Obbligazione CBIC 8.09% ( XS2093088198 ) in GBP

Emittente CBIC
Prezzo di mercato 100 GBP  ⇌ 
Paese  Canada
Codice isin  XS2093088198 ( in GBP )
Tasso d'interesse 8.09% per anno ( pagato 1 volta l'anno)
Scadenza 24/12/2025 - Obbligazione è scaduto



Prospetto opuscolo dell'obbligazione CIBC XS2093088198 in GBP 8.09%, scaduta


Importo minimo 1 000 GBP
Importo totale 5 222 710 GBP
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 GBP, with the ISIN code XS2093088198, pays a coupon of 8.09% per year.
The coupons are paid 1 time per year and the Obbligazione maturity is 24/12/2025







1

Pricing Supplement dated 9 March 2020
Canadian Imperial Bank of Commerce
Legal Entity Identifier: 2IGI19DL77OX0HC3ZE78

Issue of GBP 1,961,000 Preference Share Linked Notes due December 2025

(To be consolidated, become fungible with and form a single series with the existing
GBP 7,000,000 Preference Share Linked Notes due December 2025 issued on 24
December 2019)
under a US$7,500,000,000 Note Issuance Programme

INVESTING IN THE NOTES PUTS YOUR CAPITAL AT RISK. YOU MAY LOSE SOME OR
ALL OF YOUR INVESTMENT.

The Offering Memorandum referred to below (as completed by this Pricing Supplement) has
been prepared on the basis that any offer of Notes in any Member State of the European
Economic Area which has implemented Directive 2003/71/EC (as amended or superseded, the
"Prospectus Directive") (each, a "Relevant Member State") will be made pursuant to an
exemption under the Prospectus Directive, as implemented in that Relevant Member State,
from the requirement to publish a prospectus for offers of the Notes. Accordingly any person
making or intending to make an offer in that Relevant Member State of the Notes may only do
so in circumstances in which no obligation arises for the Issuer or any Dealer to publish a
prospectus pursuant to Article 3 of the Prospectus Directive or supplement a prospectus
pursuant to Article 16 of the Prospectus Directive, in each case, in relation to such offer. Neither
the Issuer nor any Dealer has authorized, nor do they authorize, the making of any offer of
Notes in any other circumstances.
MIFID II product governance/Retail investors, professional investors and ECPs target
market ­ Solely for the purposes of the manufacturer's product approval process, the target
market assessment in respect of the Notes has led to the conclusion that: (i) the target market
for the Notes is eligible counterparties, professional clients and retail clients, each as defined
in Directive 2014/65/EU (as amended, "MiFID II"); (ii) all channels for distribution to eligible
counterparties and professional clients are appropriate; and (iii) the following channels for
distribution of the Notes to retail clients are appropriate - investment advice and portfolio
management, subject to the distributor's suitability and appropriateness obligations under
MiFID II, as applicable. Any person subsequently offering, selling or recommending the Notes
(a "distributor") should take into consideration the manufacturer's target market assessment;
however, a distributor subject to MiFID II is responsible for undertaking its own target market
assessment in respect of the Notes (by either adopting or refining the manufacturer's target
market assessment) and determining appropriate distribution channels, subject to the
distributor's suitability and appropriateness obligations under MiFID II, as applicable.
The purchase of Notes involves substantial risks and is suitable only for investors who have
the knowledge and experience in financial and business matters necessary to enable them to
evaluate the risks and the merits of an investment in the Notes. Before making an investment
decision, prospective purchasers of Notes should ensure that they understand the nature of the
Notes and the extent of their exposure to risks and that they consider carefully, in the light of
their own financial circumstances, financial condition and investment objectives, all the
information set forth in the Offering Memorandum (including "Risk Factors" on pages 23 to 72
thereof) and this Pricing Supplement.

ISIN: XS2093088198 SPEU 1612 Tr. 2



2

PART A ­ CONTRACTUAL TERMS

Terms used herein shall be deemed to be defined as such for the purposes of the terms and
conditions (the "Conditions") set forth in the Offering Memorandum dated 3 May 2019 (the
"Offering Memorandum"). This document constitutes the final terms of the Notes described
herein and must be read in conjunction with such Offering Memorandum. Full information on
the Issuer and the offer of the Notes is only available on the basis of the combination of this
Pricing Supplement and the Offering Memorandum. The Offering Memorandum is available for
viewing during normal business hours at and copies may be obtained from the registered office
of the Issuer at 199 Bay St., Toronto, Canada M5L 1A2, and at the specified office of the Paying
Agents, for the time being in London and Luxembourg and copies may be obtained from 150
Cheapside, London, EC2V 6ET.
References herein to numbered Conditions are to the "Terms and Conditions of the Notes" and
words and expressions defined in such Conditions shall bear the same meaning in this Pricing
Supplement, save as where otherwise expressly provided.
No person has been authorized to give any information or make any representation not
contained in or not consistent with this Pricing Supplement, or any other information supplied
in connection with the Notes and, if given or made, such information or representation must not
be relied upon as having been authorized by the Issuer or any Dealer.
By investing in the Notes each investor represents that:
(a)
Non-Reliance. It is acting for its own account, and it has made its own independent
decisions to invest in the Notes and as to whether the investment in the Notes is
appropriate or proper for it based upon its own judgment and upon advice from such
advisers as it has deemed necessary. It is not relying on any communication (written or
oral) of the Issuer or any Dealer as investment advice or as a recommendation to invest
in the Notes, it being understood that information and explanations related to the terms
and conditions of the Notes shall not be considered to be investment advice or a
recommendation to invest in the Notes. No communication (written or oral) received from
the Issuer or any Dealer shall be deemed to be an assurance or guarantee as to the
expected results of the investment in the Notes.
(b)
Assessment and Understanding. It is capable of assessing the merits of and
understanding (on its own behalf or through independent professional advice), and
understands and accepts the terms and conditions and the risks of the investment in the
Notes. It is also capable of assuming, and assumes, the risks of the investment in the
Notes.
(c)
Status of Parties. Neither the Issuer nor any Dealer is acting as a fiduciary for or adviser
to it in respect of the investment in the Notes.
AN INVESTMENT IN NOTES LINKED TO ONE OR MORE REFERENCE ITEMS MAY
ENTAIL SIGNIFICANT RISKS NOT ASSOCIATED WITH INVESTMENTS IN A
CONVENTIONAL DEBT SECURITY. THE AMOUNT PAID BY THE ISSUER ON
REDEMPTION OF THE NOTES MAY BE LESS THAN THE NOMINAL AMOUNT OF THE
NOTES, TOGETHER WITH ANY ACCRUED INTEREST, AND MAY IN CERTAIN
CIRCUMSTANCES BE ZERO. WHERE THE NOTES ARE REDEEMED BY THE ISSUER BY
DELIVERY OF REFERENCE ITEM(S) THE VALUE OF THE REFERENCE ITEM(S) MAY BE
LESS THAN THE NOMINAL AMOUNT OF THE NOTES, TOGETHER WITH ANY ACCRUED
INTEREST, AND MAY IN CERTAIN CIRCUMSTANCES BE ZERO.
INVESTORS SHOULD BE PREPARED TO SUSTAIN A LOSS OF ALL OR PART OF THEIR
INVESTMENT.
The provisions of Annex A apply to this Pricing Supplement and such documents shall be read
together.
ISIN: XS2093088198 SPEU 1612 Tr. 2



3

The information included herein with respect to indices and/or formulas comprising, based on
or referring to variations in the prices of one or more shares in companies, any other equity or
non-equity securities, currencies or currency exchange rates, interest rates, credit risks, fund
units, shares in investment companies, term deposits, life insurance contracts, loans,
commodities or futures contracts on the same or any other underlying instrument(s) or asset(s)
or the occurrence or not of certain events not linked to the Issuer or any other factors to which
the Notes are linked (the "Underlyings") consists only of extracts from, or summaries of publicly
available information. The Issuer accepts responsibility that such extracts or summaries have
been accurately reproduced and that, so far as it is aware, and is able to ascertain from
information published by the issuer, owner or sponsor, as the case may be, of such
Underlyings, no facts have been omitted that would render the reproduced extracts or
summaries inaccurate or misleading. No further or other responsibility in respect of such
information is accepted by the Issuer. In particular, neither the Issuer nor any Dealer accepts
responsibility in respect of the accuracy or completeness of the information set forth herein
concerning the Underlyings of the Notes or that there has not occurred any event which would
affect the accuracy or completeness of such information.
The purchase of Notes issued under the Programme is associated with certain risks. Each
prospective investor in Notes must ensure that the complexity and risks inherent in the Notes
are suitable for its investment objectives and are appropriate for itself or the size, nature and
condition of its business, as the case may be. No person should deal in the Notes unless that
person understands the nature of the relevant transaction and the extent of that person's
exposure to potential loss. Each prospective purchaser of Notes should consider carefully
whether the Notes are suitable for it in light of its circumstances and financial position.
Prospective investors in Notes should consult their own legal, tax, accountancy and other
professional advisers to assist them in determining the suitability of the Notes for them as an
investment.
1.
(i)
Issuer:
Canadian Imperial Bank of Commerce

(ii)
Branch of Account:
Main Branch, Toronto

(iii)
Definitive N Registered Notes
No
(Namensschuldverschreibungen)
2.
(i): Series Number:
1612
(ii): Tranche Number:
2 (to be consolidated, become fungible and form a single
series with the existing GBP 7,000,000 Preference Share
Linked Notes due December 2025 issued on 24
December 2019 (the "Original Notes") on the Issue Date
as set out in paragraph 9(i) below (the "Consolidation
Date"))
3.
Specified Currency or Currencies:
British Pounds Sterling ("GBP")
4.
Aggregate Nominal Amount of Notes:

(i)
Series:
GBP 8,961,000
(ii)
Tranche:
GBP 1,961,000
5.
Issue Price:
100 per cent. of the Aggregate Nominal Amount)
ISIN: XS2093088198 SPEU 1612 Tr. 2



4

6.
(i)
Specified Denominations:
GBP 1,000 and integral multiples of GBP 1 in excess
thereof up to and including GBP 1,999. No Notes in
definitive form will be issued with a denomination above
GBP 1,999

(ii)
Calculation Amount:
GBP 1
7.
Trade Date:
5 March 2020
8.
Strike Date/Pricing Date:
10 December 2019
9.
(i)
Issue Date:
12 March 2020

(ii)
Interest Commencement Date:
Not Applicable

(iii)
CNY Issue Trade Date:
Not Applicable
10.
Maturity Date:
24 December 2025 or, if such date is not the tenth
Business Day following the Final Valuation Date (as
defined in paragraph 33(v) below), then the Maturity Date
shall be the eleventh Business Day following the Final
Valuation Date
11.
(i) Business Centre:
London
(ii) Business Day Convention
Following Business Day Convention
12.
Interest Basis:
Not Applicable
13.
(i)
Redemption/Payment Basis:
Preference Share Linked
(further particulars specified below)

(ii)
Protection Amount:
Not Applicable
14.
Change of Interest or
Not Applicable
Redemption/Payment Basis:
15.
Put/Call Options:
Not Applicable
16.
Date Board approval for issuance of
Not Applicable
Notes obtained:
17.
Bail-inable Notes:
No
PROVISIONS RELATING TO INTEREST (IF ANY) PAYABLE
18.
Fixed Rate Notes:
Not Applicable
19. Floating Rate Note Provisions:
Not Applicable
20.
Zero Coupon Note Provisions:
Not Applicable
21.
Interest Linked to one or more
Not Applicable
Reference Items provisions:
PROVISIONS RELATING TO REDEMPTION
ISIN: XS2093088198 SPEU 1612 Tr. 2



5

22.
Call Option:
Not Applicable
23.
Put Option:
Not Applicable
24.
Automatic Redemption (Autocall)
Applicable
As specified in paragraph 34 below
25.
Final Redemption Amount of each
As specified in paragraph 34 below
Note:

(i)
Reference Item(s):
As specified in paragraph 34 below

(ii)
Provisions for determining Final
As specified in paragraph 34 below
Redemption Amount where
calculated by reference to an
Index and/or an Equity and/or a
Currency Price and/or a
Commodity and/or a
Commodity Index and/or a
Fund and/or an Inflation Index
or any other variable:

(iii)
Provisions for determining Final
As specified in paragraph 34 below
Redemption Amount where
calculation by reference to an

Index and/or an Equity and/or a
Currency Price and/or a
Commodity and/or a
Commodity Index and/or a
Fund and/or an Inflation Index
or any other variable is
impossible or impracticable or
otherwise disrupted:

(iv)
Settlement Method
Cash Settlement
26.
Bail-inable Notes ­ TLAC
Not Applicable
Disqualification Event Call Option:
27.
Early Redemption Amount:
As set out on Condition 12
Early Redemption Amount(s) of each
Market Value less Associated Costs per Calculation
Note: payable on redemption for
Amount: With respect to each Calculation Amount, such
taxation reasons, TLAC Disqualification
amount(s) determined by the Calculation Agent which
Event Call Option or on event of default
shall represent the fair market value of such Calculation
or illegality or other early redemption in
Amount on the date of redemption, including accrued
accordance with the Conditions and/or
interest (if any), adjusted to account fully for any losses,
the method of calculating the same (if
expenses and costs to the Issuer (or any of its Affiliates)
required or if different from that set out
of unwinding any underlying or related hedging and
in Condition 5(c) other than, for the
funding arrangements, all as determined by the
avoidance of doubt, where paragraph
Calculation Agent in its sole and absolute discretion. For
33 applies)
the purposes hereof:
ISIN: XS2093088198 SPEU 1612 Tr. 2



6


(i) the references to ", together with interest accrued, if
any, to (but excluding) the date fixed for redemption" shall
be deemed to be deleted from each of Condition 5(c),
Condition 5(d) and Condition 5(e); and
(ii) the references to "together with accrued interest to the
date of payment" shall be deemed to be deleted from
Condition 18
PROVISIONS RELATING TO THE TYPE OF NOTES
28.
Commodity Linked Notes:
Not Applicable
29.
Index Linked Notes:
Not Applicable
30.
Equity Linked Notes:
Not Applicable
31.
FX Linked Notes:
Not Applicable
32.
Fund Linked Conditions:
Not Applicable
33.
Inflation Linked Notes:
Not Applicable
34.
Preference Share Linked Notes:
Applicable

(i)
Preference Share Issuer:
Tower Securities Limited
A description of the Preference Share Issuer is contained
in Annex A hereto

(ii)
Preference Share:
Series 23 Preference Shares, issued by the Preference
Share Issuer

(iii)
Calculation Agent responsible
Canadian Imperial Bank of Commerce
for making calculations:

(iv)
Provisions for determining Final
The Final Redemption Amount in respect of each Note is
Redemption Amount:
an amount in the Specified Currency calculated by the
Calculation Agent equal to:





(a) In respect of the Maturity Date:




Preference Share Valuefinal
Calculation Amount x Preference Share Valueinitial

ISIN: XS2093088198 SPEU 1612 Tr. 2



7




(b) In respect of any Early Preference Share
Redemption Date:

Calculation Amount x Preference Share Value early
Preference Share Value initial

Where:
"Preference Share Valuefinal" means the Preference
Share Value on the Final Valuation Date;
"Preference Share Valueearly" means the Preference
Share Value on the Early Redemption Valuation Date;
and
"Preference Share Valueinitial" means the Preference
Share Value on the Initial Valuation Date, being,
notwithstanding any provision to the contrary in Condition
12, GBP 1.00


(v)
Final Valuation Date:
The Preference Share Determination Date falling on 10
December 2025, subject to the proviso in paragraph 34
(viii) entitled "Preference Share Determination Date"

(vi)
Early Redemption Valuation
For the purposes of paragraph 34(iv)(b) only, the eight
Date:
Business Day following the relevant Preference Share
Determination Date (as set out in paragraph 34(viii),
subject to the proviso in paragraph 34(viii) entitled
"Preference Share Determination Date", (but not
including, for the avoidance of doubt, the Final Valuation
Date)) and which shall, in any event, occur prior to the
Early Preference Share Redemption Date on which the
Preference Shares shall be redeemed

(vii)
Early Preference Share
For the purposes of paragraph 34(iv)(b) only and
Redemption Payment Date:
notwithstanding the provisions of Condition 12 (including
Condition 12(e) in particular), in the event that following
a Preference Share Determination Date a determination
is made pursuant to paragraph 34(iv)(b) only, then the
Notes shall be redeemed at the amount per Calculation
Amount so calculated by the application of the formula set
out in that paragraph 34(iv)(b), and such amount shall be
paid on the tenth Business Day following the Preference
Share Determination Date
ISIN: XS2093088198 SPEU 1612 Tr. 2



8


(viii)
Preference Share
Preference Share
Determination Date:
Determination Date
10 December 2025 (the "Final
Valuation Date")

Subject to any such Preference Share Determination
Date being a Scheduled Trading Day (as defined in, or
determined by, the Terms and Conditions of the
Preference Shares)

(ix)
Valuation Time:
5:00pm London time

(x)
Extraordinary Events:
As set out in Condition 12

(xi)
Additional Disruption Events:
The following Additional Disruption Events apply to the
Notes:
Change in Law
Hedging Disruption
Insolvency Filing
Increased Cost of Hedging
35.
Dual Currency Note Provisions:
Not Applicable
36.
Other variable-linked interest Note
Not Applicable
Provisions:
37.
Physical Delivery Notes:
Not Applicable


GENERAL PROVISIONS APPLICABLE TO THE NOTES
38. Form of Notes:
Registered Notes:


Unrestricted Global Registered Note registered in the
name of a nominee for a common depositary for
Euroclear and Clearstream, Luxembourg
39. New Global Note:
No
40. Financial Centre(s) or other special
London
provisions relating to payment dates:

41. Talons for future Coupons or Receipts to
No
be attached to Definitive Notes (and dates
on which such Talons mature):
ISIN: XS2093088198 SPEU 1612 Tr. 2



9

42. Details relating to Partly Paid Notes:
Not Applicable
amount of each payment comprising the
Issue Price and date on which each
payment is to be made and consequences
(if any) of failure to pay, including any right
of the Issuer to forfeit the Notes and
interest due on late payment:
43. Details relating to Instalment Notes:
Not Applicable
44. Redenomination, renominalisation, and
Not Applicable
reconventioning provisions:
45. Consolidation provisions:
Not Applicable
46. Governing Law and Jurisdiction:
English Law
47. Other final terms:
Not Applicable
48. Additional steps that may only be taken
Not Applicable
following approval by an Extraordinary
Resolution in accordance with Condition
19(a):
49. Belgian Securities Annex:
Not Applicable



ISIN: XS2093088198 SPEU 1612 Tr. 2



10

PURPOSE OF PRICING SUPPLEMENT
This Pricing Supplement comprises the final terms required for issue and admission to trading
on the Euro MTF and admission to the Official List of the Luxembourg Stock Exchange of the
Notes described herein pursuant to the US$7,500,000,000 Note Issuance Programme of
Canadian Imperial Bank of Commerce.
RESPONSIBILITY
The Issuer accepts responsibility for the information contained in this Pricing Supplement.
Information in respect of Tower Securities Limited and the Series 23 Preference Shares have
been extracted from the records of Tower Securities Limited provided to the Issuer. The Issuer
accepts responsibility for the accuracy of such extraction but accepts no further or other
responsibility in respect of such information.
Signed on behalf of the Issuer:

By:


Duly authorized

By:

Duly authorized



ISIN: XS2093088198 SPEU 1612 Tr. 2