Obbligazione CBIC 10% ( US13607H8887 ) in USD

Emittente CBIC
Prezzo di mercato 100 USD  ▲ 
Paese  Canada
Codice isin  US13607H8887 ( in USD )
Tasso d'interesse 10% per anno ( pagato 2 volte l'anno)
Scadenza 07/05/2021 - Obbligazione č scaduto



Prospetto opuscolo dell'obbligazione CIBC US13607H8887 in USD 10%, scaduta


Importo minimo 1 000 USD
Importo totale 19 263 000 USD
Cusip 13607H888
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 US13607H8887, pays a coupon of 10% per year.
The coupons are paid 2 times per year and the Obbligazione maturity is 07/05/2021







424B2 1 a20-16501_23424b2.htm 424B2



File d Pursua nt t o Rule 4 2 4 (b)(2 )
Re gist ra t ion St a t e m e nt N o. 3 3 3 -2 3 3 6 6 3
(T o Prospe c t us da t e d De c e m be r 1 6 , 2 0 1 9 ,
Prospe c t us Supple m e nt da t e d De c e m be r 1 6 , 2 0 1 9 a nd
Produc t Supple m e nt ST EPS -1 da t e d De c e m be r 1 6 ,
2 0 1 9 )

1,926,296 Units
Pricing Date
April 23,
$10 principal amount per unit
Settlement Date
2020
CUSIP No. 13607H888
Maturity Date
April 30,
2020
May 7,
2021





ST EP I nc om e Se c urit ie sŪ Link e d t o t he Com m on
St oc k of Cisc o Syst e m s, I nc .
·
Maturity of approximately one year and one week

·
Interest payable quarterly at the rate of 10.00% per year

·
A payment of $0.71 per unit if the Underlying Stock increases to or above 110.00% of the Starting Value

·
1-to-1 downside exposure to decreases in the Underlying Stock, with up to 100% of your principal at risk

·
All 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


T he not e s a re be ing issue d by Ca na dia n I m pe ria l Ba nk of Com m e rc e ("CI BC"). T he re a re im port a nt diffe re nc e s
be t w e e n t he not e s a nd a c onve nt iona l de bt se c urit y, inc luding diffe re nt inve st m e nt risk s a nd c e rt a in a ddit iona l
c ost s. Se e "Risk Fa c t ors" be ginning on pa ge T S -6 of t his t e rm she e t a nd be ginning on pa ge PS -6 of produc t
supple m e nt ST EPS -1 .

T he init ia l e st im a t e d va lue of t he not e s a s of t he pric ing da t e is $ 9 .5 7 8 pe r unit , w hic h is le ss t ha n t he public
offe ring pric e list e d be low . See "Summary" on the following page, "Risk Factors" beginning on page TS-6 of this term sheet and
"Structuring the Notes" on page TS-10 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
$19,262,960.00



Underwriting discount
$ 0.175
$337,101.80



Proceeds, before expenses, to CIBC
$ 9.825
$18,925,858.20




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


https://www.sec.gov/Archives/edgar/data/1045520/000110465920051584/a20-16501_23424b2.htm[4/27/2020 4:28:18 PM]


T he not e s:

Are N ot FDI C I nsure d
Are N ot Ba nk Gua ra nt e e d
M a y Lose V a lue





BofA Se c urit ie s

April 23, 2020



ST EP Income SecuritiesŪ
Linked to the Common Stock of Cisco Systems, Inc., due May 7, 2021



Summary

The ST EP Income SecuritiesŪ Linked to the Common Stock of Cisco Systems, Inc., due May 7, 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 collateral. The notes are not bail-inable debt securities (as defined
on page 6 of the prospectus). T he not e s w ill ra nk e qua lly w it h a ll of our ot he r unse c ure d a nd unsubordina t e d de bt . All pa ym e nt s
due on t he not e s, inc luding a ny re pa ym e nt of princ ipa l, w ill be subje c t t o t he c re dit risk of CI BC. The notes provide quarterly
interest payments. Additionally, if the Ending Value of the Market Measure, which is the common stock of Cisco Systems, Inc. (the "Underlying Stock"), is at
or above the Step Level, the notes will also provide a payment of $0.71 per unit at maturity. If the Ending Value is less than the Step Level, the Redemption
Amount will not be greater than your principal amount. If the Ending Value is less than the Starting Value, the Redemption Amount will be less than the
principal amount of your notes, and may be as low as zero. All payments on the notes will be calculated based on the $10 principal amount per unit and will
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 typically lower
than the rate we would pay when we issue conventional fixed rate debt securities. This difference in funding rate, as well 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-10.

Terms of the Notes
Redemption Amount Determination
I ssue r:
Canadian Imperial Bank of Commerce ("CIBC ")
In addition to interest payable, on the maturity date, you will receive a cash
$10.00 per unit
payment per unit determined as follows:
Princ ipa l

Am ount :
T e rm :
Approximately one year and one week
U nde rlying
The common stock of Cisco Systems, Inc. (the "Underlying
Company") (Nasdaq symbol: CSCO)
St oc k :
St a rt ing V a lue :
41.93 (The Volume Weighted Average Price on the pricing
date).
V olum e
The volume weighted average price (rounded to two
decimal places) shown on page "AQR" on Bloomberg L.P.
We ight e d
for trading in shares of the Underlying Stock taking place
Ave ra ge Pric e :
from approximately 9:30 a.m. to 4:05 p.m. on all U.S.
exchanges.
Ending V a lue :
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.
V a lua t ion Da t e :
April 30, 2021
I nt e re st Ra t e :
10.00% per year
I nt e re st
August 7, 2020, November 9, 2020, February 8, 2021 and
the maturity date
Pa ym e nt
Da t e s:
St e p Pa ym e nt :
$0.71 per unit, which represents a return of 7.10% of the
principal amount.
St e p Le ve l:
46.12 (110.00% of the Starting Value, rounded to two
decimal places).
T hre shold
41.93 (100% of the Starting Value).
V a lue :
https://www.sec.gov/Archives/edgar/data/1045520/000110465920051584/a20-16501_23424b2.htm[4/27/2020 4:28:18 PM]


Pric e
1, subject to adjustment for certain corporate events
relating to the Underlying Stock described beginning on
M ult iplie r:
page PS -21 of product supplement STEPS-1.
Fe e s a nd
The underwriting discount of $0.175 per unit listed on the
cover page and the hedging -related charge of $0.075 per
Cha rge s:
unit described in "Structuring the Notes" on page TS-10.
Ca lc ula t ion
BofA Securities, Inc. ("BofAS").
Age nt :

STEP Income SecuritiesŪ
T S -2


ST EP Income SecuritiesŪ
Linked to the Common Stock of Cisco Systems, Inc., due May 7, 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

Y ou m a y w ish t o c onside r a n inve st m e nt in t he not e s if:
T he not e s m a y not be a n a ppropria t e inve st m e nt 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


https://www.sec.gov/Archives/edgar/data/1045520/000110465920051584/a20-16501_23424b2.htm[4/27/2020 4:28:18 PM]



You accept that the maximum return on the notes is limited to
substantially and do not want a payment at maturity that is

the sum of the quarterly interest payments and the Step
limited to the Step Payment.
Payment, if any.

You seek principal repayment or preservation of capital.


You are willing to risk a loss of principal and return if the Ending

In addition to periodic interest payments, you seek an additional


Value is below the Starting Value.
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 the


shares of the Underlying Stock.
Underlying Stock.

You are willing to accept a limited or no market for sales prior to

You seek an investment for which there will be a liquid


maturity, and understand that the market prices for the notes, if
secondary market.
any, will be affected by various factors, including our actual and

You are unwilling or are unable to take market risk on the notes

perceived creditworthiness, our internal funding rate and fees
or to take our credit risk as issuer of the notes.
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.

STEP Income SecuritiesŪ
T S -3


ST EP Income SecuritiesŪ
Linked to the Common Stock of Cisco Systems, Inc., due May 7, 2021



Hypothetical Payments at Maturity

The following examples are for purposes of illustration only. They are based on hypot he t ic a l values and show hypot he t ic a l payments on
the notes. T he a c t ua l a m ount you re c e ive a nd t he re sult ing re t urn w ill de pe nd on t he a c t ua l St a rt ing V a lue , T hre shold
V a lue , Ending V a lue , St e p Le ve l, a nd t he t e rm of your inve st m e nt . 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 110.00 (110.00% of the hypothetical Starting Value);

4)
the Step Payment of $0.71 per unit;

5)
the term of the notes from April 30, 2020 to May 7, 2021; and

6)
the interest rate of 10.00% per year.


The hypot he t ic a l 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 41.93, 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.

Ex a m ple 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 $0.71 per unit. The Redemption Amount will therefore be equal to $10.71 per unit ($10.00
plus the Step Payment of $0.71 per unit).

Ex a m ple 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.

Ex a m ple 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
https://www.sec.gov/Archives/edgar/data/1045520/000110465920051584/a20-16501_23424b2.htm[4/27/2020 4:28:18 PM]


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 t he m a t urit y da t e , you w ill re c e ive a Re de m pt ion Am ount e qua l t o $ 7 .0 0 pe r unit .

STEP Income SecuritiesŪ
T S -4


ST EP Income SecuritiesŪ
Linked to the Common Stock of Cisco Systems, Inc., due May 7, 2021



Sum m a ry of t he H ypot he t ic a l Ex a m ple s


Ex a m ple 1
Ex a m ple 2
Ex a m ple 3

T he Ending V a lue is
T he Ending V a lue is
T he Ending V a lue is
le ss t ha n t he St e p Le ve l
le ss t ha n t he St a rt ing
gre a t e r t ha n or e qua l t o
but gre a t e r t ha n or
V a lue a nd t he
t he St e p Le ve l
e qua l t o t he St a rt ing
T hre shold V a lue
V a lue
Starting Value
100.00
100.00
100.00
Ending Value
115.00
105.00
70.00
Step Level
110.00
110.00
110.00
Threshold Value
100.00
100.00
100.00
Interest Rate (per year)
10.00%
10.00%
10.00%
Step Payment
$0.71
$0.00
$0.00
Redemption Amount per Unit
$10.71
$10.00
$7.00
Total Return of the Underlying
18.57%
8.57%
-26.43%
Stock(1)
Total Return on the Notes(2)
17.29%
10.19%
-19.81%

(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 3.50% per year; and


(c) no transaction fees or expenses.


(2)
The total return on the notes includes interest paid on the notes from April 30, 2020 to May 7, 2021.


STEP Income SecuritiesŪ
T S -5



ST EP Income SecuritiesŪ
Linked to the Common Stock of Cisco Systems, Inc., due May 7, 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.

https://www.sec.gov/Archives/edgar/data/1045520/000110465920051584/a20-16501_23424b2.htm[4/27/2020 4:28:18 PM]



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-10, 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 SecuritiesŪ
T S -6


ST EP Income SecuritiesŪ
Linked to the Common Stock of Cisco Systems, Inc., due May 7, 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, as supplemented by the discussion under "Summary of Canadian
Federal Income Tax Considerations" herein.

STEP Income SecuritiesŪ
T S -7


ST EP Income SecuritiesŪ
Linked to the Common Stock of Cisco Systems, Inc., due May 7, 2021


https://www.sec.gov/Archives/edgar/data/1045520/000110465920051584/a20-16501_23424b2.htm[4/27/2020 4:28:18 PM]



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. Cisco Systems, Inc. designs and sells Internet Protocol (IP)-based networking and other products related to the
communications and information technology (IT) industry, and provides services associated with these products and their use. The company
provides products for transporting data, voice, and video within buildings, across campuses, and globally.

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 858877.

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 Nasdaq Stock Market LLC ("Nasdaq") under the symbol "CSCO."

H ist oric a l Da t a

The following graph shows the daily historical performance of the Underlying Stock on its primary exchange in the period from
January 1, 2010 through April 23, 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. On the pricing date, the Closing Market Price of the
Underlying Stock was 41.62. The graph below may have been adjusted to reflect certain corporate actions such as stock splits and
reverse stock splits.

H ist oric a l Pe rform a nc e of t he U nde rlying St oc k


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 SecuritiesŪ
T S -8
https://www.sec.gov/Archives/edgar/data/1045520/000110465920051584/a20-16501_23424b2.htm[4/27/2020 4:28:18 PM]




ST EP Income SecuritiesŪ
Linked to the Common Stock of Cisco Systems, Inc., due May 7, 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 SecuritiesŪ
T S -9


ST EP Income SecuritiesŪ
Linked to the Common Stock of Cisco Systems, Inc., due May 7, 2021



Structuring the Notes

The notes are our debt securities, the return on which is linked to the performance of the Underlying Stock. As is the case for all of our debt
securities, including our market-linked notes, the economic terms of the notes reflect our actual or perceived creditworthiness at the time of
pricing. The internal funding rate we use in pricing the market-linked notes is typically lower than the rate we would pay when we issue
conventional fixed-rate debt securities of comparable maturity. This difference 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. This generally relatively lower internal funding rate, which is reflected in the economic terms of the notes, along with
the fees and charges associated with market-linked notes, resulted in the initial estimated value of the notes on the pricing date being less than
their public offering price.

Payments on the notes, including the interest payments on the notes and the Redemption Amount, will be calculated based on the $10 Principal
Amount per unit. The Redemption Amount will depend on the performance of the Underlying Stock. We are also required to make the interest
payments on the notes. In order to meet these payment obligations, at the time we issue the notes, we may choose to enter into certain hedging
https://www.sec.gov/Archives/edgar/data/1045520/000110465920051584/a20-16501_23424b2.htm[4/27/2020 4:28:18 PM]


arrangements (which may include call options, put options or other derivatives) with BofAS or one of its affiliates. The terms of these hedging
arrangements are determined by seeking bids from market participants, including BofAS and its affiliates, and take into account a number of
factors, including our creditworthiness, interest rate movements, the volatility of the Underlying Stock, the tenor of the notes and the tenor of the
hedging arrangements. The economic terms of the notes and their initial estimated value depend in part on the terms of these hedging
arrangements.

BofAS has advised us that the hedging arrangements will include a hedging-related charge of approximately $0.075 per unit, reflecting an
estimated profit to be credited to BofAS from these transactions. Since hedging entails risk and may be influenced by unpredictable market
forces, additional profits and losses from these hedging arrangements may be realized by BofAS or any third party hedge providers.

For further information, see "Risk Factors--General Risks Relating to the Notes" beginning on page PS-6 and "Use of Proceeds and Hedging"
on page PS-16 of product supplement STEPS-1.

STEP Income SecuritiesŪ
T S -1 0


ST EP Income SecuritiesŪ
Linked to the Common Stock of Cisco Systems, Inc., due May 7, 2021



Summary of Canadian Federal Income Tax Considerations

In the opinion of Blake, Cassels & Graydon LLP, our Canadian tax counsel, the following summary describes the principal Canadian federal
income tax considerations under the Income Tax Act (Canada) (the "Canadian Tax Act") generally applicable at the date hereof to a purchaser
who acquires beneficial ownership of a note pursuant to this term sheet and who for the purposes of the Canadian Tax Act and the regulations
thereto and at all relevant times: (a) is neither resident nor deemed to be resident in Canada; (b) deals at arm's length with CIBC and any
transferee resident (or deemed to be resident) in Canada to whom the purchaser disposes of the note; (c) does not use or hold and is not
deemed to use or hold the note in, or in the course of, carrying on a business in Canada; (d) is entitled to receive all payments (including any
interest and principal) made on the note; and (e) is not a, and deals at arm's length with any, "specified shareholder" of CIBC for purposes of the
thin capitalization rules in the Canadian Tax Act (a "Non-Resident Holder"). A "specified shareholder" for these purposes generally includes a
person who (either alone or together with persons with whom that person is not dealing at arm's length for the purposes of the Canadian Tax
Act) owns or has the right to acquire or control or is otherwise deemed to own 25% or more of CIBC's shares determined on a votes or fair
market value basis. Special rules which apply to non-resident insurers carrying on business in Canada and elsewhere are not discussed in this
summary.

This summary is supplemental to and should be read together with the description of material Canadian federal income tax considerations
relevant to a Non-Resident Holder owning notes under "Material Income Tax Consequences--Canadian Taxation" in the accompanying
prospectus and a Non-Resident Holder should carefully read that description as well.

T his sum m a ry is of a ge ne ra l na t ure only a nd is not int e nde d t o be , nor should it be c onst rue d t o be , le ga l or t a x
a dvic e t o a ny pa rt ic ula r N on -Re side nt H olde r. N on -Re side nt H olde rs a re a dvise d t o c onsult w it h t he ir ow n t a x
a dvisors w it h re spe c t t o t he ir pa rt ic ula r c irc um st a nc e s.

Based on our Canadian tax counsel's understanding of the Canada Revenue Agency's administrative policies and having regard to the terms of
the notes, interest payable on the notes should not be considered to be "participating debt interest" as defined in the Canadian Tax Act and
accordingly, a Non-Resident Holder should not be subject to Canadian non-resident withholding tax in respect of amounts paid or credited or
deemed to have been paid or credited by CIBC on a note as, on account of or in lieu of payment of, or in satisfaction of, interest.

Non-Resident Holders should consult their own tax advisors regarding the consequences to them of a disposition of the notes to a person with
whom they are not dealing at arm's length for purposes of the Canadian Tax Act.

Summary of U.S. Federal Income Tax Consequences

The following discussion is a brief summary of the material U.S. federal income tax consequences relating to an investment in the notes. The
following summary is not complete and is both qualified and supplemented by, or in some cases supplements, the discussion entitled "U.S.
Federal Income Tax Summary" beginning on page PS-31 of product supplement STEPS-1, which you should carefully review prior to investing
in the notes.

The U.S. federal income tax consequences of your investment in the notes are uncertain. No statutory, judicial or administrative authority directly
discusses how the notes should be treated for U.S. federal income tax purposes. In the opinion of our tax counsel Mayer Brown LLP, it would
generally be reasonable to treat the notes as income-bearing single financial contracts. Pursuant to the terms of the notes, you agree to treat
the notes in this manner for all U.S. federal income tax purposes. If your notes are so treated, you should generally recognize capital gain or loss
upon the sale, exchange, redemption or payment at maturity in an amount equal to the difference between the amount you receive at such time,
including any Step Payment, and the amount that you paid for your notes. Such gain or loss should generally be long-term capital gain or loss if
you have held your notes for more than one year.

If you are a U.S. Holder, although the treatment of the periodic interest payments is unclear, we intend to treat the periodic interest payments,
including on the maturity date, as ordinary income includible by you at the time such payments accrue or are received in accordance with your
https://www.sec.gov/Archives/edgar/data/1045520/000110465920051584/a20-16501_23424b2.htm[4/27/2020 4:28:18 PM]


normal method of accounting for U.S. federal income tax purposes. If you are an accrual method taxpayer who keeps an applicable financial
statement, you may be required to include a periodic interest payment in income earlier than under your regular method of tax accounting if the
income is recognized earlier on such applicable financial statement.

If you are a non-U.S. person, we do not expect to withhold any U.S. federal income tax from the periodic interest payments. Regarding the
discussion in product supplement STEPS-1 with respect to a dividend equivalent payment made with respect to an equity-linked instrument
under the section entitled "U.S. Federal Income Tax Summary--Non-U.S. Holders," the Internal Revenue Service has issued a Notice that
exempts instruments issued prior to 2023 that are not "delta-one." Since the notes have a delta that is less than one, the notes should be
exempt from the withholding tax rules specified for dividend equivalents.

The characterization described above is not binding on the U.S. Internal Revenue Service (the "IRS") or the courts. Thus, it is possible that the
IRS would seek to characterize your notes in a manner that results in tax consequences to you that are different from those described above or
in the accompanying product supplement. For a more detailed discussion of certain alternative characterizations with respect to your notes and
certain other considerations with respect to your investment in the notes, you should consider the discussion set forth in "U.S. Federal Income
Tax Summary" of the product supplement. We are not responsible for any adverse consequences that you may experience as a result of any
alternative characterization of the notes for U.S. federal income tax or other tax purposes.

Y ou should c onsult your t a x a dvisor a s t o t he t a x c onse que nc e s of suc h c ha ra c t e riza t ion a nd a ny possible
a lt e rna t ive c ha ra c t e riza t ions of t he not e s for U .S. fe de ra l inc om e t a x purpose s. Y ou should a lso c onsult your t a x
a dvisor c onc e rning t he

STEP Income SecuritiesŪ
T S -1 1


ST EP Income SecuritiesŪ
Linked to the Common Stock of Cisco Systems, Inc., due May 7, 2021



U .S. fe de ra l inc om e t a x a nd ot he r t a x c onse que nc e s of your inve st m e nt in t he not e s in your pa rt ic ula r
c irc um st a nc e s, inc luding t he a pplic a t ion of st a t e , loc a l or ot he r t a x la w s a nd t he possible e ffe c t s of c ha nge s in
fe de ra l or ot he r t a x la w s.

Validity of the Notes

In the opinion of Blake, Cassels & Graydon LLP, as Canadian counsel to CIBC, the issue and sale of the notes has been duly authorized by all
necessary corporate action of CIBC in conformity with the indenture, and when the notes have been duly executed, authenticated and issued in
accordance with the indenture, the notes will be validly issued and, to the extent validity of the notes is a matter governed by the laws of the
Province of Ontario or the federal laws of Canada applicable therein, will be valid obligations of CIBC, subject to applicable bankruptcy,
insolvency and other laws of general application affecting creditors' rights, equitable principles, and subject to limitations as to the currency in
which judgments in Canada may be rendered, as prescribed by the Currency Act (Canada). This opinion is given as of the date hereof and is
limited to the laws of the Province of Ontario and the federal laws of Canada applicable therein. In addition, this opinion is subject to customary
assumptions about the trustee's authorization, execution and delivery of the indenture and the genuineness of signature, and to such counsel's
reliance on CIBC and other sources as to certain factual matters, all as stated in the opinion letter of such counsel dated September 6, 2019,
which has been filed as Exhibit 5.2 to CIBC's Registration Statement on Form F-3 filed with the SEC on September 6, 2019.

In the opinion of Mayer Brown LLP, when the notes have been duly completed in accordance with the indenture and issued and sold as
contemplated by this term sheet and the accompanying product supplement, prospectus supplement and prospectus, the notes will constitute
valid and binding obligations of CIBC, entitled to the benefits of the indenture, subject to bankruptcy, insolvency, fraudulent transfer,
reorganization, moratorium and similar laws of general applicability relating to or affecting creditors' rights and to general equity principles. This
opinion is given as of the date hereof and is limited to the laws of the State of New York. This opinion is subject to customary assumptions
about the trustee's authorization, execution and delivery of the indenture and such counsel's reliance on CIBC and other sources as to certain
factual matters, all as stated in the legal opinion dated September 6, 2019, which has been filed as Exhibit 5.1 to CIBC's Registration Statement
on Form F-3 filed with the SEC on September 6, 2019.

Where You Can Find More Information

We have filed a registration statement (including a product supplement, a prospectus supplement, and a prospectus) with the SEC for the
offering to which this term sheet relates. Before you invest, you should read the Note Prospectus, including this term sheet, and the other
documents that we have filed with the SEC, for more complete information about us and this offering. You may get these documents without
cost by visiting EDGAR on the SEC website at www.sec.gov. Alternatively, we, any agent, or any dealer participating in this offering will arrange
to send you these documents if you so request by calling MLPF&S or BofAS toll-free at 1-800-294-1322.

"ST EP Income SecuritiesŪ" and "STEPSŪ" are registered service marks of Bank of America Corporation, the parent company of MLPF&S and
BofAS.
https://www.sec.gov/Archives/edgar/data/1045520/000110465920051584/a20-16501_23424b2.htm[4/27/2020 4:28:18 PM]


Document Outline