Obbligazione CBIC 8.5% ( US13607G3442 ) in USD

Emittente CBIC
Prezzo di mercato 100 USD  ⇌ 
Paese  Canada
Codice isin  US13607G3442 ( in USD )
Tasso d'interesse 8.5% per anno ( pagato 2 volte l'anno)
Scadenza 12/02/2021 - Obbligazione č scaduto



Prospetto opuscolo dell'obbligazione CIBC US13607G3442 in USD 8.5%, scaduta


Importo minimo 1 000 USD
Importo totale 15 549 000 USD
Cusip 13607G344
Standard & Poor's ( S&P ) rating N/A
Moody's rating N/A
Descrizione dettagliata La CIBC (Canadian Imperial Bank of Commerce) č 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 USD, with the ISIN code US13607G3442, pays a coupon of 8.5% per year.
The coupons are paid 2 times per year and the Obbligazione maturity is 12/02/2021







2/4/2020
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424B2 1 a20-6386_8424b2.htm SPUS 736 FPS



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 STEPS-1 dated December 16, 2019)

1,554,933 Units
Pricing Date
January 30,
$10 principal amount per unit
Settlement Date
2020
CUSIP No. 13607G344
Maturity Date
February 6,

2020
February 12,
2021





STEP Income Securities® Linked to the Common

Stock of Target Corporation
· Maturity of approximately one year and one week
· Interest payable quarterly at the rate of 8.50% per year
· A payment of $0.415 per unit if the Underlying Stock increases to or above 108.50% of the Starting Value
· 1-to-1 downside exposure to decreases in the Underlying Stock, with up to 100% of your principal at risk
· Al payments on the notes are subject to the credit risk of Canadian Imperial Bank of Commerce
· 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 beginning on page PS-6 of product supplement STEPS-1.

The initial estimated value of the notes as of the pricing date is $9.772 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-11 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(1)
$10.000
$15,549,330.00
Underwriting discount
$ 0.175
$ 272,113.27
Proceeds, before expenses, to CIBC
$ 9.825
$15,277,216.73

(1) Plus accrued interest from the scheduled settlement date, if settlement occurs after that date.


The notes:

Are Not FDIC Insured
Are Not Bank Guaranteed
May Lose Value



BofA Securities

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STEP Income Securities

®
Linked to the Common Stock of Target Corporation, due February 12, 2021
Summary

The STEP Income Securities® L
inked to the Common Stock of Target Corporation, due February 12, 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. All
payments due on the notes, including any repayment of principal, will be subject to the credit risk of CIBC. The notes provide quarterly interest
payments. Additional y, if the Ending Value of the Market Measure, which is the common stock of Target Corporation (the "Underlying Stock"), is at or
above the Step Level, the notes wil also provide a payment of $0.415 per unit at maturity. If the Ending Value is less than the Step Level, the
Redemption Amount wil not be greater than your principal amount. If the Ending Value is less than the Starting Value, the Redemption Amount wil be
less than the principal amount of your notes, and may be as low as zero. Al payments on the notes wil be calculated based on the $10 principal amount
per unit and wil depend on the performance of the Underlying Stock, subject to our credit risk. See "Terms of the Notes" below.

The economic terms of the notes (including the Step Payment) 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-11.

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

Amount:
Term:
Approximately one year and one week
Underlying
The common stock of Target Corporation (the
Stock:
"Underlying Company") (NYSE symbol: TGT)
Starting Value:
113.83 (The Volume Weighted Average Price on
the pricing date).
Volume Weighted The volume weighted average price (rounded to
Average Price:
two decimal places) shown on page "AQR" on
Bloomberg L.P. for trading in shares of the
Underlying Stock taking place from
approximately 9:30 a.m. to 4:02 p.m. on al U.S.
exchanges.
Ending Value:
The Closing Market Price of the Underlying
Stock on the valuation date, multiplied by the
Price Multiplier. The scheduled valuation date is
subject to postponement in the event of Market
Disruption Events, as described beginning on
page PS-19 of product supplement STEPS-1.
Valuation Date:
February 5, 2021
Interest Rate:
8.50% per year
Interest Payment
May 12, 2020, August 12, 2020, November 12,
Dates:
2020 and the maturity date
Step Payment:
$0.415 per unit, which represents a return of
4.15% of the principal amount.
Step Level:
123.51 (108.50% of the Starting Value, rounded
to two decimal places).
Threshold Value:
113.83 (100% of the Starting Value).
Price Multiplier:
1, subject to adjustment for certain corporate
events relating to the Underlying Stock
described beginning on page PS-21 of product
supplement STEPS-1.
Fees and
The underwriting discount of $0.175 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-11.
Calculation
BofA Securities, Inc. ("BofAS").
Agent:

STEP Income Securities
®
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STEP Income Securities

®
Linked to the Common Stock of Target Corporation, due February 12, 2021

The terms and risks of the notes are contained in this term sheet and in the following:

§ Product supplement STEPS-1 dated December 16, 2019:
https://www.sec.gov/Archives/edgar/data/1045520/000110465919073350/a19-25016_12424b5.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 STEPS-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 Ending Value will be greater than or
§ You anticipate that the Ending Value will be less than the
equal to the Starting Value.
Starting Value.
§ You seek periodic interest payments on your investment.
§ You anticipate that the price of the Underlying Stock will
increase substantially and do not want a payment at maturity
§ You accept that the maximum return on the notes is limited to
that is limited to the Step Payment.
the sum of the quarterly interest payments and the Step
Payment, if any.
§ You seek principal repayment or preservation of capital.
§ You are willing to risk a loss of principal and return if the
§ In addition to periodic interest payments, you seek an
Ending Value is below the Starting Value.
additional guaranteed return above the principal amount.
§ You are willing to forgo dividends or other benefits of owning
§ You seek to receive dividends or other distributions paid on
shares of the Underlying Stock.
the Underlying Stock.
§ 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
actual and perceived creditworthiness, our internal funding
§ You are unwilling or are unable to take market risk on the
rate and fees and charges on the notes.
notes or to take our credit risk as issuer of 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.

STEP Income Securities
®
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STEP Income Securities

®
Linked to the Common Stock of Target Corporation, due February 12, 2021

Hypothetical Payments at Maturity
The following examples are for purposes of illustration only. They are based on hypothetical values and show hypothetical payments
on the notes. The actual amount you receive and the resulting return will depend on the actual Starting Value, Threshold Value,
Ending Value, Step Level, and the term of your investment. The following examples do not take into account any tax consequences
from investing in the notes. These examples are based on:

1)
a hypothetical Starting Value of 100.00;


2)
a hypothetical Threshold Value of 100.00 (100.00% of the hypothetical Starting Value);


3)
a hypothetical Step Level of 108.50 (108.50% of the hypothetical Starting Value);


4)
the Step Payment of $0.415 per unit;


5)
the term of the notes from February 6, 2020 to February 12, 2021; and


6)
the interest rate of 8.50% per year.

The hypothetical Starting Value of 100.00 used in these examples has been chosen for illustrative purposes only. The actual Starting
Value of the Underlying Stock is 113.83, which was the Volume Weighted Average Price on the pricing date. For recent actual prices of
the Underlying Stock, see "The Underlying Stock" section below. In addition, all payments on the notes are subject to issuer credit risk.
Example 1
The Ending Value is 115.00 (115.00% of the Starting Value)
The Ending Value is greater than the Step Level. Consequently, in addition to the quarterly interest payments, you will receive on the
maturity date the principal amount plus the Step Payment of $0.415 per unit. The Redemption Amount will therefore be equal to
$10.415 per unit ($10.00 plus the Step Payment of $0.415 per unit).
Example 2
The Ending Value is 105.00 (105.00% of the Starting Value)
The Ending Value is greater than the Starting Value and the Threshold Value but less than the Step Level. Consequently, you will
receive the quarterly interest payments, but you will not receive the Step Payment on the maturity date. The Redemption Amount will
therefore be equal to the principal amount of $10.00 per unit.
Example 3
The Ending Value is 70.00 (70.00% of the Starting Value)
The Ending Value is less than the Starting Value and the Threshold Value. Consequently, you will receive the quarterly interest
payments, but you will not receive the Step Payment on the maturity date, and you will participate on a 1-for-1 basis in the decrease in
the price of the Underlying Stock. The Redemption Amount per unit will equal:

On the maturity date, you will receive a Redemption Amount equal to $7.00 per unit.

STEP Income Securities
®
TS-4
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STEP Income Securities

®
Linked to the Common Stock of Target Corporation, due February 12, 2021

Summary of the Hypothetical Examples


Example 1
Example 2
Example 3

The Ending Value is
The Ending Value is
The Ending Value is
less than the Step
less than the Starting
greater than or equal to
Level but greater than
Value and the
the Step Level
or equal to the Starting
Threshold Value
Value
Starting Value
100.00
100.00
100.00
Ending Value
115.00
105.00
70.00
Step Level
108.50
108.50
108.50
Threshold Value
100.00
100.00
100.00
Interest Rate (per year)
8.50%
8.50%
8.50%
Step Payment
$0.415
$0.000
$0.000
Redemption Amount per Unit
$10.415
$10.000
$7.000
Total Return of the Underlying
(1)
17.28%
7.28%
-27.72%
Stock
Total Return on the Notes(2)
12.79%
8.64%
-21.36%

(1)
The total return of the Underlying Stock assumes:


(a) the percentage change in the price of the Underlying Stock from the Starting Value to the Ending Value;


(b) a constant dividend yield of 2.24% per year; and


(c) no transaction fees or expenses.


(2)
The total return on the notes includes interest paid on the notes from February 6, 2020 to February 12, 2021.


STEP Income Securities
®
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STEP Income Securities

®
Linked to the Common Stock of Target Corporation, due February 12, 2021
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 STEPS-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 Underlying Stock as measured shortly before the maturity date, you may lose up to
100% of the principal amount.

§ You will not receive a Step Payment at maturity unless the Ending Value is greater than or equal to the Step Level.

§ 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 periodic interest payments over the term of the notes and the
Step Payment, if any, and may be less than a comparable investment directly in the Underlying Stock.

§ 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-11, 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 price of the Underlying Stock, 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 the Underlying Stock) 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.

§ The Underlying Company will have no obligations relating to the notes, and none of us, MLPF&S or BofAS will perform any due
diligence procedures with respect to the Underlying Company in connection with this offering.

§ You will have no rights of a holder of the Underlying Stock, and you will not be entitled to receive any shares of the Underlying
Stock or dividends or other distributions by the Underlying Company.

§ While we, MLPF&S, BofAS or our respective affiliates may from time to time own securities of the Underlying Company, we,
MLPF&S, BofAS and our respective affiliates do not control the Underlying Company, and have not verified any disclosure
made by the Underlying Company.

§ The Redemption Amount will not be adjusted for all corporate events that could affect the Underlying Stock. See "Description of
the Notes--Anti-Dilution Adjustments" beginning on page PS-21 of product supplement STEPS-1.

§ 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.

STEP Income Securities
®
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STEP Income Securities

®
Linked to the Common Stock of Target Corporation, due February 12, 2021

§ 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-
31 of product supplement STEPS-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 dated December 16, 2019, as
supplemented by the discussion under "Summary of Canadian Federal Income Tax Considerations" herein.

STEP Income Securities
®
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STEP Income Securities

®
Linked to the Common Stock of Target Corporation, due February 12, 2021

The Underlying Stock

We have derived the following information from publicly available documents. We have not independently verified the accuracy or
completeness of the following information. Target Corporation operates discount stores selling everyday essentials and other
merchandise. Customers are able to purchase products both in stores or through the company's digital channels.

Because the Underlying Stock is registered under the Securities Exchange Act of 1934, the Underlying Company is required to file
periodically certain financial and other information specified by the SEC. Information provided to or filed with the SEC by the Underlying
Company can be located at the Public Reference Section of the SEC, 100 F Street, N.E., Room 1580, Washington, D.C. 20549 or
through the SEC's website at http://www.sec.gov by reference to SEC CIK number 27419.

This term sheet relates only to the notes and does not relate to the Underlying Stock or to any other securities of the Underlying
Company. None of us, MLPF&S, BofAS or any of our respective affiliates has participated or will participate in the preparation of the
Underlying Company's publicly available documents. None of us, MLPF&S, BofAS or any of our respective affiliates has made any due
diligence inquiry with respect to the Underlying Company in connection with the offering of the notes. None of us, MLPF&S, BofAS or
any of our respective affiliates makes any representation that the publicly available documents or any other publicly available information
regarding the Underlying Company are accurate or complete. Furthermore, there can be no assurance that all events occurring prior to
the date of this term sheet, including events that would affect the accuracy or completeness of these publicly available documents that
would affect the trading price of the Underlying Stock, have been or will be publicly disclosed. Subsequent disclosure of any events or
the disclosure of or failure to disclose material future events concerning the Underlying Company could affect the price of the Underlying
Stock and therefore could affect your return on the notes. Information from outside sources is not incorporated by reference in, and
should not be considered part of, this term sheet or any accompanying prospectus, prospectus supplement or product supplement. The
selection of the Underlying Stock is not a recommendation to buy or sell the Underlying Stock.

The Underlying Stock trades on the New York Stock Exchange under the symbol "TGT."

Historical Data

The following table shows the quarterly high and low Closing Market Prices of the shares of the Underlying Stock on its primary
exchange from the first quarter of 2010 through January 30, 2020. We obtained this historical data from Bloomberg L.P. We have not
independently verified the accuracy or completeness of the information obtained from Bloomberg L.P. These historical trading prices
may have been adjusted to reflect certain corporate actions such as stock splits and reverse stock splits.

High ($)
Low ($)

2010


First Quarter
54.37
48.55
Second Quarter
58.05
49.00
Third Quarter
55.05
49.16
Fourth Quarter
60.26
51.94
2011


First Quarter
60.77
49.16
Second Quarter
51.76
46.33
Third Quarter
52.76
46.44
Fourth Quarter
55.56
47.80
2012


First Quarter
58.86
48.51
Second Quarter
59.20
54.81
Third Quarter
65.44
57.15
Fourth Quarter
64.48
58.57
2013


First Quarter
69.05
58.82
Second Quarter
71.51
67.98
Third Quarter
73.32
63.15
Fourth Quarter
66.89
61.65
2014


First Quarter
63.49
55.07
Second Quarter
62.18
55.34
Third Quarter
63.93
57.50
Fourth Quarter
75.91
59.07
2015


First Quarter
82.14
73.61
Second Quarter
84.76
77.26
Third Quarter
85.01
73.94
Fourth Quarter
79.53
69.78

STEP Income Securities
®
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®
Linked to the Common Stock of Target Corporation, due February 12, 2021

2016


First Quarter
83.60
67.59
Second Quarter
83.98
66.74
Third Quarter
76.30
67.22
Fourth Quarter
78.61
66.53
2017


First Quarter
73.81
53.12
Second Quarter
58.41
50.52
Third Quarter
59.96
50.18
Fourth Quarter
65.82
54.16
2018


First Quarter
78.58
65.85
Second Quarter
79.07
68.98
Third Quarter
89.26
75.77
Fourth Quarter
88.47
61.13
2019


First Quarter
80.32
65.53
Second Quarter
88.30
70.78
Third Quarter
109.85
80.79
Fourth Quarter
109.21
105.16
2020


First Quarter (through the pricing date)
126.07
113.90

This historical data on the Underlying Stock is not necessarily indicative of the future performance of the Underlying Stock or
what the value of the notes may be. Any historical upward or downward trend in the price per share of the Underlying Stock
during any period set forth above is not an indication that the price per share of the Underlying Stock is more or less likely to
increase or decrease at any time over the term of the notes.
Before investing in the notes, you should consult publicly available sources for the prices and trading pattern of the Underlying Stock.

STEP Income Securities
®
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2/4/2020
https://www.sec.gov/Archives/edgar/data/1045520/000110465920009798/a20-6386_8424b2.htm

STEP Income Securities

®
Linked to the Common Stock of Target Corporation, due February 12, 2021

Supplement to the Plan of Distribution
Under our distribution agreement with BofAS, BofAS will purchase the notes from us as principal at the public offering price indicated on
the cover of this term sheet, less the indicated underwriting discount. MLPF&S will in turn purchase the notes from BofAS for resale, and
it will receive a selling concession in connection with the sale of the notes in an amount up to the full amount of the underwriting discount
set forth on the cover of this term sheet.
We will deliver the notes against payment therefor in New York, New York on a date that is greater than two business days following the
pricing date. Under Rule 15c6-1 of the Securities Exchange Act of 1934, trades in the secondary market generally are required to settle
in two business days, unless the parties to any such trade expressly agree otherwise. Accordingly, purchasers who wish to trade the
notes more than two business days prior to the original issue date will be required to specify alternative settlement arrangements to
prevent a failed settlement.
The notes will not be listed on any securities exchange. In the original offering of the notes, the notes will be sold in minimum investment
amounts of 100 units. If you place an order to purchase the notes, you are consenting to MLPF&S and/or one of its affiliates acting as a
principal in effecting the transaction for your account.
MLPF&S and BofAS may repurchase and resell the notes, with repurchases and resales being made at prices related to then-prevailing
market prices or at negotiated prices, and these prices will include MLPF&S's and BofAS's trading commissions and mark-ups or mark-
downs. MLPF&S and BofAS may act as principal or agent in these market-making transactions; however, neither is obligated to engage
in any such transactions. At their discretion, for a short, undetermined initial period after the issuance of the notes, MLPF&S and BofAS
may offer to buy the notes in the secondary market at a price that may exceed the initial estimated value of the notes. Any price offered
by MLPF&S or BofAS for the notes will be based on then-prevailing market conditions and other considerations, including the
performance of the Underlying Stock and the remaining term of the notes. However, none of us, MLPF&S, BofAS or any of our
respective affiliates is obligated to purchase your notes at any price or at any time, and we cannot assure you that we, MLPF&S, BofAS
or any of our respective affiliates will purchase your notes at a price that equals or exceeds the initial estimated value of the notes.
The value of the notes shown on your account statement will be based on BofAS's estimate of the value of the notes if BofAS or another
of its affiliates were to make a market in the notes, which it is not obligated to do. That estimate will be based upon the price that BofAS
may pay for the notes in light of then-prevailing market conditions, and other considerations, as mentioned above, and will include
transaction costs. At certain times, this price may be higher than or lower than the initial estimated value of the notes.
The distribution of the Note Prospectus in connection with these offers or sales will be solely for the purpose of providing investors with
the description of the terms of the notes that was made available to investors in connection with their initial offering. Secondary market
investors should not, and will not be authorized to, rely on the Note Prospectus for information regarding CIBC or for any purpose other
than that described in the immediately preceding sentence.

STEP Income Securities
®
TS-10
https://www.sec.gov/Archives/edgar/data/1045520/000110465920009798/a20-6386_8424b2.htm
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