Obbligazione CBIC 0% ( CA13607GPY49 ) in CAD

Emittente CBIC
Prezzo di mercato 100 CAD  ⇌ 
Paese  Canada
Codice isin  CA13607GPY49 ( in CAD )
Tasso d'interesse 0%
Scadenza 02/03/2029 - Obbligazione è scaduto



Prospetto opuscolo dell'obbligazione CIBC CA13607GPY49 in CAD 0%, scaduta


Importo minimo 1 000 CAD
Importo totale 2 000 000 000 CAD
Cusip 13607GPY4
Descrizione dettagliata La CIBC (Canadian Imperial Bank of Commerce) è una delle maggiori banche del Canada, offrendo servizi di banca al dettaglio, investimenti e gestione patrimoniale a clienti individuali e aziende.

The Obbligazione issued by CBIC ( Canada ) , in CAD, with the ISIN code CA13607GPY49, pays a coupon of 0% per year.
The coupons are paid 1 time per year and the Obbligazione maturity is 02/03/2029







Final Terms dated April 20, 2020
CANADIAN IMPERIAL BANK OF COMMERCE
(a Canadian chartered bank)
through its Head office of the Bank in Toronto
Legal Entity Identifier (LEI): 2IGI19DL77OX0HC3ZE78
Issue of CAD 2,000,000,000 Floating Rate Series CBL31 Covered Bonds due October 22, 2022 (the "Covered
Bonds") under the
CAD 60,000,000,000
Global Covered Bond Programme
unconditionally and irrevocably guaranteed as to payments by
CIBC COVERED BOND (LEGISLATIVE) GUARANTOR LIMITED PARTNERSHIP
(a limited partnership formed under the laws of Ontario)
THE COVERED BONDS HAVE NOT BEEN APPROVED OR DISAPPROVED BY CANADA MORTGAGE
AND HOUSING CORPORATION ("CMHC") NOR HAS CMHC PASSED UPON THE ACCURACY OR
ADEQUACY OF THESE FINAL TERMS. THE COVERED BONDS ARE NOT INSURED OR
GUARANTEED BY CMHC OR THE GOVERNMENT OF CANADA OR ANY OTHER AGENCY
THEREOF.
THE COVERED BONDS DESCRIBED IN THESE FINAL TERMS HAVE NOT BEEN REGISTERED
UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED (THE "SECURITIES ACT") OR THE
SECURITIES LAWS OR "BLUE SKY" LAWS OF ANY STATE OR OTHER JURISDICTION OF THE
UNITED STATES AND, ACCORDINGLY, THE COVERED BONDS MAY NOT BE OFFERED, SOLD OR
DELIVERED WITHIN THE UNITED STATES OR TO, OR FOR THE ACCOUNT OR BENEFIT OF, U.S.
PERSONS.
THIS DOCUMENT IS NOT, AND UNDER NO CIRCUMSTANCES IS TO BE CONSTRUED AS, AN
ADVERTISEMENT OR A PUBLIC OFFERING OF THE SECURITIES DESCRIBED HEREIN IN
CANADA. NO SECURITIES COMMISSION OR SIMILAR AUTHORITY IN CANADA HAS REVIEWED
OR IN ANY WAY PASSED UPON THIS DOCUMENT OR THE MERITS OF THE SECURITIES
DESCRIBED HEREIN, AND ANY REPRESENTATION TO THE CONTRARY IS AN OFFENCE.
THE COVERED BONDS ARE BEING OFFERED ON A PRIVATE PLACEMENT BASIS AS EXEMPT
SECURITIES AND ONLY TO PURCHASERS THAT QUALIFY AS "ACCREDITED INVESTORS" (AS
SUCH TERM IS DEFINED IN NATIONAL INSTRUMENT 45-106 ­ PROSPECTUS EXEMPTIONS OR
SUBSECTION 73.3(1) OF THE SECURITIES ACT (ONTARIO), AS APPLICABLE) UNDER CANADIAN
SECURITIES LAWS.
PART A­CONTRACTUAL TERMS
Any person making or intending to make an offer of the Covered Bonds may only do so in circumstances in which no
obligation arises for the Issuer, any Arranger or any Dealer to publish a prospectus, in each case, in relation to such
offer. None of the Issuer, the Guarantor, any Arranger or any Dealer has authorised, nor do they authorise, the making
of any offer of Covered Bonds in any other circumstances.
MT DOCS 20309013


Terms used herein shall be deemed to be defined as such for the purposes of the Conditions (the "Conditions") set
forth in the Prospectus dated June 18, 2019, as supplemented by the First Prospectus Supplement dated August 23,
2019, the Second Prospectus Supplement dated December 6, 2019, the Third Prospectus Supplement dated March 9,
2020 and the Fourth Prospectus Supplement dated April 17, 2020, which together constitute a base prospectus (the
"Prospectus"), as further supplemented by the final Canadian offering supplement dated April 20, 2020 (collectively
with the Prospectus, the "Canadian Offering Document") as amended or superseded, and includes any relevant
implementing measures in a Relevant State (the "Prospectus Directive"). This document constitutes the Final Terms
of the Covered Bonds described herein for the purposes of Article 5.4 of the Prospectus Directive and must be read in
conjunction with such Prospectus. Full information on the Issuer and the offer of the Covered Bonds is only available
on the basis of the combination of these Final Terms and the Canadian Offering Document.
1.
(i)
Series Number:
CBL31
(ii) Tranche Number:
1
(iii) Date on which the Covered Bonds
Not Applicable
become fungible:
2.
Specified Currency or Currencies:
Canadian dollars ("CAD" or "$")
(Condition 1.10)
3.
Aggregate Principal Amount:
(i)
Series:
CAD 2,000,000,000
(ii) Tranche:
CAD 2,000,000,000
4.
Issue Price:
100 per cent. of the Aggregate Principal Amount
5.
(i)
Specified Denominations:
Minimum denomination of CAD 150,000 and integral
multiples of CAD 1,000 in excess thereof.
(Condition 1.08 or 1.09)
(ii) Calculation Amount:
CAD 1,000
6.
(i)
Issue Date:
April 22, 2020
(ii) Interest Commencement Date:
April 22, 2020
7.
(i)
Final Maturity Date:
The Interest Payment Date falling on or nearest to October
22, 2022
(ii) Extended Due for Payment Date of
The Interest Payment Date falling on or nearest to October
Guaranteed Amounts corresponding
22, 2023
to the Final Redemption Amount
under the Covered Bond Guarantee:
8.
Interest Basis:
From (and including) the Interest Commencement Date to
(but excluding) the Final Maturity Date: 3-month CDOR (as
defined below) plus 0.45% per annum payable quarterly in
arrears on each Interest Payment Date during that period.
From (and including) the Final Maturity Date to but
excluding the earlier of (i) the date on which the Covered
MT DOCS 20309013


Bonds are redeemed in full and (ii) the Extended Due for
Payment Date: 1-month CDOR (as defined below) rate plus
0.48% per annum payable monthly in arrears on each
Interest Payment Date during that period.
9.
Redemption/Payment Basis:
Redemption at par
10.
Change of Interest Basis:
If item 7(ii) applicable, Applicable ­ see item 8 above
11.
Put/Call Options:
Not Applicable
12.
Date of Board approval for issuance of
Not Applicable
Covered Bonds obtained:
PROVISIONS RELATING TO INTEREST (IF ANY) PAYABLE
13.
Fixed Rate Covered Bond Provisions:
Not Applicable.
14.
Floating Rate Covered Bond Provisions:
Applicable
(Condition 5.03)
(i)
Interest Period(s):
The first Interest Period shall comprise the period from (and
including) the Interest Commencement Date specified in
paragraph 6(ii) above to (but excluding) the first Specified
Interest Payment Date set out in paragraph 14(iv) below. The
Interest Periods shall, thereafter, be the period from (and
including) each Interest Payment Date to (but excluding) the
next following Interest Payment Date, to but excluding the
Final Maturity Date.
If applicable, the first Interest Period after the Final Maturity
Date will be the period from and including the Final
Maturity Date to but excluding the following Specified
Interest Payment Date and subsequent Interest Periods will
be from and including the Specified Interest Payment Date to
but excluding the immediately following Specified Interest
Payment Date, to but excluding the Extended Due for
Payment Date.
(ii)
Interest Period End Date:
Not Applicable
(iii) Rate Cut-Off Date:
Not Applicable
(iv) Specified Interest Payment Dates:
The Specified Interest Payment Dates shall be April 22, July
22, October 22 and January 22 of each year, up to and
including the Final Maturity Date, with the first Specified
Interest Payment Date being July 22, 2020 (subject to
paragraph 14(v) below).
To the extent that payment of the Final Redemption Amount
is deferred until the Extended Due for Payment Date in
accordance with Condition 6.01 and Paragraph 7 above, the
Interest Payment Dates shall fall on the 2nd day of each
month from (but excluding) the Final Maturity Date up to
MT DOCS 20309013


(and including) the earlier of (i) the date on which the
Covered Bonds are redeemed in full and (ii) the Extended
Due for Payment Date. Each Interest Payment Date is
subject, in each case, to adjustment in accordance with the
Business Day Convention specified in paragraph 14(v)
below.
(v)
Business Day Convention:
Modified Following Business Day Convention (adjusted)
(vi) Financial Centre(s):
Toronto
(vii) Manner in which the Rate(s) of
Screen Rate Determination
Interest is/are to be determined:
(viii) Party responsible for calculating the
Canadian Imperial Bank of Commerce, as Calculation Agent
Rate(s) of Interest and Interest
Amount(s) (if not the Issuing and
Paying Agent):
(ix) Screen Rate Determination:
Applicable
­ Reference Rate:
"3-month CDOR" means, for each Interest Period, the
average bid rate of interest for Canadian dollar bankers'
acceptances with maturities of three months which appears
on the "Reuters Screen CDOR Page" as of approximately
10:15 a.m., Toronto time, on the first Business Day in
Toronto of such Interest Period, as published by Refinitiv
Benchmark Services (UK) Limited or any successor thereto,
as administrator (the "Administrator") in accordance with
its CDOR Methodology, as amended from time to time. If
such rate does not appear on the "Reuters Screen CDOR
Page" on such day, the 3-month CDOR for such Interest
Period shall be the average of the bid rates of interest for
Canadian dollar bankers' acceptances with maturities of
three months for same-day settlement as quoted by such
banks (as defined in the Bank Act) listed in Schedule I of the
Bank Act as may quote such a rate as of approximately 10:15
a.m., Toronto time, on the first Business Day in Toronto of
such Interest Period.
"1-month CDOR" has the same meaning as 3-month CDOR
with references to 3-month being to 1-month and references
to three months being to one month.
­ Interest Determination Date(s)
First day of each Interest Period
­ Relevant Screen Page
Reuters Screen CDOR Page
­ Relevant Time:
10:15 a.m.
­ Reference Banks:
Not Applicable
MT DOCS 20309013


­ Observation Look-Back Period:
Not Applicable
(x)
ISDA Determination:
Not Applicable
(xi) Margin(s):
(i)
For the period from and including the Issue Date to
but excluding the Final Maturity Date, 0.45 per cent. per
annum
(ii)
If applicable, for the period from and including the
Final Maturity Date to but excluding the Extended Due for
Payment Date, 0.48 per cent. per annum
(xii) Linear Interpolation
Not Applicable
(Condition 5.10)
(xiii) Minimum Interest Rate:
0.00 per cent. per annum
(Condition 5.05)
(xiv) Maximum Interest Rate:
Not Applicable
(Condition 5.05)
(xv) Day Count Fraction:
Actual/365 (Fixed)
15.
Zero Coupon Covered Bond Provisions:
Not Applicable
(Condition 5.11)
PROVISIONS RELATING TO REDEMPTION
16.
Call Option:
Not Applicable
(Condition 6.03)
17.
Put Option:
Not Applicable
(Condition 6.06)
18.
Final Redemption Amount of each
CAD 1,000 per Calculation Amount
Covered Bond:
19.
Early Redemption Amount:
Early Redemption Amount(s) payable on
CAD 1,000 per Calculation Amount
redemption for taxation reasons or
illegality or upon acceleration following
an Issuer Event of Default or Guarantor
Event of Default and/or the method of
calculating the same:
(Conditions 6.02, 6.13 or 7)
GENERAL PROVISIONS APPLICABLE TO THE COVERED BONDS
20.
Form of the Covered Bonds:
Registered Covered Bonds held only through the book-based
system of CDS Clearing and Depositary Services Inc.
("CDS")
MT DOCS 20309013


21.
New Global Covered Bond:
No
22.
Financial Centre(s) or other special
Toronto
provisions relating to payment dates:
23.
Talons for future Coupons or Receipts to
No
be attached to Definitive Covered Bonds
(and dates on which such Talons mature):
(Condition 1.06)
24.
Details relating to Instalment Covered
(i)
Instalment Amount(s): Not Applicable
Bonds: amount of each instalment, date on
which each payment is to be made:
(ii) Instalment Date(s): Not Applicable
(Condition 6.12)
THIRD PARTY INFORMATION
Not Applicable
[The remainder of this page is intentionally left blank.]
MT DOCS 20309013


Signed on behalf of the Issuer:

Signed on behalf of the Managing GP for and on behalf
of the Guarantor:
By:
"Wojtek Niebrzydowski"

By:
"Wojtek Niebrzydowski"
Duly authorized
Duly authorized
[Signature Page to CIBC CBL31 (CAD) ­ Final Terms]
MT DOCS 20309013


PART B­OTHER INFORMATION
1.
LISTING
(i)
Listing/Admission to trading:
Not Applicable
(ii) Estimate of total expenses related to Not Applicable
admission to trading:
2.
RATINGS
The Covered Bonds to be issued are expected to be rated:
Ratings: Moody's: Aaa
Fitch: AAA
3.
INTERESTS OF NATURAL AND LEGAL PERSONS INVOLVED IN THE ISSUE
The Manager is an affiliate of the Issuer and the Guarantor, has engaged and may in the future engage, in
investment banking and/or commercial banking transactions with, and may perform services for, the Issuer,
the Guarantor and their affiliates.
4.
DISTRIBUTION
(i)
US Selling Restrictions:
Regulation S compliance Category 2; TEFRA rules not
applicable; Not Rule 144A eligible
(ii) Additional Selling Restrictions:
The Covered Bonds are being sold, in Canada only, on a
private placement basis as exempt securities pursuant to
applicable securities laws and are only being sold to
"accredited investors" as defined pursuant to applicable
securities laws.
5.
OPERATIONAL INFORMATION
(i)
ISIN Code:
CA13607GPY49
(ii) Insert here any other relevant codes CUSIP: 13607GPY4
such as CUSIP and CINS codes:
(iii) Any clearing system(s) other than CDS
Euroclear Bank SA/NV, Clearstream 100 Adelaide Street West
Banking S.A., DTC or CDS, their Toronto, Ontario, Canada
addresses
and
the
relevant M5H 1S3
identification number(s):
(iv) Delivery:
Delivery free of payment
MT DOCS 20309013


(v)
Name(s) and address(es) of additional Computershare Trust Company of Canada, as Transfer
or substitute Paying Agent(s) or Agent
Transfer Agent(s):
100 University Avenue, 11th Floor
Toronto, Ontario, Canada
M5J 2Y1
Canadian Imperial Bank of Commerce, as Paying Agent
Brookfield Place
11th Floor, 161 Bay Street
Toronto, Ontario M5J 2S8
(vi) Intended to be held in a manner which Not Applicable
would allow Eurosystem eligibility:
6.
UNITED STATES TAX CONSIDERATIONS
Not applicable.
MT DOCS 20309013