Obligation Canadian Imperial Commerce Bank 0% ( CH0438965607 ) en CHF

Canadian Imperial Commerce Bank

100 % ⇌

Canada

CH0438965607 ( en CHF )

30/04/2025 - Obligation échue

Prospectus brochure de l'obligation Canadian Imperial Bank of Commerce CH0438965607 en CHF 0%, échue

La Banque Canadienne Impériale de Commerce (CIBC) est une grande banque multinationale canadienne offrant une gamme complète de services bancaires aux particuliers, aux entreprises et aux marchés institutionnels, au Canada et à l?international.

L'obligation CH0438965607 émise par la Canadian Imperial Bank of Commerce (Canada), affichant un prix actuel de marché de 100% en CHF, offre un taux d'intérêt de 0% et arrive à échéance le 30/04/2025, avec une fréquence de paiement des coupons annuelle.

Final Terms dated October 26, 2018
CANADIAN IMPERIAL BANK OF COMMERCE
(a Canadian chartered bank)
Issue of CHF 100,000,000 0.100 per cent. Series CBL20 Tranche 2 Covered Bonds due 30 April, 2025
(the "Covered Bonds")
(to be consolidated and form a single series with the CHF 150,000,000 Covered Bonds due 30 April, 2025
issued on 30 April, 2018 (the "Series CBL20 Tranche 1 Covered Bonds"),
bringing the total aggregate principal amount in respect of Series CBL20 to CHF 250,000,000)
under the
CAD 25,000,000,000
Global Covered Bond Programme
unconditionally and irrevocably guaranteed as to payments by
CIBC COVERED BOND (LEGISLATIVE) GUARANTOR LIMITED PARTNERSHIP
(a limited partnership formed under the laws of Ontario)
THE COVERED BONDS HAVE NOT BEEN APPROVED OR DISAPPROVED BY CANADA
MORTGAGE AND HOUSING CORPORATION ("CMHC") NOR HAS CMHC PASSED UPON THE
ACCURACY OR ADEQUACY OF THESE FINAL TERMS. THE COVERED BONDS ARE NOT INSURED
OR GUARANTEED BY CMHC OR THE GOVERNMENT OF CANADA OR ANY OTHER AGENCY
THEREOF.
THE COVERED BONDS DESCRIBED IN THESE FINAL TERMS HAVE NOT BEEN REGISTERED
UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED (THE "SECURITIES ACT") OR ANY
OTHER APPLICABLE U.S. STATE SECURITIES LAWS AND, ACCORDINGLY, THE COVERED
BONDS MAY NOT BE OFFERED OR SOLD WITHIN THE UNITED STATES OR TO, OR FOR THE
ACCOUNT OR BENEFIT OF, U.S. PERSONS.
No prospectus is required in accordance with Directive 2003/71/EC, as amended including by Directive
2010/73/EU (the "Prospectus Directive", which term includes any relevant implementing measures) for this
issue of Covered Bonds. The Covered Bonds which are the subject of these final terms are not compliant with
the Prospectus Directive and the UK Listing Authority has neither approved nor reviewed the information
contained in these final terms.
PART A--CONTRACTUAL TERMS
Terms used herein shall be deemed to be defined as such for the purposes of the Conditions (the "Conditions")
set forth in the Prospectus dated 20 June, 2017, which are incorporated by reference in the Prospectus dated 18
June, 2018 as supplemented by the 1st combined supplementary prospectus dated 24 August, 2018 (collectively,
the "Prospectus") which is incorporated in the Swiss prospectus dated 26 October, 2018 (the "Swiss
Prospectus"). This document constitutes the Final Terms of the Covered Bonds described herein and must be
read in conjunction with the Prospectus and the Swiss Prospectus. Full information on the Issuer, the Guarantor
and the offer of the Covered Bonds is only available on the basis of the combination of these Final Terms, the
Prospectus and the Swiss Prospectus. Copies of the Swiss Prospectus, together with all documents incorporated
by reference therein may be obtained from the specified offices or address, respectively of the Issuer and UBS
AG, Investment Bank, Swiss Prospectus Switzerland, P.O. Box, 8098 Zurich, Switzerland, E-Mail: swiss-
[email protected], as set out at the end of these Final Terms.
1.
(i)
Issuer:
Canadian Imperial Bank of Commerce
(ii)
Branch:
Head office of the Bank in Toronto
(iii) Guarantor:
CIBC Covered Bond (Legislative) Guarantor Limited
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Partnership
2.
(i)
Series Number:
CBL20
(ii)
Tranche Number:
2
(iii) Date on which the Covered Bonds
Upon the Issue Date, the Covered Bonds shall be
become fungible:
consolidated and form a single series with the Series
CBL20 Tranche 1 Covered Bonds due April 30, 2025
issued on April 30, 2018
3.
Specified Currency or Currencies:
Swiss Francs (CHF)
(Condition 1.10)
4.
Aggregate Principal Amount:
CHF 250,000,000
(i)
Series:
CHF 250,000,000
(ii)
Tranche:
CHF 100,000,000
5.
Issue Price:
99.282 per cent. of the Aggregate Principal Amount plus
CHF 50,000 corresponding to accrued interest (in the
aggregate) for the period from (and including) the Interest
Commencement Date specified in paragraph 7(ii) below to
(but excluding) the Issue Date
6.
(i)
Specified Denominations:
CHF 5,000
(Condition 1.08 or 1.09)
(ii)
Calculation Amount:
CHF 5,000
7.
(i)
Issue Date:
October 30, 2018
(ii)
Interest Commencement Date:
April 30, 2018
8.
(i)
Final Maturity Date:
April 30, 2025
(ii)
Extended Due for Payment Date of
The Interest Payment Date falling in or nearest to April 30,
Guaranteed Amounts corresponding
2026
to the Final Redemption Amount
under the Covered Bond Guarantee:
9.
Interest Basis:
0.100 per cent. per annum Fixed Rate from (and including)
the Interest Commencement Date to (but excluding) the
Final Maturity Date.
If applicable in accordance with Paragraph 15 below, 1-
month CHF LIBOR + 0.080 per cent. per annum Floating
Rate, payable monthly in arrear from (and including) the
Final Maturity Date to (but excluding) the Extended Due
for Payment Date, subject to a minimum interest rate of
0.00 per cent.
(further particulars specified below)
10.
Redemption/Payment Basis:
Redemption at par
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11.
Change of Interest Basis:
Applicable see item 9 above
12.
Put/Call Options:
Not Applicable
13.
Date of Board approval for issuance of
Not Applicable
Covered Bonds obtained:
PROVISIONS RELATING TO INTEREST (IF ANY) PAYABLE
14.
Fixed Rate Covered Bond Provisions:
Applicable
from
(and
including)
the
Interest
Commencement Date to (but excluding) the Final Maturity
(Condition 5.02)
Date
(i)
Rate(s) of Interest:
0.100 per cent. per annum payable annually in arrears on
each Interest Payment Date
(ii)
Interest Payment Date(s):
April 30th in each year adjusted in accordance with the
Business Day Convention up to and including the Final
Maturity Date, commencing April 30, 2019
(iii) Business Day Convention:
Following Business Day Convention
(iv) Fixed Coupon Amount(s):
CHF 5.00 per Calculation Amount
(v)
Broken Amount(s)
Not Applicable
(vi) Day Count Fraction:
30/360
(vii) Determination Dates:
April 30th in each year
15.
Floating Rate Covered Bond Provisions:
Applicable from (and including) the Final Maturity Date to
(but excluding) the Extended Due for Payment Date to the
(Condition 5.03)
extent payment of the Final Redemption Amount is
deferred until the Extended Due for Payment Date in
accordance with Condition 6.01
(i)
Interest Period(s):
The first Interest Period shall comprise the period from
(and including) the Final Maturity Date to (but excluding)
the First Interest Payment Date; the Interest Periods shall,
thereafter, be the period from (and including) each Interest
Payment Date to (but excluding) the next following Interest
Payment Date, subject, in each case, to adjustment in
accordance with the Business Day Convention specified in
(iii) below.
(ii)
Specified Interest Payment Dates:
30th day of each month from (and including) 30th day of
May 2025 to (and including) the Extended Due for
Payment Date, provided that, for the month of February
2026, the Specified Interest Payment Date shall be
February 28, 2026 and subject, in each case, to adjustment
in accordance with the Business Day Convention specified
in (iii) below.
(iii) Business Day Convention:
Modified Following Business Day Convention
(iv) Financial Centre(s):
Zurich, London, Toronto
(v)
Manner in which the Rate(s) of
Screen Rate Determination
Interest is/are to be determined:
MT DOCS 18397060

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(vi) Party responsible for calculating the
Not Applicable
Rate(s) of Interest and Interest
Amount(s) (if not the Agent):
(vii) Screen Rate Determination:
Applicable
-
Reference Rate:
1-month CHF LIBOR
-
Interest Determination Date(s)
The second London Business Day prior to the start of each
Interest Period
-
Relevant Screen Page
Bloomberg BBAM, Official ICE Libor Fixings (Digital),
CHF rates (or any successor)
-
Relevant Time:
11:00 a.m. London time
-
Reference Banks:
As defined in the ISDA Definitions
(viii) ISDA Determination:
Not Applicable
(ix) Margin(s):
+ 0.080 per cent. per annum
(x)
Linear Interpolation
Not Applicable
(Condition 5.10)
(xi) Minimum Interest Rate:
0.00 per cent. per annum
(Condition 5.05)
(xii) Maximum Interest Rate:
Not Applicable
(Condition 5.05)
(xiii) Day Count Fraction:
Actual/360
16.
Zero Coupon Covered Bond Provisions:
Not Applicable
(Condition 5.11)
PROVISIONS RELATING TO REDEMPTION
17.
Call Option
Not Applicable
(Condition 6.03)
18.
Put Option
Not Applicable
(Condition 6.06)
19.
Final Redemption Amount of each
CHF 5,000 per Calculation Amount
Covered Bond
20.
Early Redemption Amount:
Early Redemption Amount(s) payable on
CHF 5,000 per Calculation Amount
redemption for taxation reasons or
illegality or upon acceleration following
an Issuer Event of Default or Guarantor
Event of Default and/or the method of
calculating the same:
(Conditions 6.02, 6.13 or 7)
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GENERAL PROVISIONS APPLICABLE TO THE COVERED BONDS
21.
Form of the Covered Bonds:
Bearer Covered Bonds:
The Covered Bonds and all rights in connection therewith
are documented in the form of a Global Covered Bond
which shall be deposited with SIX SIS Ltd. or any other
intermediary in Switzerland recognised for such purposes
by the SIX Swiss Exchange Ltd (SIX SIS Ltd or any such
other intermediary, the "Intermediary"). Once the Global
Covered Bond has been deposited with the Intermediary
and entered into the accounts of one or more participants of
the Intermediary, the Covered Bonds will constitute
intermediated securities (Bucheffekten) ("Intermediated
Securities") in accordance with the provisions of the Swiss
Federal Intermediated Securities Act (Bucheffektengesetz).
Each holder of the Covered Bonds shall have a quotal co-
ownership interest (Miteigentumsanteil) in the Global
Covered Bond to the extent of the holder's claim against
the Issuer, provided that for so long as the Global Covered
Bond remains deposited with the Intermediary the co-
ownership interest shall be suspended and the Covered
Bonds may only be transferred or otherwise disposed of in
accordance with the provisions of the Swiss Federal
Intermediated Securities Act (Bucheffektengesetz), i.e. by
entry of the transferred Covered Bonds in a securities
account of the transferee.
The records of the Intermediary will determine the number
of Covered Bonds held through each participant in that
Intermediary. In respect of the Covered Bonds held in the
form of Intermediated Securities, the holders of the
Covered Bonds will be the persons holding the Covered
Bonds in a securities account.
Holders of the Covered Bonds do not have the right to
effect or demand the conversion of the Global Covered
Bond into, or the delivery of, uncertificated securities
(Wertrechte) or Definitive Covered Bonds (Wertpapiere).
The Global Covered Bond shall not be exchangeable in
whole or in part for definitive bearer Covered Bonds.
22.
New Global Covered Bond:
No
23.
Financial Centre(s) or other special
Zurich, London, Toronto
provisions relating to payment dates:
24.
Talons for future Coupons or Receipts to
No
be attached to Definitive Covered Bonds
(and dates on which such Talons mature):
(Condition 1.06)
25.
Details relating to Instalment Covered
Not Applicable
Bonds: amount of each instalment, date
on which each payment is to be made:
(Condition 6.12)
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26.
Other final terms:
Applicable
For the purpose of this Series of Covered Bonds only, the
following paragraphs shall be added to Condition 9:
"The receipt by the Swiss Principal Paying Agent of the
due and punctual payment of funds in Swiss Francs in
Zurich, in the manner provided by the Conditions and these
Final Terms, shall release the Issuer from its obligations
under the Covered Bonds for the payment of interest and
principal due on the respective Interest Payment Date and
Maturity Date to the extent of such payment.
Condition 14 shall be replaced as follows:
So long as the Covered Bonds are listed on the SIX Swiss
Exchange and so long as the rules of the SIX Swiss
Exchange so require, notices must be published (i) on the
internet website of the SIX Swiss Exchange (currently
«https://www.six-exchange-regulation.com/en/home/
publications/official-notices.html») or (ii) otherwise in
accordance with the regulations of the SIX Swiss
Exchange. Any notices so given will be deemed to have
been validly given on the date of such publication or if
published more than once, on the first date of such
publication.
THIRD PARTY INFORMATION
Not Applicable
MT DOCS 18397060

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Signed on behalf of the Issuer:
Signed on behalf of the Managing GP for and on
behalf of the Guarantor:
By:
"Wojtek Niebrzydowski"
By:
"Wojtek Niebrzydowski"
Duly authorized
Duly authorized
By:
"Shelley Tom"
By:
"Shelley Tom"
Duly authorized
Duly authorized
CIBC CBL20-2 (CHF) Final Terms
MT DOCS 18397060

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PART B--OTHER INFORMATION
1.
LISTING
(i)
Listing/Admission to trading:
Application has been made by the Issuer (or on its behalf)
for the Covered Bonds to be provisionally admitted to the
SIX Swiss Exchange trading on standard for Bonds with
effect from October 26, 2018.
The Covered Bonds will be consolidated and form a single
series with the Series CBL20 Tranche 1 Covered Bonds
which were admitted to the SIX Swiss Exchange Listing
Authority with effect from April 26, 2018.
(ii)
Estimate of total expenses related to
CHF 8,000
admission to trading:
2.
RATINGS
The Covered Bonds are expected to be rated:
Moody's: Aaa
Fitch: AAA
3.
INTERESTS OF NATURAL AND LEGAL PERSONS INVOLVED IN THE ISSUE
Save as discussed in "Subscription and Sale", so far as the Issuer is aware, no person involved in the
offer of the Covered Bonds has an interest material to the offer
4.
FIXED RATE COVERED BONDS ONLY YIELD
Indication of yield based on the Issue
0.211 per cent. per annum in respect of the fixed interest
Price:
rate payable on the Covered Bonds
5.
DISTRIBUTION
(i)
If syndicated, names of Managers:
Joint-Lead Managers:
Credit Suisse AG, CIBC World Markets plc
(ii)
Stabilising Manager(s) (if any):
Not Applicable
(iii) US Selling Restrictions:
Regulation S compliance Category 2; Rule 144A not
eligible
(iv) Additional Selling Restrictions:
The Covered Bonds may not be offered, sold or
distributed, directly or indirectly, in Canada or to or for the
benefit of, any resident in Canada.
(v)
Prohibition of Sales to EEA Retail
Not Applicable
Investors:
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6.
OPERATIONAL INFORMATION
(i)
ISIN Code:
CH0438965607 until consolidation with the Series CBL20
Tranche 1 Covered Bonds on the Issue Date and thereafter
CH0413618346
(ii)
Common Code:
189480199 until consolidation with the Series CBL20
Tranche 1 Covered Bonds on the Issue Date and thereafter
181084154
(iii) Any clearing system(s) other than
SIX SIS AG
Euroclear
Bank
S.A./N.V.,
Swiss Security Number:
Clearstream
Banking
Société
43896560 until consolidation with the Series CBL20
Anonyme or DTC, their addresses
Tranche 1 Covered Bonds on the Issue Date and thereafter
and the relevant identification
41361834
number(s):
and indirectly through:
Euroclear Bank S.A./N.V.
Clearstream Banking, société anonyme
(iv) Delivery:
Delivery against payment
(v)
Name(s) and address(es) of initial
UBS AG
Paying
Agent(s),
Registrars,
Bahnhofstrasse 45
Exchange Agent and Transfer
8001 Zürich
Agents:
Switzerland
(vi) Name(s)
and
address(es)
of
Not Applicable
additional or substitute Paying
Agent(s) or Transfer Agent(s):
(vii) Intended to be held in a manner
No
which would allow Eurosystem
eligibility:
MT DOCS 18397060