Bond CBIC 0% ( US13607G3772 ) in USD

Issuer CBIC
Market price 100 %  ⇌ 
Country  Canada
ISIN code  US13607G3772 ( in USD )
Interest rate 0%
Maturity 26/03/2021 - Bond has expired



Prospectus brochure of the bond CIBC US13607G3772 in USD 0%, expired


Minimal amount 1 000 USD
Total amount 35 739 000 USD
Cusip 13607G377
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 US13607G3772, pays a coupon of 0% per year.
The coupons are paid 2 times per year and the Bond maturity is 26/03/2021







2/4/2020
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424B2 1 a20-6386_4424b2.htm 424B2



Filed Pursuant to Rule 424(b)(2)
Registration Statement No. 333-233663
(To Prospectus dated December 16, 2019,
Prospectus Supplement dated December 16, 2019 and
Product Supplement EQUITY INDICES ARN-1 dated
December 16, 2019)



3,573,939 Units
Pricing Date
January 30,
$10 principal amount per unit
Settlement Date
2020
CUSIP No. 13607G377
Maturity Date
February 6,
2020
March 26,
2021





Accelerated Return Notes® Linked

to an International
Equity Index Basket
§
Maturity of approximately 14 months

§
3-to-1 upside exposure to increases in the Basket, subject to a capped return of 17.14%

§
1-to-1 downside exposure to decreases in the Basket, with up to 100% of your principal at risk

§
The Basket is comprised of the EURO STOXX 50® I ndex, the FTSE® 1
00 Index, the Nikkei Stock Average Index, the

Swiss Market Index ,
® the S&P /
® ASX 200 Index, and the Hang Seng
® Index. The EURO STOXX 50
® Index was
given an initial weight of 40%, each of the FTSE® 1
00 Index and the Nikkei Stock Average Index was given an initial
weight of 20%, each of the Swiss Market Index
® and the S&P /
® ASX 200 Index was given an initial weight of 7.5%,
and the Hang Seng
® Index was given an initial weight of 5%
§
Al payments occur at maturity and are subject to the credit risk of Canadian Imperial Bank of Commerce

§
No periodic interest payments

§
In addition to the underwriting discount set forth below, the notes include a hedging-related charge of $0.075 per

unit. See "Structuring the Notes"
§
Limited secondary market liquidity, with no exchange listing

§
The notes are unsecured debt securities and are not savings accounts or insured deposits of a bank. The notes are

not insured or guaranteed by the Canada Deposit Insurance Corporation, the U.S. Federal Deposit Insurance
Corporation or any other governmental agency of the United States, Canada, or any other jurisdiction


The notes are being issued by Canadian Imperial Bank of Commerce ("CIBC"). There are important differences between the
notes and a conventional debt security, including different investment risks and certain additional costs. See "Risk Factors"
beginning on page TS-6 of this term sheet and on page PS-6 of product supplement EQUITY INDICES ARN-1.
The initial estimated value of the notes as of the pricing date is $9.735 per unit, which is less than the public offering price
listed below. See "Summary" on the following page, "Risk Factors" beginning on page TS-6 of this term sheet and "Structuring the
Notes" on page TS-25 of this term sheet for additional information. The actual value of your notes at any time will reflect many factors
and cannot be predicted with accuracy.

None of the Securities and Exchange Commission (the "SEC"), any state securities commission, or any other regulatory body has
approved or disapproved of these securities or determined if this Note Prospectus (as defined below) is truthful or complete. Any
representation to the contrary is a criminal offense.



Per Unit
Total


Public offering price
$ 10.00
$35,739,390.00
Underwriting discount
$ 0.20
$ 714,787.80
Proceeds, before expenses, to CIBC
$ 9.80
$35,024,602.20

The notes:

Are Not FDIC Insured
Are Not Bank Guaranteed
May Lose Value


BofA Securities
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Accelerated Return Notes

®
Linked to an International Equity Index Basket, due March 26, 2021

Summary

The Accelerated Return Notes® L
inked to an International Equity Index Basket, due March 26, 2021 (the "notes") are our senior unsecured debt
securities. The notes are not guaranteed or insured by the Canada Deposit Insurance Corporation, the U.S. Federal Deposit Insurance Corporation or
any other governmental agency of the United States, Canada or any other jurisdiction or secured by col ateral. The notes are not bail-inable debt
securities (as defined on page 6 of the prospectus). The notes will rank equally with all of our other unsecured and unsubordinated debt. Any
payments due on the notes, including any repayment of principal, will be subject to the credit risk of CIBC. The notes provide you a leveraged
return, subject to a cap, if the Ending Value of the Market Measure, which is the international equity index basket described below (the "Basket"), is
greater than the Starting Value. If the Ending Value is less than the Starting Value, you wil lose al or a portion of the principal amount of your notes. Any
payments on the notes wil be calculated based on the $10 principal amount per unit and wil depend on the performance of the Basket, subject to our
credit risk. See "Terms of the Notes" below.

The Basket is comprised of the EURO STOXX 50® I ndex, the FTSE® 1
00 Index, the Nikkei Stock Average Index, the Swiss Market Index ,
® the S&P /
® ASX
200 Index, and the Hang Seng
® Index (each, a "Basket Component"). On the pricing date, the EURO STOXX 50® I ndex was given an initial weight of
40%, each of the FTSE® 1
00 Index and the Nikkei Stock Average Index was given an initial weight of 20%, each of the Swiss Market Index
® and the
S&P /
® ASX 200 Index was given an initial weight of 7.5%, and the Hang Seng
® Index was given an initial weight of 5%.

The economic terms of the notes (including the Capped Value) are based on our internal funding rate, which is the rate we would pay to borrow funds
through the issuance of market-linked notes, and the economic terms of certain related hedging arrangements. Our internal funding rate is typical y lower
than the rate we would pay when we issue conventional fixed rate debt securities. This difference in funding rate, as wel as the underwriting discount and
the hedging-related charge described below, reduced the economic terms of the notes to you and the initial estimated value of the notes on the pricing
date. Due to these factors, the public offering price you pay to purchase the notes is greater than the initial estimated value of the notes.

On the cover page of this term sheet, we have provided the initial estimated value for the notes. This initial estimated value was determined based on our
pricing models, and was based on our internal funding rate on the pricing date, market conditions and other relevant factors existing at that time, and our
assumptions about market parameters. For more information about the initial estimated value and the structuring of the notes, see "Structuring the Notes"
on page TS-25.

Terms of the Notes
Redemption Amount Determination
Issuer:
Canadian Imperial Bank of Commerce
On the maturity date, you wil receive a cash payment per unit determined as
("CIBC")
fol ows:
Principal Amount:
$10.00 per unit

Term:
Approximately 14 months
Market Measure:
An international equity index basket
comprised of the EURO STOXX 50® Index

(Bloomberg symbol: "SX5E"), the FTSE® 100

Index (Bloomberg symbol: "UKX"), the Nikkei
Stock Average Index (Bloomberg symbol:
"NKY"), the Swiss Market Index (Bloomberg
®
symbol: "SMI"), the S&P /ASX 200 Index
®
(Bloomberg symbol: "AS51") and the Hang
Seng Index
®
(Bloomberg symbol: "HSI").
Each Basket Component is a price return
index.
Starting Value:
100.00
Ending Value:
The average value of the Market Measure on
each calculation day during the Maturity
Valuation Period, calculated as specified in
"The Basket" on page TS-8 and "Description
of ARNs--Basket Market Measures--Ending
Value of the Basket" on page PS-21 of
product supplement EQUITY INDICES ARN-
1. The scheduled calculation days are
subject to postponement in the event of
Market Disruption Events, as described on
page PS-21 of product supplement EQUITY
INDICES ARN-1.
Participation
300%
Rate:
Capped Value:
$11.714 per unit, which represents a return
of 17.14% over the principal amount.
Maturity Valuation
March 17, 2021, March 18, 2021, March 19,
Period:
2021, March 22, 2021 and March 23, 2021
Fees and
The underwriting discount of $0.20 per unit
Charges:
listed on the cover page and the hedging-
related charge of $0.075 per unit described
in "Structuring the Notes" on page TS-25.
Calculation
BofA Securities, Inc. ("BofAS")
Agent:

Accelerated Return Notes®
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®
Linked to an International Equity Index Basket, due March 26, 2021

The terms and risks of the notes are contained in this term sheet and in the following:
§ Product supplement EQUITY INDICES ARN-1 dated December 16, 2019:

https://www.sec.gov/Archives/edgar/data/1045520/000110465919073345/a19-25016_2424b5.htm
§ Prospectus supplement dated December 16, 2019:


https://www.sec.gov/Archives/edgar/data/1045520/000110465919073058/a19-24965_3424b2.htm
§ Prospectus dated December 16, 2019:

https://www.sec.gov/Archives/edgar/data/1045520/000110465919073027/a19-24965_1424b3.htm
These documents (together, the "Note Prospectus") have been filed as part of a registration statement with the SEC, which may, without
cost, be accessed on the SEC website as indicated above or obtained from Merrill Lynch, Pierce, Fenner & Smith Incorporated
("MLPF&S") or BofAS by calling 1-800-294-1322. Before you invest, you should read the Note Prospectus, including this term sheet, for
information about us and this offering. Any prior or contemporaneous oral statements and any other written materials you may have
received are superseded by the Note Prospectus. Capitalized terms used but not defined in this term sheet have the meanings set forth
in product supplement EQUITY INDICES ARN-1. Unless otherwise indicated or unless the context requires otherwise, all references in
this document to "we," "us," "our," or similar references are to CIBC.


Investor Considerations

You may wish to consider an investment in the notes if:
The notes may not be an appropriate investment for you if:
§
You anticipate that the value of the Basket will increase
§
You believe that the value of the Basket will decrease from


moderately from the Starting Value to the Ending Value.
the Starting Value to the Ending Value or that it will not
§
You are willing to risk a loss of principal and return if the
increase sufficiently over the term of the notes to provide

value of the Basket decreases from the Starting Value to the
you with your desired return.
Ending Value.
§
You seek principal repayment or preservation of capital.

§
You accept that the return on the notes will be capped.
§
You seek an uncapped return on your investment.


§
You are willing to forgo the interest payments that are paid
§
You seek interest payments or other current income on your


on conventional interest bearing debt securities.
investment.
§
You are willing to forgo dividends or other benefits of owning
§
You want to receive dividends or other distributions paid on


the stocks included in the Basket Components.
the stocks included in the Basket Components.
§
You are willing to accept a limited or no market for sales prior
§
You seek an investment for which there will be a liquid


to maturity, and understand that the market prices for the
secondary market.
notes, if any, will be affected by various factors, including our
§
You are unwilling or are unable to take market risk on the
actual and perceived creditworthiness, our internal funding

notes or to take our credit risk as issuer of the notes.
rate and fees and charges on the notes.
§
You are willing to assume our credit risk, as issuer of the

notes, for all payments under the notes, including the
Redemption Amount.

We urge you to consult your investment, legal, tax, accounting, and other advisors before you invest in the notes.

Accelerated Return Notes®
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®
Linked to an International Equity Index Basket, due March 26, 2021

Hypothetical Payout Profile and Examples of Payments at
Maturity

Accelerated Return Notes®
This graph reflects the returns on the notes, based on the
Participation Rate of 300% and the Capped Value of $11.714
per unit. The green line reflects the returns on the notes, while
the dotted gray line reflects the returns of a direct investment in
the stocks included in the Basket Components, excluding
dividends.
This graph has been prepared for purposes of illustration only.



The following table and examples are for purposes of illustration only. They are based on hypothetical values and show hypothetical
returns on the notes. They illustrate the calculation of the Redemption Amount and total rate of return based on the Starting Value of
100, the Participation Rate of 300%, the Capped Value of $11.714 per unit and a range of hypothetical Ending Values. The actual
amount you receive and the resulting total rate of return will depend on the actual Ending Value and whether you hold the
notes to maturity. The following examples do not take into account any tax consequences from investing in the notes.
For hypothetical historical values of the Basket, see "The Basket" section below. For recent actual levels of the Basket Components,
see "The Basket Components" section below. Each Basket Component is a price return index and as such the Ending Value will not
include any income generated by dividends paid on the stocks included in any of the Basket Components, which you would otherwise
be entitled to receive if you invested in those stocks directly. In addition, all payments on the notes are subject to issuer credit risk.

Percentage Change from the
Redemption Amount per
Total Rate of Return on the
Ending Value
Starting Value to the Ending Value
Unit
Notes



0.00
-100.00%
$0.000
-100.00%



50.00
-50.00%
$5.000
-50.00%



80.00
-20.00%
$8.000
-20.00%



90.00
-10.00%
$9.000
-10.00%



94.00
-6.00%
$9.400
-6.00%



97.00
-3.00%
$9.700
-3.00%



100.00(1)
0.00%
$10.000
0.00%



102.00
2.00%
$10.600
6.00%



103.00
3.00%
$10.900
9.00%



105.72
5.72%
$11.714 (2)
17.14%



110.00
10.00%
$11.714
17.14%



120.00
20.00%
$11.714
17.14%



150.00
50.00%
$11.714
17.14%



200.00
100.00%
$11.714
17.14%




(1)
The Starting Value was set to 100.00 on the pricing date.

(2)
The Redemption Amount per unit cannot exceed the Capped Value.


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®
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Redemption Amount Calculation Examples

Example 1
The Ending Value is 50.00, or 50.00% of the Starting Value:
Starting Value:
100.00
Ending Value:
50.00
= $5.00 Redemption Amount per unit


Example 2

The Ending Value is 103.00, or 103.00% of the Starting Value:
Starting Value:
100.00
Ending Value:
103.00
= $10.90 Redemption Amount per unit


Example 3

The Ending Value is 130.00, or 130.00% of the Starting Value:
Starting Value:
100.00
Ending Value:
130.00
= $19.00, however, because the Redemption Amount for the notes cannot exceed
the Capped Value, the Redemption Amount will be $11.714 per unit

Accelerated Return Notes®
TS-5

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Risk Factors
There are important differences between the notes and a conventional debt security. An investment in the notes involves significant
risks, including those listed below. You should carefully review the more detailed explanation of risks relating to the notes in the "Risk
Factors" sections beginning on page PS-6 of product supplement EQUITY INDICES ARN-1, page S-1 of the prospectus supplement,
and page 1 of the prospectus identified above. We also urge you to consult your investment, legal, tax, accounting, and other advisors
before you invest in the notes.

§
Depending on the performance of the Basket as measured shortly before the maturity date, you may lose up to 100% of the

principal amount.

§
Your return on the notes may be less than the yield you could earn by owning a conventional fixed or floating rate debt security

of comparable maturity.

§
Your investment return is limited to the return represented by the Capped Value and may be less than a comparable investment

directly in the stocks included in the Basket Components.

§
Payments on the notes are subject to our credit risk, and actual or perceived changes in our creditworthiness are expected to

affect the value of the notes. If we become insolvent or are unable to pay our obligations, you may lose your entire investment.

§
Our initial estimated value of the notes is lower than the public offering price of the notes. The public offering price of the notes

exceeds our initial estimated value because costs associated with selling and structuring the notes, as well as hedging the
notes, all as further described in "Structuring the Notes" on page TS-25, are included in the public offering price of the notes.

§
Our initial estimated value does not represent future values of the notes and may differ from others' estimates. Our initial

estimated value is only an estimate, which was determined by reference to our internal pricing models when the terms of the
notes were set. This estimated value was based on market conditions and other relevant factors existing at that time, our
internal funding rate on the pricing date and our assumptions about market parameters, which can include volatility, dividend
rates, interest rates and other factors. Different pricing models and assumptions could provide valuations for the notes that are
greater or less than our initial estimated value. In addition, market conditions and other relevant factors in the future may
change, and any assumptions may prove to be incorrect. On future dates, the market value of the notes could change
significantly based on, among other things, changes in market conditions, including the value of the Market Measure, our
creditworthiness, interest rate movements and other relevant factors, which may impact the price at which MLPF&S, BofAS or
any other party would be willing to buy notes from you in any secondary market transactions. Our estimated value does not
represent a minimum price at which MLPF&S, BofAS or any other party would be willing to buy your notes in any secondary
market (if any exists) at any time.

§
Our initial estimated value of the notes was not determined by reference to credit spreads for our conventional fixed-rate debt.

The internal funding rate that was used in the determination of our initial estimated value of the notes generally represents a
discount from the credit spreads for our conventional fixed-rate debt. The discount is based on, among other things, our view of
the funding value of the notes as well as the higher issuance, operational and ongoing liability management costs of the notes
in comparison to those costs for our conventional fixed-rate debt. If we were to have used the interest rate implied by our
conventional fixed-rate debt, we would expect the economic terms of the notes to be more favorable to you. Consequently, our
use of an internal funding rate for market-linked notes had an adverse effect on the economic terms of the notes and the initial
estimated value of the notes on the pricing date, and could have an adverse effect on any secondary market prices of the
notes.

§
A trading market is not expected to develop for the notes. None of us, MLPF&S or BofAS is obligated to make a market for, or

to repurchase, the notes. There is no assurance that any party will be willing to purchase your notes at any price in any
secondary market.

§
Our business, hedging, and trading activities, and those of MLPF&S, BofAS and our respective affiliates (including trades in

shares of companies included in the Basket Components), and any hedging and trading activities we, MLPF&S, BofAS or our
respective affiliates engage in for our clients' accounts, may affect the market value and return of the notes and may create
conflicts of interest with you.

§
Changes in the level of one of the Basket Components may be offset by changes in the levels of the other Basket Components.

Due to the different Initial Component Weights, changes in the levels of some Basket Components will have a more substantial
impact on the value of the Basket than similar changes in the levels of other Basket Components.

§
The index sponsors may adjust their respective Basket Components in a way that affects their levels, and have no obligation to

consider your interests.

§
You will have no rights of a holder of the securities represented by the Basket Components, and you will not be entitled to

receive securities or dividends or other distributions by the issuers of those securities.

§
While we, MLPF&S, BofAS or our respective affiliates may from time to time own securities of the companies included in the

Basket Components, we, MLPF&S, BofAS and our respective affiliates do not control any company included in any Basket
Component, and have not verified any disclosure made by any other company.

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®
Linked to an International Equity Index Basket, due March 26, 2021

§
Your return on the notes may be affected by factors affecting the international securities markets, specifically markets in the

countries represented by the Basket Components. In addition, you will not obtain the benefit of any increase in the value of the
currencies in which the securities included in the Basket Components trade against the U.S. dollar, which you would have
received if you had owned the securities included in the Basket Components during the term of your notes, although the value
of the Basket may be adversely affected by general exchange rate movements in the market.

§
There may be potential conflicts of interest involving the calculation agent, which is BofAS. We have the right to appoint and

remove the calculation agent.

§
The U.S. federal income tax consequences of the notes are uncertain, and may be adverse to a holder of the notes. See

"Summary of U.S. Federal Income Tax Consequences" below and "U.S. Federal Income Tax Summary" beginning on page PS-
26 of product supplement EQUITY INDICES ARN-1. For a discussion of the Canadian federal income tax consequences of
investing in the notes, see "Material Income Tax Consequences--Canadian Taxation" in the prospectus, as supplemented by
the discussion under "Summary of Canadian Federal Income Tax Considerations" herein.


Other Terms of the Notes

Market Measure Business Day
The following definition shall supersede and replace the definition of "Market Measure Business Day" set forth in product supplement
EQUITY INDICES ARN-1.
A "Market Measure Business Day" means a day on which:

(A) each of the Eurex (as to the EURO STOXX 50 Index), the London Stock Exchange (as to the FTSE
®
100 Index), the
®

Tokyo Stock Exchange (as to the Nikkei Stock Average Index), the SIX Swiss Exchange (as to the Swiss Market Index ),
®
the Australian Stock Exchange (as to the S&P /ASX 200 Index), and the Stock Exchange of Hong Kong (
®
as to the Hang
Seng Index)
®
(or any successor to the foregoing exchanges) are open for trading; and

(B) the Basket Components or any successors thereto are calculated and published.


Accelerated Return Notes®
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The Basket
The Basket is designed to allow investors to participate in the percentage changes in the levels of the Basket Components from the
Starting Value to the Ending Value of the Basket. The Basket Components are described in the section entitled "The Basket
Components" below. Each Basket Component was assigned an initial weight on the pricing date, as set forth in the table below.
For more information on the calculation of the value of the Basket, please see the section entitled "Description of ARNs--Basket Market
Measures" beginning on page PS-19 of product supplement EQUITY INDICES ARN-1.
On the pricing date, for each Basket Component, the Initial Component Weight, the closing level, the Component Ratio and the initial
contribution to the Basket value were as follows:



Initial



Initial Basket
Bloomberg
Component
Closing
Component
Value
Basket Component
Symbol
Weight
Level(1)
Ratio(2)
Contribution
EURO STOXX 50 Index
®

SX5E

40.00%

3,690.78

0.01083782

40.00
FTSE 100 Index
®

UKX

20.00%

7,381.96

0.00270931

20.00
Nikkei Stock Average Index

NKY

20.00%

22,977.75

0.00087041

20.00
Swiss Market Index®

SMI

7.50%

10,748.92

0.00069774

7.50
S&P /ASX 200 Index
®

AS51

7.50%

7,008.429

0.00107014

7.50
Hang Seng Index
®

HSI

5.00%

26,449.13

0.00018904

5.00








Starting Value

100.00

(1) These were the closing levels of the Basket Components on the pricing date.


(2) Each Component Ratio equals the Initial Component Weight of the relevant Basket Component (as a percentage) multiplied by

100, and then divided by the closing level of that Basket Component on the pricing date and rounded to eight decimal places.
On each calculation day during the Maturity Valuation Period, the calculation agent will calculate the value of the Basket on such day by
summing the products of (a) the closing level for each Basket Component on such day and (b) the Component Ratio for such Basket
Component. The Ending Value of the Basket will be the average value of the Basket on each calculation day during the Maturity
Valuation Period. If a Market Disruption Event occurs as to any Basket Component on any scheduled calculation day, the closing level of
that Basket Component will be determined as more fully described in the section entitled "Description of ARNs--Basket Market
Measures--Ending Value of the Basket" on page PS-21 of product supplement EQUITY INDICES ARN-1.

Accelerated Return Notes®
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®
Linked to an International Equity Index Basket, due March 26, 2021

While actual historical information on the Basket did not exist before the pricing date, the following graph sets forth the
hypothetical historical performance of the Basket from January 1, 2010 through January 30, 2020. The graph is based upon
actual daily historical levels of the Basket Components, hypothetical Component Ratios based on the closing levels of the
Basket Components as of December 31, 2009, and a Basket value of 100.00 as of that date. This hypothetical historical data on
the Basket is not necessarily indicative of the future performance of the Basket or what the value of the notes may be. Any
hypothetical historical upward or downward trend in the value of the Basket during any period set forth below is not an
indication that the value of the Basket is more or less likely to increase or decrease at any time over the term of the notes.

Hypothetical Historical Performance of the Basket


Accelerated Return Notes®
TS-9
https://www.sec.gov/Archives/edgar/data/1045520/000110465920009877/a20-6386_4424b2.htm
10/33