Obligation CBIC 0% ( US13605WTP67 ) en USD

CBIC

100 % ⇌

Canada

US13605WTP67 ( en USD )

02/12/2021 - Obligation échue

Prospectus brochure de l'obligation CIBC US13605WTP67 en USD 0%, échue

1 000 USD

4 673 000 USD

13605WTP6

N/A

La Banque CIBC (Canadian Imperial Bank of Commerce) est une grande banque commerciale canadienne offrant une gamme complète de services financiers, y compris des services bancaires aux particuliers et aux entreprises, des services de gestion de patrimoine et des services de marchés des capitaux.

L'Obligation émise par CBIC ( Canada ) , en USD, avec le code ISIN US13605WTP67, paye un coupon de 0% par an.
Le paiement des coupons est semestriel et la maturité de l'Obligation est le 02/12/2021

12/2/2019
https://www.sec.gov/Archives/edgar/data/1045520/000110465919068706/a19-21743_46424b2.htm
424B2 1 a19-21743_46424b2.htm 424B2

Filed Pursuant to Rule 424(b)(2)
Registration No. 333-216286

PRICING SUPPLEMENT dated November 26, 2019
(To Equity Index Underlying Supplement dated November 6, 2018, Prospectus Supplement
dated November 6, 2018 and Prospectus dated March 28, 2017)

Canadian Imperial Bank of Commerce
Senior Global Medium-Term Notes
Market Linked Securities--Leveraged Upside Participation to a Cap
and Fixed Percentage Buffered Downside
Principal at Risk Securities Linked to the S&P 500 Index due December
®
2, 2021
¢ Linked to the S&P 500
® Index (the "Index")
¢ Unlike ordinary debt securities, the securities do not pay interest or repay a fixed amount of principal at maturity. Instead, the
securities provide for a payment at maturity that may be greater than, equal to or less than the principal amount of the securities,
depending on the performance of the Index from its Starting Level to its Ending Level. The payment at maturity will reflect the
following terms:

0 If the level of the Index increases, you will receive the principal amount plus 125% participation in the upside performance of the
Index, subject to a maximum return at maturity of 12% of the principal amount

0 If the level of the Index does not change or decreases but the decrease is not more than 15%, you will be repaid the principal
amount

0 If the level of the Index decreases by more than 15%, you will receive less than the principal amount and have 1-to-1 downside
exposure to the decrease in the level of the Index in excess of 15%

¢ Investors may lose up to 85% of the principal amount

¢ All payments on the securities are subject to the credit risk of Canadian Imperial Bank of Commerce and you will have no ability to
pursue any securities included in the Index for payment; if Canadian Imperial Bank of Commerce defaults on its obligations, you
could lose all or some of your investment

¢ No periodic interest payments or dividends

¢ No exchange listing; designed to be held to maturity

The securities have complex features and investing in the securities involves risks not associated with an investment in conventional debt securities. See "Risk
Factors" beginning on page PRS-8 herein and beginning on page S-1 of the accompanying underlying supplement, page S-1 of the prospectus supplement and
page 1 of the prospectus.
The securities are unsecured obligations of Canadian Imperial Bank of Commerce and all payments on the securities are subject to the credit risk of Canadian
Imperial Bank of Commerce. The securities will not constitute deposits insured by the Canada Deposit Insurance Corporation, the U.S. Federal Deposit
Insurance Corporation or any other government agency or instrumentality of Canada, the United States or any other jurisdiction. The securities are not bail-
inable notes (as defined on page S-2 of the prospectus supplement).
Neither the Securities and Exchange Commission (the "SEC") nor any state or provincial securities commission has approved or disapproved of these
securities or determined if this pricing supplement or the accompanying underlying supplement, prospectus supplement and prospectus is truthful or complete.
Any representation to the contrary is a criminal offense.

Original Offering Price
Underwriting Discount (1)
Proceeds to CIBC
Per Security
$1,000.00
$26.00
$974.00
Total
$4,673,000.00
$121,498.00
$4,551,502.00
(1) The agent, Wells Fargo Securities, LLC ("Wells Fargo Securities"), will receive an underwriting discount of $26.00 per security. The agent may resell the securities to
other securities dealers at the principal amount less a concession not in excess of $17.50 per security. Such securities dealers may include Wells Fargo Advisors
("WFA") (the trade name of the retail brokerage business of Wells Fargo Clearing Services, LLC and Wells Fargo Advisors Financial Network, LLC, each an affiliate
of Wells Fargo Securities). In addition to the selling concession allowed to WFA, the agent will pay $0.75 per security of the underwriting discount to WFA as a
distribution expense fee for each security sold by WFA. See "Supplemental Plan of Distribution" in this pricing supplement and "Use of Proceeds and Hedging" in
the underlying supplement for information regarding how we may hedge our obligations under the securities. Our estimated value of the securities on the Pricing
Date, based on our internal pricing models, is $971.60 per security. The estimated value is less than the principal amount of the securities. See "The Estimated Value
of the Securities" in this pricing supplement.

Wells Fargo Securities

https://www.sec.gov/Archives/edgar/data/1045520/000110465919068706/a19-21743_46424b2.htm
1/28

12/2/2019
https://www.sec.gov/Archives/edgar/data/1045520/000110465919068706/a19-21743_46424b2.htm

Market Linked Securities--Leveraged Upside Participation to a Cap
and Fixed Percentage Buffered Downside
Principal at Risk Securities Linked to the S&P 500
® Index due December 2, 2021

TERMS OF THE SECURITIES

The information in this "Terms of the Securities" section is only a summary and is qualified by the more detailed information set forth
in this pricing supplement, the underlying supplement, the prospectus supplement and the prospectus, each filed with the SEC. See
"About This Pricing Supplement" in this pricing supplement.

Issuer:

Canadian Imperial Bank of Commerce

Reference Asset:
The S&P 500
® Index (Bloomberg ticker symbol "SPX")

Pricing Date:
November 26, 2019

Issue Date:
December 2, 2019

Principal Amount:
$1,000 per security. References in this pricing supplement to a "security" are to a security with a face
amount of $1,000.

On the Stated Maturity Date, you will be entitled to receive a cash payment per security in U.S. dollars
equal to the Redemption Amount. The "Redemption Amount" per security will equal:
· if the Ending Level is greater than the Starting Level, the lesser of:
(i) $1,000 plus

(ii) the Capped Value;

Redemption Amount:

· if the Ending Level is less than or equal to the Starting Level, but greater than or equal to the Threshold
Level: $1,000; or
· if the Ending Level is less than the Threshold Level: $1,000 minus

If the Ending Level is less than the Threshold Level, you will receive less, and up to 85% less, than the
principal amount of your securities at maturity.

December 2, 2021. If the Final Valuation Date is postponed, the Stated Maturity Date will be the later of
(i) December 2, 2021 and (ii) three Business Days after the Final Valuation Date as postponed. No interest
Stated Maturity Date:
will be paid in respect of such postponement. See "Additional Terms of the Securities--Market Disruption
Events" in this pricing supplement. The securities are not subject to redemption at the option of CIBC or
repayment at the option of any holder of the securities prior to the Stated Maturity Date.

Closing Level:
The "Closing Level" of the Index on any Trading Day means the official closing level of the Index as
reported by the Index Sponsor on such Trading Day.

Starting Level:
3,140.52, the Closing Level of the Index on the Pricing Date.

Ending Level:
The "Ending Level" will be the Closing Level of the Index on the Final Valuation Date.

Capped Value:
112% of the principal amount ($1,120.00 per security). As a result of the Capped Value, the maximum
return at maturity of the securities will be 12% of the principal amount.

Threshold Level:
2,669.442, which is equal to 85% of the Starting Level.

Participation Rate:
125%

Final Valuation Date:
November 24, 2021. If such day is not a Trading Day, the Final Valuation Date will be postponed to the next
succeeding Trading Day. The Final Valuation Date is subject to postponement due to the occurrence

PRS-2
https://www.sec.gov/Archives/edgar/data/1045520/000110465919068706/a19-21743_46424b2.htm
2/28

12/2/2019
https://www.sec.gov/Archives/edgar/data/1045520/000110465919068706/a19-21743_46424b2.htm

Market Linked Securities--Leveraged Upside Participation to a Cap
and Fixed Percentage Buffered Downside
Principal at Risk Securities Linked to the S&P 500
® Index due December 2, 2021

of a market disruption event. See "Additional Terms of the Securities--Market Disruption Events" in this
pricing supplement.

Calculation Agent:
CIBC

Material U.S. Tax
For a discussion of the material U.S. federal income and certain estate tax consequences of the ownership
Consequences:
and disposition of the securities, see "Summary of U.S. Federal Income Tax Consequences" in this pricing
supplement and "Certain U.S. Federal Income Tax Consequences" in the underlying supplement.

Agent:
Wells Fargo Securities. The agent may resell the securities to other securities dealers, including securities
dealers acting as custodians, at the principal amount of the securities less a concession of not in excess of
$17.50 per security. Such securities dealers may include WFA. In addition to the selling concession allowed
to WFA, Wells Fargo Securities will pay $0.75 per security of the underwriting discount to WFA as a
distribution expense fee for each security sold by WFA.

Denominations:
$1,000 and any integral multiple of $1,000.

CUSIP / ISIN:
13605WTP6 / US13605WTP67

PRS-3
https://www.sec.gov/Archives/edgar/data/1045520/000110465919068706/a19-21743_46424b2.htm
3/28

12/2/2019
https://www.sec.gov/Archives/edgar/data/1045520/000110465919068706/a19-21743_46424b2.htm

Market Linked Securities--Leveraged Upside Participation to a Cap
and Fixed Percentage Buffered Downside
Principal at Risk Securities Linked to the S&P 500
® Index due December 2, 2021

DETERMINING PAYMENT AT MATURITY

On the Stated Maturity Date, you will receive a cash payment per security (the Redemption Amount) calculated as follows:

PRS-4
https://www.sec.gov/Archives/edgar/data/1045520/000110465919068706/a19-21743_46424b2.htm
4/28

12/2/2019
https://www.sec.gov/Archives/edgar/data/1045520/000110465919068706/a19-21743_46424b2.htm

Market Linked Securities--Leveraged Upside Participation to a Cap
and Fixed Percentage Buffered Downside
Principal at Risk Securities Linked to the S&P 500
® Index due December 2, 2021

HYPOTHETICAL PAYOUT PROFILE

The following profile is based on the Capped Value of 112.00% of the principal amount or $1,120.00 per $1,000 security, the
Participation Rate of 125% and the Threshold Level equal to 85% of the Starting Level. This graph has been prepared for purposes of
illustration only. Your actual return will depend on the actual Ending Level, and whether you hold your securities to maturity.

PRS-5
https://www.sec.gov/Archives/edgar/data/1045520/000110465919068706/a19-21743_46424b2.htm
5/28

12/2/2019
https://www.sec.gov/Archives/edgar/data/1045520/000110465919068706/a19-21743_46424b2.htm

Market Linked Securities--Leveraged Upside Participation to a Cap
and Fixed Percentage Buffered Downside
Principal at Risk Securities Linked to the S&P 500
® Index due December 2, 2021

ABOUT THIS PRICING SUPPLEMENT

You should read this pricing supplement together with the prospectus dated March 28, 2017 (the "prospectus"), the prospectus
supplement dated November 6, 2018 (the "prospectus supplement") and the Equity Index Underlying Supplement dated November 6,
2018 (the "underlying supplement"), relating to our Senior Global Medium-Term Notes, of which these securities are a part, for
additional information about the securities. Information included in this pricing supplement supersedes information in the underlying
supplement, the prospectus supplement and the prospectus to the extent it is different from that information. Certain defined terms used
but not defined herein have the meanings set forth in the underlying supplement, the prospectus supplement and the prospectus.
You should rely only on the information contained in or incorporated by reference in this pricing supplement, the accompanying
underlying supplement, prospectus supplement and prospectus. This pricing supplement may be used only for the purpose for which it
has been prepared. No one is authorized to give information other than that contained in this pricing supplement, the accompanying
underlying supplement, prospectus supplement and prospectus, and in the documents referred to in these documents and which are
made available to the public. We have not, and Wells Fargo Securities has not, authorized any other person to provide you with
different or additional information. If anyone provides you with different or additional information, you should not rely on it.
We are not, and Wells Fargo Securities is not, making an offer to sell the securities in any jurisdiction where the offer or sale is not
permitted. You should not assume that the information contained in or incorporated by reference in this pricing supplement, the
accompanying underlying supplement, prospectus supplement or prospectus is accurate as of any date other than the date of the
applicable document. Our business, financial condition, results of operations and prospects may have changed since that date. Neither
this pricing supplement, nor the accompanying underlying supplement, prospectus supplement or prospectus constitutes an offer, or an
invitation on our behalf or on behalf of Wells Fargo Securities, to subscribe for and purchase any of the securities and may not be used
for or in connection with an offer or solicitation by anyone in any jurisdiction in which such an offer or solicitation is not authorized or
to any person to whom it is unlawful to make such an offer or solicitation.
References to "CIBC," "the Issuer," "the Bank," "we," "us" and "our" in this pricing supplement are references to Canadian Imperial
Bank of Commerce and not to any of our subsidiaries, unless we state otherwise or the context otherwise requires.
You may access the underlying supplement, the prospectus supplement and the prospectus on the SEC website www.sec.gov as follows
(or if such address has changed, by reviewing our filing for the relevant date on the SEC website):

·
Equity Index Underlying Supplement dated November 6, 2018:

https://www.sec.gov/Archives/edgar/data/1045520/000110465918066561/a18-39408_13424b2.htm

·
Prospectus Supplement dated November 6, 2018 and Prospectus dated March 28, 2017:

https://www.sec.gov/Archives/edgar/data/1045520/000110465918066166/a18-37094_1424b2.htm

PRS-6
https://www.sec.gov/Archives/edgar/data/1045520/000110465919068706/a19-21743_46424b2.htm
6/28

12/2/2019
https://www.sec.gov/Archives/edgar/data/1045520/000110465919068706/a19-21743_46424b2.htm

Market Linked Securities--Leveraged Upside Participation to a Cap
and Fixed Percentage Buffered Downside
Principal at Risk Securities Linked to the S&P 500
® Index due December 2, 2021

INVESTOR CONSIDERATIONS

We have designed the securities for investors who:

·
seek 125% leveraged exposure to any upside performance of the Index if the Ending Level is greater than the Starting Level,
subject to a maximum return at maturity of 12% of the principal amount;

·
desire to limit downside exposure to the Index through the 15% buffer;

·
understand that if the Ending Level is less than the Starting Level by more than 15%, they will receive at maturity less, and
up to 85% less, than the principal amount per security;

·
are willing to forgo periodic interest payments on the securities and dividends on securities included in the Index; and

·
are willing to hold the securities until maturity.

The securities are not designed for, and may not be a suitable investment for, investors who:

·
seek a liquid investment or are unable or unwilling to hold the securities to maturity;

·
are unwilling to accept the risk that the Ending Level of the Index may decrease by more than 15% from the Starting Level;

·
seek uncapped exposure to the upside performance of the Index;

·
seek full return at maturity of the principal amount of the securities;

·
are unwilling to purchase securities with an estimated value as of the Pricing Date that is lower than the original offering
price;

·
seek current income;

·
are unwilling to accept the risk of exposure to the large capitalization segment of the U.S. equity market;

·
seek exposure to the Index but are unwilling to accept the risk/return trade-offs inherent in the payment at maturity for the
securities;

·
are unwilling to accept the credit risk of CIBC to obtain exposure to the Index generally, or to the exposure to the Index that
the securities provide specifically; or

·
prefer the lower risk of fixed income investments with comparable maturities issued by companies with comparable credit
ratings.

PRS-7
https://www.sec.gov/Archives/edgar/data/1045520/000110465919068706/a19-21743_46424b2.htm
7/28

12/2/2019
https://www.sec.gov/Archives/edgar/data/1045520/000110465919068706/a19-21743_46424b2.htm

Market Linked Securities--Leveraged Upside Participation to a Cap
and Fixed Percentage Buffered Downside
Principal at Risk Securities Linked to the S&P 500
® Index due December 2, 2021

RISK FACTORS

The securities have complex features and investing in the securities will involve risks not associated with an investment in
conventional debt securities or the securities included in the Index. You should carefully consider the risk factors set forth below and
"Risk Factors" beginning on page S-1 of the accompanying underlying supplement, page S-1 of the prospectus supplement and page 1
of the prospectus, as well as the other information contained in this pricing supplement and the accompanying underlying supplement,
prospectus supplement and prospectus, including the documents they incorporate by reference. As described in more detail below, the
value of the securities may vary considerably before the Stated Maturity Date due to events that are difficult to predict and are beyond
our control. You should reach an investment decision only after you have carefully considered with your advisors the suitability of an
investment in the securities in light of your particular circumstances.

If The Ending Level Is Less Than The Threshold Level, You Will Receive At Maturity Less, And Up To 85% Less, Than The
Principal Amount Of Your Securities.

We will not repay you a fixed amount on the securities on the Stated Maturity Date. The Redemption Amount will depend on the
direction of and percentage change in the Ending Level of the Index relative to the Starting Level and the other terms of the securities.
Because the level of the Index will be subject to market fluctuations, the Redemption Amount you receive may be more or less, and
possibly significantly less, than the principal amount of your securities.

If the Ending Level is less than the Threshold Level, the Redemption Amount that you receive at maturity will be reduced by an
amount equal to the decline in the level of the Index to the extent it is below the Threshold Level (expressed as a percentage of the
Starting Level). The Threshold Level is 85% of the Starting Level. As a result, you may receive less, and up to 85% less, than the
principal amount per security at maturity even if the level of the Index is greater than or equal to the Starting Level or the Threshold
Level at certain times during the term of the securities.

Even if the Ending Level is greater than the Starting Level, the amount you receive at maturity may only be slightly greater than the
principal amount, and your yield on the securities may be less than the yield you would earn if you bought a traditional interest-bearing
debt security of CIBC or another issuer with a similar credit rating with the same Stated Maturity Date.

Your Return Will Be Limited By The Capped Value And May Be Lower Than The Return On A Direct Investment In The
Securities Included In The Index.

The opportunity to participate in the possible increases in the level of the Index through an investment in the securities will be limited
because the Redemption Amount will not exceed the Capped Value. Furthermore, the effect of the Participation Rate will be
progressively reduced for all Ending Levels exceeding the Ending Level at which the Capped Value is reached.

No Periodic Interest Will Be Paid On The Securities.

No periodic interest will be paid on the securities. However, if the securities were classified for U.S. federal income tax purposes as
contingent payment debt instruments rather than prepaid forward contracts, you would be required to accrue interest income over the
term of your securities. See "Summary of U.S. Federal Income Tax Consequences" in this pricing supplement and "Certain U.S.
Federal Income Tax Consequences" in the underlying supplement.

The Securities Are Subject To The Credit Risk Of Canadian Imperial Bank of Commerce.

The securities are our obligations exclusively and are not, either directly or indirectly, an obligation of any third party. Any amounts
payable under the securities are subject to our creditworthiness, and you will have no ability to pursue any securities included in the
Index for payment. As a result, our actual and perceived creditworthiness and actual or anticipated decreases in our credit ratings may
affect the value of the securities and, in the event we were to default on our obligations, you may not receive any amounts owed to you
under the terms of the securities. See "Description of the Notes We May Offer--Events of Default" in the prospectus supplement.

Our Estimated Value Of The Securities Is Lower Than The Original Offering Price Of The Securities.

Our estimated value is only an estimate using several factors. The original offering price of the securities exceeds our estimated value
because costs associated with selling and structuring the securities, as well as hedging the securities, are included in the original
offering price of the securities. See "The Estimated Value of the Securities" in this pricing supplement.
https://www.sec.gov/Archives/edgar/data/1045520/000110465919068706/a19-21743_46424b2.htm
8/28

12/2/2019
https://www.sec.gov/Archives/edgar/data/1045520/000110465919068706/a19-21743_46424b2.htm

PRS-8
https://www.sec.gov/Archives/edgar/data/1045520/000110465919068706/a19-21743_46424b2.htm
9/28

12/2/2019
https://www.sec.gov/Archives/edgar/data/1045520/000110465919068706/a19-21743_46424b2.htm

Market Linked Securities--Leveraged Upside Participation to a Cap
and Fixed Percentage Buffered Downside
Principal at Risk Securities Linked to the S&P 500
® Index due December 2, 2021

Our Estimated Value Does Not Represent Future Values Of The Securities And May Differ From Others' Estimates.
Our estimated value of the securities was determined by reference to our internal pricing models when the terms of the securities were
set. This estimated value was based on market conditions and other relevant factors existing at that time 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 securities that are greater than or less than our 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
value of the securities could change significantly based on, among other things, changes in market conditions, our creditworthiness,
interest rate movements and other relevant factors, which may impact the price, if any, at which Wells Fargo Securities or any other
person would be willing to buy securities from you in secondary market transactions. See "The Estimated Value of the Securities" in
this pricing supplement.
Our Estimated Value Was Not Determined By Reference To Credit Spreads For Our Conventional Fixed-Rate Debt.
The internal funding rate used in the determination of our estimated value generally represents a discount from the credit spreads for
our conventional fixed-rate debt. If we were to have used the interest rate implied by our conventional fixed-rate credit spreads, we
would expect the economic terms of the securities to be more favorable to you. Consequently, our use of an internal funding rate had an
adverse effect on the terms of the securities and could have an advance effect on any secondary market prices of the securities. See
"The Estimated Value of the Securities" in this pricing supplement.
The Estimated Value Of The Securities Is Not An Indication Of The Price, If Any, At Which Wells Fargo Securities Or Any
Other Person May Be Willing To Buy The Securities From You In The Secondary Market.
The price, if any, at which Wells Fargo Securities or any of its affiliates may purchase the securities in the secondary market will be
based on Wells Fargo Securities' proprietary pricing models and will fluctuate over the term of the securities as a result of changes in
the market and other factors described in the next risk factor. Any such secondary market price for the securities will also be reduced
by a bid-offer spread, which may vary depending on the aggregate principal amount of the securities to be purchased in the secondary
market transaction, and the expected cost of unwinding any related hedging transactions. Unless the factors described in the next risk
factor change significantly in your favor, any such secondary market price for the securities will likely be less than the original offering
price.
If Wells Fargo Securities or any of its affiliates makes a secondary market in the securities at any time up to the Issue Date or during
the three-month period following the Issue Date, the secondary market price offered by Wells Fargo Securities or any of its affiliates
will be increased by an amount reflecting a portion of the costs associated with selling, structuring, hedging and issuing the securities
that are included in the original offering price. Because this portion of the costs is not fully deducted upon issuance, any secondary
market price offered by Wells Fargo Securities or any of its affiliates during this period will be higher than it would be if it were based
solely on Wells Fargo Securities' proprietary pricing models less the bid-offer spread and hedging unwind costs described above. The
amount of this increase in the secondary market price will decline steadily to zero over this three-month period. If you hold the
securities through an account at Wells Fargo Securities or one of its affiliates, we expect that this increase will also be reflected in the
value indicated for the securities on your brokerage account statement. If you hold your securities through an account at a broker-dealer
other than Wells Fargo Securities or any of its affiliates, the value of the securities on your brokerage account statement may be
different than if you held your securities at Wells Fargo Securities or any of its affiliates.
The Value Of The Securities Prior To Maturity Will Be Affected By Numerous Factors, Some Of Which Are Related In
Complex Ways.
The value of the securities prior to maturity will be affected by the then-current level of the Index, interest rates at that time and a
number of other factors, some of which are interrelated in complex ways. The effect of any one factor may be offset or magnified by
the effect of another factor. The following factors, among others, are expected to affect the value of the securities. When we refer to the
"value" of your security, we mean the value you could receive for your security if you are able to sell it in the open market before the
Stated Maturity Date.

·
Index Performance. The value of the securities prior to maturity will depend substantially on the then-current level of the

Index. The price at which you may be able to sell the securities before maturity may be at a discount, which could be
substantial, from their principal amount, if the level of the Index at such time is less than, equal to or not sufficiently above its
Starting Level.

·
Capped Value. We anticipate that the value of the securities will always be at a discount to the Capped Value.

·
Interest Rates. The value of the securities may be affected by changes in the interest rates in the U.S. markets.

https://www.sec.gov/Archives/edgar/data/1045520/000110465919068706/a19-21743_46424b2.htm
10/28