Certain Key Terms of the Notes Will Be Negatively Affected" in this Pricing Supplement.

Ca sh se t t le m e nt a m ount (on t he st a t e d m a t urit y da t e ): for each $1,000 face amount of your notes, we will pay you on
the stated maturity date an amount in cash equal to:

PRS-3

Ca ppe d Le ve ra ge d Buffe re d Ba sk e t -Link e d N ot e s due M a rc h 3 , 2 0 2 2

·
if the final basket level is greater than or equal to the cap level, the maximum settlement amount;


·
if the final basket level is greater than the initial basket level but less than the cap level, the sum of (i) $1,000 plus

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(ii) the product of (a) $1,000 times (b) the upside participation rate times (c) the basket return;

·
if the final basket level is equal to or less than the initial basket level but greater than or equal to the buffer level,

$1,000; or

·
if the final basket level is less than the buffer level, the sum of (i) $1,000 plus (ii) the product of (a) the buffer rate

times (b) the sum of the basket return plus the buffer amount times (c) $1,000.

I nit ia l ba sk e t le ve l: 100

I nit ia l w e ight e d va lue : the initial weighted value for each of the basket underliers equals the product of the initial weight of
such basket underlier times the initial basket level. The initial weight of each basket underlier is shown in the table below:

I nit ia l We ight
Ba sk e t U nde rlie r
in t he Ba sk e t


EURO STOXX 50® Index
36.00%

TOPIX
27.00%

FTSE® 100 Index
19.00%

Swiss Market Index
10.00%

S&P/ASX 200 Index
8.00%

I nit ia l EU RO ST OX X 5 0 ® I nde x le ve l: 3,623.74, which was the closing level of the basket underlier on the trade date

I nit ia l T OPI X le ve l: 1,666.50, which was the closing level of the basket underlier on the trade date

I nit ia l FT SE® 1 0 0 I nde x le ve l: 7,302.42, which was the closing level of the basket underlier on the trade date

I nit ia l Sw iss M a rk e t I nde x le ve l: 10,252.24, which was the closing level of the basket underlier on the trade date

I nit ia l S& P/ASX 2 0 0 I nde x le ve l: 6,669.095, which was the closing level of the basket underlier on the trade date

Fina l EU RO ST OX X 5 0 ® I nde x le ve l: the closing level of such basket underlier on the determination date, except in the
limited circumstances described under "Supplemental Terms of the Notes -- Consequences of a Market Disruption Event or a Non-
Trading Day" in the accompanying General Terms Supplement and subject to adjustment as provided under "Supplemental Terms
of the Notes -- Discontinuance or Modification of an Underlier" in the accompanying General Terms Supplement

Fina l T OPI X le ve l: the closing level of such basket underlier on the determination date, except in the limited circumstances
described under "Supplemental Terms of the Notes -- Consequences of a Market Disruption Event or a Non-Trading Day" in the
accompanying General Terms Supplement and subject to adjustment as provided under "Supplemental Terms of the Notes --
Discontinuance or Modification of an Underlier" in the accompanying General Terms Supplement

Fina l FT SE® 1 0 0 I nde x le ve l: the closing level of such basket underlier on the determination date, except in the limited
circumstances described under "Supplemental Terms of the Notes -- Consequences of a Market Disruption Event or a Non-
Trading Day" in the accompanying General Terms Supplement and subject to adjustment as provided under "Supplemental Terms
of the Notes -- Discontinuance or Modification of an Underlier" in the accompanying General Terms Supplement

Fina l Sw iss M a rk e t I nde x le ve l: the closing level of such basket underlier on the determination date, except in the limited
circumstances described under "Supplemental Terms of the Notes -- Consequences of a Market Disruption Event or a Non-
Trading Day" in the accompanying General Terms Supplement and subject to adjustment as provided under "Supplemental Terms
of the Notes -- Discontinuance or Modification of an Underlier" in the accompanying General Terms Supplement

Fina l S& P/ASX 2 0 0 I nde x le ve l: the closing level of such basket underlier on the determination date, except in the limited
circumstances described under "Supplemental Terms of the Notes -- Consequences of a Market Disruption Event or a Non-
Trading Day" in the accompanying General Terms Supplement and subject to adjustment as

PRS-4

Ca ppe d Le ve ra ge d Buffe re d Ba sk e t -Link e d N ot e s due M a rc h 3 , 2 0 2 2

provided under "Supplemental Terms of the Notes -- Discontinuance or Modification of an Underlier" in the accompanying General
Terms Supplement

Fina l ba sk e t le ve l: the sum of the following: (1) the final EURO STOXX 50® Index level divided by the initial EURO STOXX
50® Index level, multiplied by the initial weighted value of the EURO STOXX 50® Index plus (2) the final TOPIX level divided by the
initial TOPIX level, multiplied by the initial weighted value of the TOPIX plus (3) the final FTSE® 100 Index level divided by the
initial FTSE® 100 Index level, multiplied by the initial weighted value of the FTSE® 100 Index plus (4) the final Swiss Market Index
level divided by the initial Swiss Market Index level, multiplied by the initial weighted value of the Swiss Market Index plus (5) the
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final S&P/ASX 200 Index level divided by the initial S&P/ASX 200 Index level, multiplied by the initial weighted value of the
S&P/ASX 200 Index

Ba sk e t re t urn: the quotient of (1) the final basket level minus the initial basket level divided by (2) the initial basket level,
expressed as a positive or negative percentage

U pside pa rt ic ipa t ion ra t e : 200.00%

Ca p le ve l: 119.20% of the initial basket level

M a x im um se t t le m e nt a m ount : $1,384.00 per note

Buffe r le ve l: 80.00% of the initial basket level

Buffe r a m ount : 20.00%

Buffe r ra t e : the quotient of the initial basket level divided by the buffer level, which equals 125.00%

T ra de da t e : November 1, 2019

Origina l issue da t e (se t t le m e nt da t e ): November 8, 2019

De t e rm ina t ion da t e : March 1, 2022, subject to adjustment as described under "Supplemental Terms of the Notes --
Determination Date" in the accompanying General Terms Supplement. Notwithstanding anything to the contrary in the
accompanying General Terms Supplement, if the determination date is adjusted as provided under "Supplemental Terms of the
Notes -- Determination Date" in the accompanying General Terms Supplement, the determination date will not be postponed to a
date later than the originally scheduled stated maturity date or, if the originally scheduled stated maturity date is not a business
day, later than the first business day after the originally scheduled stated maturity date.

St a t e d m a t urit y da t e : March 3, 2022, subject to adjustment as described under "Supplemental Terms of the Notes -- Stated
Maturity Date" in the accompanying General Terms Supplement. Notwithstanding anything to the contrary in the accompanying
General Terms Supplement, if the determination date is postponed as provided under "Determination date" above, the stated
maturity date will be postponed by the same number of business day(s) from but excluding the originally scheduled determination
date to and including the actual determination date.

Lim it e d e ve nt s of de fa ult : The only events of default for the notes are (i) default in the payment of the principal of, or interest
on, the notes and, in each case, the default continues for a period of 30 business days and (ii) certain bankruptcy, insolvency or
reorganization events. No other breach or default under our indenture or the notes will result in an event of default for the notes or
permit the trustee or holders to accelerate the maturity of any debt securities ­ that is, they will not be entitled to declare the
principal amount of any notes to be immediately due and payable. See "Additional Risk Factors Specific To Your Notes -- The
Indenture Provides Only Limited Acceleration and Enforcement Rights for the Notes" below.

N o int e re st : the offered notes do not bear interest

N o list ing: the offered notes will not be listed on any securities exchange or interdealer quotation system

N o re de m pt ion: the offered notes will not be subject to redemption right or price dependent redemption right

Closing le ve l: as described under "Supplemental Terms of the Notes -- Special Calculation Provisions -- Closing Level" in the
accompanying General Terms Supplement

Busine ss da y: as described under "Supplemental Terms of the Notes -- Special Calculation Provisions -- Business Day" in the
accompanying General Terms Supplement

T ra ding da y: (i) with respect to each of the EURO STOXX 50® Index, the TOPIX and the FTSE® 100 Index, as

PRS-5

Ca ppe d Le ve ra ge d Buffe re d Ba sk e t -Link e d N ot e s due M a rc h 3 , 2 0 2 2

described under "Supplemental Terms of the Notes -- Special Calculation Provisions -- Trading Day" in the accompanying General
Terms Supplement and (ii) with respect to each of the Swiss Market Index and the S&P/ASX 200 Index, a day on which the
respective principal securities markets for all of such basket underlier stocks are open for trading, such basket underlier sponsor is
open for business and such basket underlier is calculated and published by such underlier sponsor. Although an underlier sponsor
may publish an underlier level with respect to a basket underlier on a day when one or more of the principal securities markets for
such basket underlier stocks are closed, that day would not be a trading day for purposes of such basket underlier

U se of proc e e ds a nd he dging: as described under "Use of Proceeds" and "Hedging" in the accompanying Product
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Supplement No. 6

ERI SA: as described under "Certain U.S. Benefit Plan Investor Considerations" in the accompanying Product Supplement No. 6

Ca lc ula t ion a ge nt : Canadian Imperial Bank of Commerce. We may appoint a different calculation agent without your consent
and without notifying you

CU SI P no.: 13605WTH4

I SI N no.: US13605WTH42

St a t us: The notes will constitute direct, unsubordinated and unsecured obligations of CIBC ranking equally with all other direct,
unsecured and unsubordinated indebtedness of CIBC from time to time outstanding (except as otherwise prescribed by law). The
notes will not constitute deposits insured by the Canada Deposit Insurance Corporation, the U.S. Federal Deposit Insurance
Corporation or any other government agency or instrumentality of Canada, the United States or any other jurisdiction

Cle a ra nc e a nd Se t t le m e nt : We will issue the notes in the form of a fully registered global note registered in the name of the
nominee of DTC. Beneficial interests in the notes will be represented through book-entry accounts of financial institutions acting on
behalf of beneficial owners as direct and indirect participants in DTC. Except in the limited circumstances described in the
accompanying Prospectus, owners of beneficial interests in the notes will not be entitled to have notes registered in their names,
will not receive or be entitled to receive notes in definitive form and will not be considered holders of notes under the indenture

PRS-6

Ca ppe d Le ve ra ge d Buffe re d Ba sk e t -Link e d N ot e s due M a rc h 3 , 2 0 2 2

H Y POT H ET I CAL EX AM PLES

The following examples are provided for purposes of illustration only. They should not be taken as an indication or prediction of
future investment results and merely are intended to illustrate the impact that the various hypothetical basket closing levels or
hypothetical closing levels of the basket underliers, as applicable, on the determination date could have on the cash settlement
amount at maturity assuming all other variables remain constant.

The examples below are based on a range of final basket levels and closing levels of the basket underliers that are entirely
hypothetical; no one can predict what the level of the basket will be on any day throughout the life of your notes, and no one can
predict what the final basket level will be on the determination date. The basket underliers have been highly volatile in the past --
meaning that the levels of the basket underliers have changed considerably in relatively short periods -- and their performances
cannot be predicted for any future period.

The information in the following examples reflects hypothetical rates of return on the offered notes assuming that they are
purchased on the original issue date at the face amount and held to the stated maturity date. If you sell your notes in a secondary
market prior to the stated maturity date, your return will depend upon the market value of your notes at the time of sale, which may
be affected by a number of factors that are not reflected in the table below, such as interest rates, the volatility of the basket
underliers and the creditworthiness of CIBC. In addition, the estimated value of your notes at the time the terms of your notes were
set on the trade date (as determined by reference to pricing models used by CIBC) is less than the original issue price of your
notes. For more information on the estimated value of your notes, see "Additional Risk Factors Specific to Your Notes -- The
Bank's Estimated Value of the Notes Is Lower Than the Original Issue Price (Price to Public) of the Notes" in this Pricing
Supplement and "The Bank's Estimated Value of the Notes" in this Pricing Supplement. The information in the following
hypothetical examples also reflects the key terms and assumptions in the box below.

K e y T e rm s a nd Assum pt ions
Face amount
$1,000
Upside participation rate
200.00%
Cap level
119.20% of the initial basket level
Maximum settlement amount
$1,384.00 per note
Buffer level
80.00% of the initial basket level
Buffer rate
125.00%
Buffer amount
20.00%
Hypothetical initial level of each basket underlier
100.00
·
Neither a market disruption event nor a non-trading day occurs with respect to any basket

underlier on the originally scheduled determination date
·
No change in or affecting any of the basket underliers or the method by which any of the

underlier sponsors calculates the EURO STOXX 50® Index, the TOPIX, the FTSE® 100
Index, the Swiss Market Index or the S&P/ASX 200 Index, respectively
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·
Notes purchased on original issue date at the face amount and held to the stated maturity

date


The actual performance of the basket over the life of your notes, as well as the cash settlement amount payable at maturity, if any,
may bear little relation to the hypothetical examples shown below or to the historical level of each basket underlier shown
elsewhere in this Pricing Supplement. For information about the historical level of each basket underlier during recent periods, see
"The Basket and the Basket Underliers -- Historical Closing Levels of the Basket Underliers" below. Before investing in the offered
notes, you should consult publicly available information to determine the level of the basket

PRS-7

Ca ppe d Le ve ra ge d Buffe re d Ba sk e t -Link e d N ot e s due M a rc h 3 , 2 0 2 2

underliers between the date of this Pricing Supplement and the date of your purchase of the offered notes.

Also, the hypothetical examples shown below do not take into account the effects of applicable taxes. Because of the U.S. tax
treatment applicable to your notes, tax liabilities could affect the after-tax rate of return on your notes to a comparatively greater
extent than the after-tax return on the basket underliers.

The levels in the left column of the table below represent hypothetical final basket levels and are expressed as percentages of the
initial basket level. The amounts in the right column represent the hypothetical cash settlement amounts, based on the
corresponding hypothetical final basket level (expressed as a percentage of the initial basket level), and are expressed as
percentages of the face amount of a note (rounded to the nearest one-thousandth of a percent). Thus, a hypothetical cash
settlement amount of 100.000% means that the value of the cash payment that we would deliver for each $1,000 of the
outstanding face amount of the offered notes on the stated maturity date would equal 100.000% of the face amount of a note,
based on the corresponding hypothetical final basket level (expressed as a percentage of the initial basket level) and the
assumptions noted above.

H ypot he t ic a l Fina l Ba sk e t Le ve l
H ypot he t ic a l Ca sh Se t t le m e nt Am ount
(a s Pe rc e nt a ge of I nit ia l Ba sk e t Le ve l)
(a s Pe rc e nt a ge of Fa c e Am ount )


200.000%
138.400%
175.000%
138.400%
150.000%
138.400%
125.000%
138.400%
1 1 9 .2 0 0 %
1 3 8 .4 0 0 %
115.000%
130.000%
110.000%
120.000%
1 0 0 .0 0 0 %
1 0 0 .0 0 0 %
95.000%
100.000%
90.000%
100.000%
8 0 .0 0 0 %
1 0 0 .0 0 0 %
75.000%
93.750%
50.000%
62.500%
25.000%
31.250%
0 .0 0 0 %
0 .0 0 0 %

If, for example, the final basket level were determined to be 25.000% of the initial basket level, the cash settlement amount that we
would deliver on your notes at maturity would be 31.250% of the face amount of your notes, as shown in the table above. As a
result, if you purchased your notes on the original issue date at the face amount and held them to the stated maturity date, you
would lose 68.750% of your investment (if you purchased your notes at a premium to face amount you would lose a
correspondingly higher percentage of your investment). In addition, if the final basket level were determined to be 200.000% of the
initial basket level, the cash settlement amount that we would deliver on your notes at maturity would be capped at the maximum
settlement amount (expressed as a percentage of the face amount), or 138.400% of each $1,000 face amount of your notes, as
shown in the table above. As a result, if you held your notes to the stated maturity date, you would not benefit from any final
basket level that is greater than or equal to 119.200% of the initial basket level.

PRS-8

Ca ppe d Le ve ra ge d Buffe re d Ba sk e t -Link e d N ot e s due M a rc h 3 , 2 0 2 2

The following chart shows a graphical illustration of the hypothetical cash settlement amounts (expressed as a percentage of the
face amount of your notes) that we would pay on your notes on the stated maturity date, if the final basket level (expressed as a
percentage of the initial basket level) were any of the hypothetical levels shown on the horizontal axis. The chart shows that any
https://www.sec.gov/Archives/edgar/data/1045520/000110465919059849/a19-21743_3424b2.htm[11/5/2019 2:04:54 PM]


hypothetical final basket level (expressed as a percentage of the initial basket level) of less than 80.000% (the section left of the
80.000% marker on the horizontal axis) would result in a hypothetical cash settlement amount of less than 100.000% of the face
amount of your notes (the section below the 100.000% marker on the vertical axis) and, accordingly, in a loss of principal to the
holder of the notes. The chart also shows that any hypothetical final basket level (expressed as a percentage of the initial basket
level) of greater than or equal to 119.200% (the section right of the 119.200% marker on the horizontal axis) would result in a
capped return on your investment.


The following examples illustrate the hypothetical cash settlement amount at maturity for each note based on hypothetical final
levels of the basket underliers, calculated based on the key terms and assumptions above. The levels in Column A represent
hypothetical initial levels for each basket underlier, and the levels in Column B represent hypothetical final levels for each basket
underlier. The percentages in Column C represent hypothetical final levels for each basket underlier in Column B expressed as
percentages of the corresponding hypothetical initial levels in Column A. The amounts in Column D represent the applicable initial
weighted value for each basket underlier, and the amounts in Column E represent the products of the percentages in Column C
times the corresponding amounts in Column D. The final basket level for each example is shown beneath each example, and will
equal the sum of the products shown in Column E. The basket return for each example is shown beneath the final basket level for
such example, and will equal the quotient of (i) the final basket level for such example minus the initial basket level divided by
(ii) the initial basket level, expressed as a percentage. The values below have been rounded for ease of analysis.

The hypothetical initial level for each basket underlier of 100.00 has been chosen for illustrative purposes only and does not
represent the actual initial level for that basket underlier. For historical data regarding the actual historical levels of the basket
underliers, please see the historical information set forth below under "The Basket and the Basket Underliers."

PRS-9

Ca ppe d Le ve ra ge d Buffe re d Ba sk e t -Link e d N ot e s due M a rc h 3 , 2 0 2 2

Ex a m ple 1 : T he fina l ba sk e t le ve l is gre a t e r t ha n t he c a p le ve l. T he c a sh se t t le m e nt a m ount e qua ls t he
m a x im um se t t le m e nt a m ount .

Colum n A
Colum n B
Colum n C
Colum n D
Colum n E







I nit ia l
H ypot he t ic a l
H ypot he t ic a l
Colum n B /
We ight e d
Colum n C x
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Ba sk e t U nde rlie r
I nit ia l Le ve l
Fina l Le ve l
Colum n A
V a lue
Colum n D
EURO STOXX 50® Index
100.00
200.00
200.00%
36.00
72.00
TOPIX
100.00
200.00
200.00%
27.00
54.00
FTSE® 100 Index
100.00
200.00
200.00%
19.00
38.00
Swiss Market Index
100.00
200.00
200.00%
10.00
20.00
S&P/ASX 200 Index
100.00
200.00
200.00%
8.00
16.00
Final Basket Level:
200.00




Basket Return:
100.00%





In this example, all of the hypothetical final levels for the basket underliers are greater than the applicable hypothetical initial levels,
which results in the hypothetical final basket level being greater than the initial basket level of 100.00. Since the hypothetical final
basket level was determined to be 200.00, the hypothetical cash settlement amount that we would deliver on your notes at maturity
would be capped at the maximum settlement amount of $1,384.00 for each $1,000 face amount of your notes (i.e. 138.400% of
each $1,000 face amount of your notes).

Ex a m ple 2 : T he fina l ba sk e t le ve l is gre a t e r t ha n t he init ia l ba sk e t le ve l but le ss t ha n t he c a p le ve l.

Colum n A
Colum n B
Colum n C
Colum n D
Colum n E







I nit ia l
H ypot he t ic a l
H ypot he t ic a l
Colum n B /
We ight e d
Colum n C x
Ba sk e t U nde rlie r
I nit ia l Le ve l
Fina l Le ve l
Colum n A
V a lue
Colum n D
EURO STOXX 50® Index
100.00
101.00
101.00%
36.00
36.36
TOPIX
100.00
102.00
102.00%
27.00
27.54
FTSE® 100 Index
100.00
103.00
103.00%
19.00
19.57
Swiss Market Index
100.00
108.00
108.00%
10.00
10.80
S&P/ASX 200 Index
100.00
120.00
120.00%
8.00
9.60
Final Basket Level:
103.87




Basket Return:
3.87%





In this example, all of the hypothetical final levels for the basket underliers are greater than the applicable hypothetical initial levels,
which results in the hypothetical final basket level being greater than the initial basket level of 100.00. Since the hypothetical final
basket level was determined to be 103.87, the hypothetical cash settlement amount for each $1,000 face amount of your notes will
equal:

Cash settlement amount = $1,000 + ($1,000 × 200.00% × 3.87%) = $1,077.40

PRS-10

Ca ppe d Le ve ra ge d Buffe re d Ba sk e t -Link e d N ot e s due M a rc h 3 , 2 0 2 2

Ex a m ple 3 : T he fina l ba sk e t le ve l is le ss t ha n t he init ia l ba sk e t le ve l, but gre a t e r t ha n t he buffe r le ve l. T he
c a sh se t t le m e nt a m ount e qua ls t he $ 1 ,0 0 0 fa c e a m ount .


Colum n A
Colum n B
Colum n C
Colum n D
Colum n E











I nit ia l

H ypot he t ic a l
H ypot he t ic a l
Colum n B /
We ight e d
Colum n C x
Ba sk e t U nde rlie r
I nit ia l Le ve l
Fina l Le ve l
Colum n A
V a lue
Colum n D
EURO STOXX 50® Index
100.00
95.00
95.00%
36.00
34.20
TOPIX
100.00
95.00
95.00%
27.00
25.65
FTSE® 100 Index
100.00
95.00
95.00%
19.00
18.05
Swiss Market Index
100.00
95.00
95.00%
10.00
9.50
S&P/ASX 200 Index
100.00
95.00
95.00%
8.00
7.60




Final Basket Level:
95.00




Basket Return:
-5.00%

In this example, all of the hypothetical final levels for the basket underliers are less than the applicable initial levels, which results
in the hypothetical final basket level being less than the initial basket level of 100.00. Since the hypothetical final basket level of
95.00 is greater than the buffer level of 80.00% of the initial basket level but less than the initial basket level of 100.00, the
hypothetical cash settlement amount for each $1,000 face amount of your notes will equal the face amount of the note, or $1,000.

Ex a m ple 4 : T he fina l ba sk e t le ve l is le ss t ha n t he buffe r le ve l. T he c a sh se t t le m e nt a m ount is le ss t ha n t he
$ 1 ,0 0 0 fa c e a m ount .
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Colum n A
Colum n B
Colum n C
Colum n D
Colum n E







I nit ia l
H ypot he t ic a l
H ypot he t ic a l
Colum n B /
We ight e d
Colum n C x
Ba sk e t U nde rlie r
I nit ia l Le ve l
Fina l Le ve l
Colum n A
V a lue
Colum n D
EURO STOXX 50® Index
100.00
20.00
20.00%
36.00
7.20
TOPIX
100.00
100.00
100.00%
27.00
27.00
FTSE® 100 Index
100.00
100.00
100.00%
19.00
19.00
Swiss Market Index
100.00
135.00
135.00%
10.00
13.50
S&P/ASX 200 Index
100.00
135.00
135.00%
8.00
10.80
Final Basket Level:
77.50




Basket Return:
-22.50%





In this example, the hypothetical final level of the EURO STOXX 50® Index is less than its hypothetical initial level, while the
hypothetical final levels of the TOPIX and the FTSE® 100 Index are equal to their applicable hypothetical initial levels and the
hypothetical final levels of the Swiss Market Index and S&P/ASX 200 Index are greater than their applicable initial levels.

Because the basket is unequally weighted, increases in the lower weighted basket underliers will be offset by decreases in the
more heavily weighted basket underliers. In this example, the large decline in the EURO STOXX 50® Index results in the
hypothetical final basket level being less than the buffer level of 80.00% of the initial basket level even though the TOPIX and the
FTSE® 100 Index remained flat and the Swiss Market Index and the S&P/ASX 200 Index increased.

Since the hypothetical final basket level of 77.50 is less than the buffer level of 80.00% of the initial basket level, the hypothetical
cash settlement amount for each $1,000 face amount of your notes will equal:

Cash settlement amount = $1,000 + ($1,000 × 100/80 × (-22.50% + 20.00%)) = $968.75

PRS-11

Ca ppe d Le ve ra ge d Buffe re d Ba sk e t -Link e d N ot e s due M a rc h 3 , 2 0 2 2

Ex a m ple 5 : T he fina l ba sk e t le ve l is le ss t ha n t he buffe r le ve l. T he c a sh se t t le m e nt a m ount is le ss t ha n t he
$ 1 ,0 0 0 fa c e a m ount

Colum n A
Colum n B
Colum n C
Colum n D
Colum n E







I nit ia l
H ypot he t ic a l
H ypot he t ic a l
Colum n B /
We ight e d
Colum n C x
Ba sk e t U nde rlie r
I nit ia l Le ve l
Fina l Le ve l
Colum n A
V a lue
Colum n D
EURO STOXX 50® Index
100.00
50.00
50.00%
36.00
18.00
TOPIX
100.00
60.00
60.00%
27.00
16.20
FTSE® 100 Index
100.00
60.00
60.00%
19.00
11.40
Swiss Market Index
100.00
65.00
65.00%
10.00
6.50
S&P/ASX 200 Index
100.00
55.00
55.00%
8.00
4.40
Final Basket Level:
56.50




Basket Return:
-43.50%





In this example, the hypothetical final levels for all of the basket underliers are less than the applicable hypothetical initial levels,
which results in the hypothetical final basket level being less than the initial basket level of 100.00. Since the hypothetical final
basket level of 56.50 is less than the buffer level of 80.00% of the initial basket level, the hypothetical cash settlement amount for
each $1,000 face amount of your notes will equal:

Cash settlement amount = $1,000 + ($1,000 × 100/80 × (-43.50% + 20.00%)) = $706.25

The cash settlement amounts shown above are entirely hypothetical; they are based on levels of the basket underliers that may not
be achieved on the determination date and on assumptions that may prove to be erroneous. The actual market value of your notes
on the stated maturity date or at any other time, including any time you may wish to sell your notes, may bear little relation to the
hypothetical cash settlement amounts shown above, and these amounts should not be viewed as an indication of the financial
return on an investment in the offered notes. The hypothetical cash settlement amounts on notes held to the stated maturity date in
the examples above assume you purchased your notes at their face amount and have not been adjusted to reflect the actual issue
price you pay for your notes. The return on your investment (whether positive or negative) in your notes will be affected by the
amount you pay for your notes. If you purchase your notes for a price other than the face amount, the return on your investment
will differ from, and may be significantly lower than, the hypothetical returns suggested by the above examples. Please read
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