Obligation CBIC 0% ( US13605WVN81 ) en USD

Société émettrice CBIC
Prix sur le marché 100 %  ⇌ 
Pays  Canada
Code ISIN  US13605WVN81 ( en USD )
Coupon 0%
Echéance 03/02/2022 - Obligation échue



Prospectus brochure de l'obligation CIBC US13605WVN81 en USD 0%, échue


Montant Minimal 1 000 USD
Montant de l'émission 6 945 000 USD
Cusip 13605WVN8
Notation Standard & Poor's ( S&P ) N/A
Notation Moody's N/A
Description détaillée 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 US13605WVN81, paye un coupon de 0% par an.
Le paiement des coupons est semestriel et la maturité de l'Obligation est le 03/02/2022







424B2 1 a20-6386_13424b2.htm 424B2
Filed Pursuant to Rule 424(b)(2)
Registration No. 333-233663
PRICING SUPPLEMENT dated February 3, 2020
(To Equity Index Underlying Supplement dated December 16, 2019,
Prospectus Supplement dated December 16, 2019 and Prospectus dated
December 16, 2019)
Ca na dia n I m pe ria l Ba nk of Com m e rc e
$ 6 ,9 4 5 ,0 0 0
Se nior Globa l M e dium -T e rm N ot e s

Absolut e Re t urn T rigge r S& P 5 0 0 ® I nde x -Link e d N ot e s
due Fe brua ry 3 , 2 0 2 2
T he not e s do not be a r int e re st . The amount that you will be paid on your notes on the stated maturity date (February 3, 2022, subject to adjustment)
is based on the performance of the S&P 500® Index (the "underlier") as measured from and including the trade date to and including the determination date
(February 1, 2022, subject to adjustment), unless a barrier event has occurred. A barrier event will occur if, on any day during the measurement period,
which is the period from but excluding the trade date to and including the determination date, the closing level of the underlier (i) increases from the initial
underlier level (3,248.92, which was the closing level of the underlier on the trade date) by more than 15.00% or (ii) decreases from the initial underlier level
by more than 25%.
If a barrier event has occurred at any time during the measurement period, the return on your notes will be zero and at maturity you will receive only the
$1,000 face amount of your notes, regardless of the final underlier level (which is the closing level of the underlier on the determination date). A ba rrie r
e ve nt m a y oc c ur a t a ny point during t he m e a sure m e nt pe riod; how e ve r, you w ill not re c e ive t he $ 1 ,0 0 0 fa c e a m ount of your
not e s unt il m a t urit y a nd you w ill re c e ive suc h a m ount re ga rdle ss of t he fina l unde rlie r le ve l.
If a barrier event has not occurred, the return on your notes will be zero or positive and will equal the absolute value of the underlier return, which is the
increase or decrease in the final underlier level from the initial underlier level. For example, if the underlier return is either -10% or +10%, your return will be
+10%.
At maturity, for each $1,000 face amount, (a) if a barrier event has occurred, you will receive $1,000 and (b) if a barrier event has not occurred, you will
receive (i) $1,000 plus (ii) $1,000 times the absolute value of the underlier return (not less than $1,000 and not more than $1,250). I f t he inc re a se in
t he fina l unde rlie r le ve l from t he init ia l unde rlie r le ve l e x c e e ds 1 5 .0 0 % or t he de c re a se in t he fina l unde rlie r le ve l from t he
init ia l unde rlie r le ve l e x c e e ds 2 5 % , you w ill only re c e ive t he fa c e a m ount of your not e s.
A purc ha se r of t he se not e s in t he se c onda ry m a rk e t should de t e rm ine if a ba rrie r e ve nt ha s a lre a dy oc c urre d. T he oc c urre nc e
of a ba rrie r e ve nt c ould signific a nt ly a ffe c t bot h t he se c onda ry m a rk e t t ra ding pric e of t he se not e s a nd t he a m ount t ha t a
holde r of t he not e s w ill re c e ive a t m a t urit y. Se e pa ge PRS -7 .
On the stated maturity date, for each $1,000 face amount of your notes, you will receive an amount in cash equal to:
·
if a barrier event has not occurred, the sum of (i) $1,000 plus (ii) the product of (a) $1,000 times (b) the absolute value of the underlier return,

which sum will be no less than $1,000 and no more than $1,250; or
·
if a barrier event has occurred, $1,000.

T he not e s ha ve c om ple x fe a t ure s a nd inve st ing in t he not e s involve s risk s not a ssoc ia t e d w it h a n inve st m e nt in c onve nt iona l
de bt se c urit ie s. Se e "Addit iona l Risk Fa c t ors Spe c ific t o Y our N ot e s" be ginning on pa ge PRS -1 0 of t his Pric ing Supple m e nt
a nd "Risk Fa c t ors" be ginning on pa ge S-1 of t he a c c om pa nying U nde rlying Supple m e nt .
Our estimated value of the notes on the trade date, based on our internal pricing models, is $982.10 per note. The estimated value is less than the initial
issue price of the notes. See "The Bank's Estimated Value of the Notes" in this Pricing Supplement.

I nit ia l I ssue

Pric e t o Public
Age nt 's Com m ission
Proc e e ds t o I ssue r
Pric e
Pe r N ot e
$1,000.00
100.00%*
1.40%*
98.60%
T ot a l
$6,945,000.00
$6,945,000.00
$97,230.00
$6,847,770.00

*The price to the public for certain investors will be 98.60% of the face amount, reflecting a foregone agent's commission with respect to such notes.
See "Supplemental Plan of Distribution (Conflicts of Interest)" herein.
T he not e s a re unse c ure d obliga t ions of Ca na dia n I m pe ria l Ba nk of Com m e rc e a nd a ll pa ym e nt s on t he not e s a re subje c t t o
t he c re dit risk of Ca na dia n I m pe ria l Ba nk of Com m e rc e . T he not e s w ill not c onst it ut e de posit s insure d by t he Ca na da De posit
I nsura nc e Corpora t ion, t he U .S. Fe de ra l De posit I nsura nc e Corpora t ion or a ny ot he r gove rnm e nt a ge nc y or inst rum e nt a lit y of
Ca na da , t he U nit e d St a t e s or a ny ot he r jurisdic t ion. T he not e s a re not ba il-ina ble de bt se c urit ie s (a s de fine d on pa ge 6 of t he
prospe c t us). T he not e s w ill not be list e d on a ny U .S. se c urit ie s e x c ha nge or int e rde a le r quot a t ion syst e m .
N e it he r t he U nit e d St a t e s Se c urit ie s a nd Ex c ha nge Com m ission (t he "SEC") nor a ny st a t e or provinc ia l se c urit ie s c om m ission
ha s a pprove d or disa pprove d of t he se se c urit ie s or de t e rm ine d if t his Pric ing Supple m e nt or t he a c c om pa nying U nde rlying
Supple m e nt , Prospe c t us Supple m e nt or Prospe c t us is t rut hful or c om ple t e . Any re pre se nt a t ion t o t he c ont ra ry is a c rim ina l
offe nse .
The issue price, agent's commission and net proceeds listed above relate to the notes we will sell initially. We may decide to sell additional notes after the
trade date, at issue prices and with agent's commissions and net proceeds that differ from the amounts set forth above. The return (whether positive or
negative) on your investment will depend in part on the issue price you pay for your notes.
CI BC World M a rk e t s Corp. or one of our ot he r a ffilia t e s m a y use t his Pric ing Supple m e nt in a m a rk e t -m a k ing t ra nsa c t ion in a
not e a ft e r it s init ia l sa le . U nle ss w e or our a ge nt inform s t he purc ha se r ot he rw ise in t he c onfirm a t ion of sa le , t his Pric ing
Supple m e nt is be ing use d in a m a rk e t -m a k ing t ra nsa c t ion.
We w ill de live r t he not e s in book -e nt ry form t hrough t he fa c ilit ie s of T he De posit ory T rust Com pa ny ("DT C") on Fe brua ry 1 0 ,
https://www.sec.gov/Archives/edgar/data/1045520/000110465920011171/a20-6386_13424b2.htm[2/5/2020 3:53:15 PM]


2 0 2 0 a ga inst pa ym e nt in im m e dia t e ly a va ila ble funds.
CI BC World M a rk e t s

Absolut e Re t urn T rigge r S& P 5 0 0 ® I nde x -Link e d N ot e s due Fe brua ry 3 , 2 0 2 2

ABOU T T H I S PRI CI N G SU PPLEM EN T

You should read this Pricing Supplement together with the Prospectus dated December 16, 2019 (the "Prospectus"), the
Prospectus Supplement dated December 16, 2019 (the "Prospectus Supplement") and the Equity Index Underlying Supplement
dated December 16, 2019 (the "Underlying Supplement"), each relating to our Senior Global Medium-Term Notes, for additional
information about the notes. Information in this Pricing Supplement supersedes information in the accompanying Underlying
Supplement, Prospectus Supplement and Prospectus to the extent it is different from that information. Certain terms used but not
defined herein have the meanings set forth in the accompanying Underlying Supplement, Prospectus Supplement or Prospectus.

You should rely only on the information contained in or incorporated by reference in this Pricing Supplement and 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 and 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 CIBC World Markets Corp. ("CIBCWM") 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 CIBCWM is not, making an offer to sell the notes 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 or 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 CIBCWM, to subscribe for and purchase any of the notes 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 accompanying Underlying Supplement, Prospectus Supplement and 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):

·
Underlying Supplement dated December 16, 2019:

https://www.sec.gov/Archives/edgar/data/1045520/000110465919073068/a19-25016_7424b2.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

PRS-1

Absolut e Re t urn T rigge r S& P 5 0 0 ® I nde x -Link e d N ot e s due Fe brua ry 3 , 2 0 2 2

I N V EST M EN T T H ESI S

For investors who:

·
believe that a barrier event (described below) will not occur;


·
want limited exposure to (i) the underlier return if the final underlier level is greater than or equal to the initial underlier level

or (ii) the absolute value of the underlier return if the final underlier level is less than the initial underlier level, in each case
assuming a barrier event does not occur;

·
are willing to forgo exposure to such underlier return or absolute value of the underlier return if a barrier event occurs and

https://www.sec.gov/Archives/edgar/data/1045520/000110465920011171/a20-6386_13424b2.htm[2/5/2020 3:53:15 PM]


in that case are willing to receive a 0% return instead; and

·
are willing to accept that, if a barrier event has not occurred, the return on the notes will be limited to between 0%, on the

lower end of the range, and 25% on the higher end of the range, and, if a barrier event has occurred, the return on the
notes will be limited to 0%.

A barrier event will occur if, on any day during the measurement period, the closing level of underlier (i) declines below the
lower barrier of 75% of the initial underlier level or (ii) increases above the upper barrier of 115.00% of the initial underlier level.

CON SI DERAT I ON S FOR SECON DARY M ARK ET PU RCH ASERS

A purchaser of these notes in the secondary market should determine if a barrier event has already occurred. The occurrence of a
barrier event could affect both the secondary market trading price of these notes after a secondary market purchase and the
amount a secondary market purchaser will receive at maturity. In order to determine if a barrier event has occurred, you should
determine if, on any date from the day after the trade date to the date of your purchase, the closing level of the underlier was less
than 75% of the initial underlier level or the closing level of the underlier was greater than 115.00% of the initial underlier level.
Certain financial websites make index levels publicly available, which can be helpful when determining whether a barrier event may
have occurred. If you would like assistance in determining whether a barrier event has occurred, please contact CIBCWM at
[email protected].

PRS-2


Absolut e Re t urn T rigge r S& P 5 0 0 ® I nde x -Link e d N ot e s due Fe brua ry 3 , 2 0 2 2

SU M M ARY I N FORM AT I ON



We refer to the notes we are offering by this Pricing Supplement as the "offered notes" or the "notes". Each of the offered
notes has the terms described below. Terms used but not defined in this Pricing Supplement will have the meanings given to
them in the accompanying Underlying Supplement, Prospectus Supplement and Prospectus. This section is meant as a
summary and should be read in conjunction with the accompanying Prospectus, Prospectus Supplement and Underlying
Supplement. This Pricing Supplement supersedes any conflicting provisions of the documents listed above.

K e y T e rm s

I ssue r: Canadian Imperial Bank of Commerce

U nde rlie r: the S&P 500® Index (Bloomberg symbol, "SPX Index"), as published by S&P Dow Jones Indices LLC ("S&P")

Spe c ifie d c urre nc y: U.S. dollars ("$")

Fa c e a m ount : each note will have a face amount of $1,000; $6,945,000 in the aggregate for all the offered notes; the aggregate
face amount of the offered notes may be increased if the Issuer, at its sole option, decides to sell an additional amount of the
offered notes on a date subsequent to the trade date.

M inim um I nve st m e nt : $1,000 (one note)

De nom ina t ions: $1,000 and integral multiples of $1,000 in excess thereof

Purc ha se a t a m ount ot he r t ha n fa c e a m ount : the amount we will pay you on the stated maturity date for your notes will
not be adjusted based on the issue price you pay for your notes, so if you acquire notes at a premium (or a discount) to face
amount and hold them to the stated maturity date, it could affect your investment in a number of ways. The return on your
investment in such notes will be lower (or higher) than it would have been had you purchased the notes at face amount. See
"Additional Risk Factors Specific to Your Notes -- If You Purchase Your Notes at a Premium to Face Amount, the Return on Your
Investment Will Be Lower Than the Return on Notes Purchased at Face Amount and the Impact of Certain Key Terms of the Notes
Will Be Negatively Affected" in this Pricing Supplement.

Ca sh se t t le m e nt a m ount (on t he st a t e d m a t urit y da t e ): for each $1,000 face amount of your notes, we will pay you on
the stated maturity date an amount in cash equal to:

·
if a barrier event has not occurred, the sum of (i) $1,000 plus (ii) the product of $1,000 times the absolute underlier

return; or

·
if a barrier event has occurred, $1,000.


I nit ia l unde rlie r le ve l: 3,248.92, which was the closing level of the underlier on the trade date

Fina l unde rlie r le ve l: the closing level of the underlier on the determination date

https://www.sec.gov/Archives/edgar/data/1045520/000110465920011171/a20-6386_13424b2.htm[2/5/2020 3:53:15 PM]


U nde rlie r re t urn: the quotient of (1) the final underlier level minus the initial underlier level divided by (2) the initial underlier
level, expressed as a positive or negative percentage

Absolut e unde rlie r re t urn: the absolute value of the underlier return, expressed as a percentage (e.g., a -10% or +10%
underlier return will equal a +10% absolute underlier return)

M e a sure m e nt pe riod: the period from but excluding the trade date to and including the determination date, excluding any date
or dates on which the calculation agent determines that a market disruption event occurs or is continuing or that the calculation
agent determines is not a trading day. If the calculation agent determines that a market disruption event occurs or is continuing on
the last day of the measurement period (i.e., the determination date) or that day is not otherwise a trading day, the determination
date, and therefore the last day for the measurement period, will be postponed as described under "Determination date" below.

Ba rrie r e ve nt : on any trading day during the measurement period, (i) the closing level of the underlier is less than the lower
barrier or (ii) the closing level of the underlier is greater than the upper barrier.

Low e r ba rrie r: 75% of the initial underlier level

U ppe r ba rrie r: 115.00% of the initial underlier level

M a rk e t disrupt ion e ve nt : With respect to any given trading day, any of the following will be a market disruption event with
respect to the underlier:

PRS-3

Absolut e Re t urn T rigge r S& P 5 0 0 ® I nde x -Link e d N ot e s due Fe brua ry 3 , 2 0 2 2

·
a suspension, absence or material limitation of trading in underlier stocks (as defined below) constituting 20% or more, by

weight, of the underlier on their respective primary markets, in each case for more than two consecutive hours of trading or
during the one-half hour before the close of trading in that market, as determined by the calculation agent in its sole
discretion,

·
a suspension, absence or material limitation of trading in option or futures contracts, if available, relating to the underlier or

to underlier stocks constituting 20% or more, by weight, of the underlier in their respective primary markets for those
contracts, in each case for more than two consecutive hours of trading or during the one-half hour before the close of
trading in that market, as determined by the calculation agent in its sole discretion, or

·
underlier stocks constituting 20% or more, by weight, of the underlier, or option or futures contracts, if available, relating to

the underlier or to underlier stocks constituting 20% or more, by weight, of the underlier do not trade on what were the
respective primary markets for those underlier stocks or contracts, as determined by the calculation agent in its sole
discretion,

and, in the case of any of these events, the calculation agent determines in its sole discretion that the event could materially
interfere with the ability of us or any of our affiliates or a similarly situated party to unwind all or a material portion of a hedge that
could be effected with respect to the notes. For more information about hedging by us and/or any of our affiliates, see "Use of
Proceeds and Hedging" in the accompanying Underlying Supplement.

The following events will not be market disruption events with respect to the underlier:

·
a limitation on the hours or numbers of days of trading, but only if the limitation results from an announced change in the

regular business hours of the relevant market, and

·
a decision to permanently discontinue trading in the option or futures contracts relating to the underlier or to any underlier

stock.

For this purpose, an "absence of trading" in the primary securities market on which an underlier stock, or on which option or futures
contracts, if available, relating to the underlier or to any underlier stock are traded will not include any time when that market is
itself closed for trading under ordinary circumstances. In contrast, a suspension or limitation of trading in an underlier stock or in
option or futures contracts, if available, relating to the underlier or to any underlier stock in the primary market for that stock or
those contracts, by reason of:

·
a price change exceeding limits set by that market,


·
an imbalance of orders relating to that underlier stock or those contracts, or


·
a disparity in bid and ask quotes relating to that underlier stock or those contracts,


will constitute a suspension or material limitation of trading in the underlier or those contracts in that market.
https://www.sec.gov/Archives/edgar/data/1045520/000110465920011171/a20-6386_13424b2.htm[2/5/2020 3:53:15 PM]



T ra de da t e : February 3, 2020

Origina l issue da t e (se t t le m e nt da t e ): February 10, 2020

De t e rm ina t ion da t e : February 1, 2022, subject to adjustment as described under "Certain Terms of the Notes--Valuation
Dates" in the accompanying Underlying Supplement.

St a t e d m a t urit y da t e : February 3, 2022, subject to adjustment as described under "Certain Terms of the Notes--Coupon
Payment Dates, Call Payment Dates and Maturity Date" in the accompanying Underlying Supplement.

Closing le ve l: as described under "Certain Terms of the Notes -- Certain Definitions -- Closing Level" in the accompanying
Underlying Supplement.

N o list ing: the offered notes will not be listed on any securities exchange or interdealer quotation system

Ca lc ula t ion a ge nt : Canadian Imperial Bank of Commerce. We may appoint a different calculation agent without your consent
and without notifying you

CU SI P/I SI N : 13605WVN8 / US13605WVN81

PRS-4

Absolut e Re t urn T rigge r S& P 5 0 0 ® I nde x -Link e d N ot e s due Fe brua ry 3 , 2 0 2 2

Supple m e nt a l T e rm s of t he N ot e s

For purposes of the notes offered by this Pricing Supplement, all references to each of the following terms used in the
accompanying Underlying Supplement will be deemed to refer to the corresponding term used in this Pricing Supplement, as set
forth in the table below:

Equit y I nde x U nde rlying Supple m e nt T e rm
Pric ing Supple m e nt T e rm
Final Valuation Date
determination date


maturity date
stated maturity date


principal amount
face amount


Reference Asset
underlier


Index Sponsor
underlier sponsor

PRS-5

Absolut e Re t urn T rigge r S& P 5 0 0 ® I nde x -Link e d N ot e s due Fe brua ry 3 , 2 0 2 2

H Y POT H ET I CAL EX AM PLES

The following table and chart are provided for purposes of illustration only. They should not be taken as an indication or prediction
of future investment results and merely are intended to illustrate the impact that the various hypothetical underlier levels during the
measurement period including on the determination date could have on the cash settlement amount at maturity assuming all other
variables remain constant.

The examples below are based on a range of final underlier levels that are entirely hypothetical; the underlier level on any day
during the measurement period, including the determination date, cannot be predicted. The underlier has been highly volatile in the
past -- meaning that the underlier level has changed considerably in relatively short periods -- and its performance cannot be
predicted for any future period.

The information in the following examples reflects hypothetical rates of return on the offered notes assuming that they are
purchased on the original issue date at the face amount and held to the stated maturity date. If you sell your notes in a secondary
market prior to the stated maturity date, your return will depend upon the market value of your notes at the time of sale, which may
be affected by a number of factors that are not reflected in the table below, such as interest rates, the volatility of the underlier and
the creditworthiness of CIBC. In addition, the estimated value of your notes at the time the terms of your notes were set on the
trade date (as determined by reference to pricing models used by CIBC) is less than the original issue price of your notes. For
more information on the estimated value of your notes, see "Additional Risk Factors Specific to Your Notes -- The Bank's
https://www.sec.gov/Archives/edgar/data/1045520/000110465920011171/a20-6386_13424b2.htm[2/5/2020 3:53:15 PM]


Estimated Value of the Notes Is Lower Than the Original Issue Price (Price to Public) of the Notes" in this Pricing Supplement and
"The Bank's Estimated Value of the Notes" in this Pricing Supplement. The information in the following hypothetical examples also
reflects the key terms and assumptions in the box below.

K e y T e rm s a nd Assum pt ions
Face amount
$1,000
Hypothetical upper barrier
115.00% of the initial underlier level
Lower barrier
75% of the initial underlier level
·
Neither a market disruption event nor a non-trading day occurs during the measurement period,

including on the originally scheduled determination date
·
No change in or affecting any of the underlier stocks or the method by which the underlier

sponsor calculates the underlier
·
Notes purchased on original issue date at the face amount and held to the stated maturity date


The actual performance of the underlier over the life of your notes, as well as the cash settlement amount payable at maturity, may
bear little relation to the hypothetical examples shown below or to the historical underlier levels shown elsewhere in this Pricing
Supplement. For information about the historical levels of the underlier during recent periods, see "The Underlier -- Historical
Closing Levels of the Underlier" below. Before investing in the offered notes, you should consult publicly available information to
determine the levels of the underlier between the date of this Pricing Supplement and the date of your purchase of the offered
notes.

Also, the hypothetical examples shown below do not take into account the effects of applicable taxes. Because of the U.S. tax
treatment applicable to your notes, tax liabilities could affect the after-tax rate of return on your notes to a comparatively greater
extent than the after-tax return on the underlier stocks.

PRS-6

Absolut e Re t urn T rigge r S& P 5 0 0 ® I nde x -Link e d N ot e s due Fe brua ry 3 , 2 0 2 2

The levels in the left column of the table below represent hypothetical final underlier levels and are expressed as percentages of
the initial underlier level. The amounts in the middle column represent the hypothetical cash settlement amounts, based on the
corresponding hypothetical final underlier level, assuming that a barrier event does not occur (i.e., the closing level of the underlier
is not less than the lower barrier or greater than the upper barrier on any trading day during the measurement period), and are
expressed as percentages of the face amount of a note (rounded to the nearest one-thousandth of a percent). The amounts in the
right column represent the hypothetical cash settlement amounts, based on the corresponding hypothetical final underlier level,
assuming that a barrier event occurs (i.e., the closing level of the underlier is less than the lower barrier or greater than the upper
barrier on one or more trading days during the measurement period), and are expressed as percentages of the face amount of a
note (rounded to the nearest one-thousandth of a percent). Thus, a hypothetical cash settlement amount of 100.000% means that
the value of the cash payment that we would deliver for each $1,000 of the outstanding face amount of the offered notes on the
stated maturity date would equal 100.000% of the face amount of a note, based on the corresponding hypothetical final underlier
level and the assumptions noted above.
H ypot he t ic a l Fina l U nde rlie r Le ve l
H ypot he t ic a l Ca sh Se t t le m e nt Am ount (a s Pe rc e nt a ge of Fa c e
(a s Pe rc e nt a ge of I nit ia l U nde rlie r
Am ount )
Le ve l)




Ba rrie r Eve nt H a s N ot Oc c urre d
Ba rrie r Eve nt H a s Oc c urre d
200.000%
N/A
100.000%
175.000%
N/A
100.000%
115.001%
N/A
100.000%
1 1 5 .0 0 0 %
1 1 5 .0 0 0 %
1 0 0 .0 0 0 %
110.000%
110.000%
100.000%
105.000%
105.000%
100.000%
101.000%
101.000%
100.000%
100.500%
100.500%
100.000%
1 0 0 .0 0 0 %
1 0 0 .0 0 0 %
1 0 0 .0 0 0 %
99.500%
100.500%
100.000%
99.000%
101.000%
100.000%
95.000%
105.000%
100.000%
90.000%
110.000%
100.000%
7 5 .0 0 0 %
1 2 5 .0 0 0 %
1 0 0 .0 0 0 %
https://www.sec.gov/Archives/edgar/data/1045520/000110465920011171/a20-6386_13424b2.htm[2/5/2020 3:53:15 PM]


74.999%
N/A
100.000%
60.000%
N/A
100.000%
50.000%
N/A
100.000%
25.000%
N/A
100.000%
0 .0 0 0 %
N /A
1 0 0 .0 0 0 %
If, for example, a barrier event has occurred and the final underlier level were determined to be 175.000% of the initial underlier
level, the cash settlement amount that we would deliver on your notes at maturity would be 100.000% for each $1,000 face amount
of your notes, as shown in the table above. Additionally, if the final underlier level were determined to be 50.000% of the initial
underlier level, the cash settlement amount that we would deliver on your notes at maturity would be 100.000% for each $1,000
face amount of your notes, as shown in the table above.

If, for example, a barrier event has not occurred and the final underlier level were determined to be 90.000% of the initial underlier
level, the absolute underlier return would be 10.000% and the cash settlement amount that we would deliver on your notes at
maturity would be 110.000% for each $1,000 face amount of your notes, as shown in the table above. However, you will benefit
from the absolute underlier return only if a barrier event has not occurred. Because a barrier event will occur if, on any trading day
during the measurement period (including the determination date), the closing level of the underlier is below the lower barrier
(75.000% of the initial underlier level) or above the upper barrier (115.000% of the initial underlier level), the cash settlement
amount that we will deliver at maturity if a barrier event has not occurred will be limited to between 100.000% and 125.000%
(representing a return of between 0.000% and 25.000%) for each $1,000 face amount. As a result, you would not benefit from a
final underlier level on the determination date (or a closing level of the underlier on any other trading day during the measurement
period) that is greater than upper barrier or less than the lower barrier. In fact, a final underlier level on the determination date (or
a closing level of the underlier on any other trading day during the measurement period) that is greater than the upper barrier or
less than the lower barrier will cause the cash settlement amount that we will deliver at maturity to be limited to 100.000% for each
$1,000 face amount.

The following chart shows a graphical illustration of the hypothetical cash settlement amounts (expressed as a percentage of the
face amount of your notes) that we would pay on your notes on the stated maturity date, if the final underlier level (expressed as a
percentage of the initial underlier level) were any of the hypothetical levels shown on

PRS-7

Absolut e Re t urn T rigge r S& P 5 0 0 ® I nde x -Link e d N ot e s due Fe brua ry 3 , 2 0 2 2

the horizontal axis. The chart shows that, if a barrier event occurs at any time during the measurement period, any hypothetical
final underlier level would result in a hypothetical cash settlement amount of 100.000% of the face amount of your notes (the
horizontal line that crosses the 100.000% marker on the vertical axis). The chart also shows that, if a barrier event does not occur
at any time during the measurement period, any hypothetical final underlier level between 75.000% and 115.000% (the section
between the 75.000% and 115.000% markers on the horizontal axis) would result in a hypothetical payment amount that is greater
than or equal to 100.000%, but less than or equal to 125.000%, for each $1,000 face amount of the note (the section on or above
the 100.000% marker on the vertical axis but on or below the 125.000% marker on the vertical axis).


https://www.sec.gov/Archives/edgar/data/1045520/000110465920011171/a20-6386_13424b2.htm[2/5/2020 3:53:15 PM]


The cash settlement amounts shown above are entirely hypothetical; they are based on market prices for the underlier stocks that
may not be achieved on the determination date and on assumptions that may prove to be erroneous. The actual market value of
your notes on the stated maturity date or at any other time, including any time you may wish to sell your notes, may bear little
relation to the hypothetical cash settlement amounts shown above, and these amounts should not be viewed as an indication of the
financial return on an investment in the offered notes. The hypothetical cash settlement amounts on notes held to the stated
maturity date in the examples above assume you purchased your notes at their face amount and have not been adjusted to reflect
the actual issue price you pay for your notes. The return on your investment (whether positive or negative) in your notes will be
affected by the amount you pay for your notes. If you purchase your notes for a price other than the face amount, the return on
your investment will differ from, and may be significantly lower than, the hypothetical returns suggested by the above examples.
Please read "Risk Factors-- The market value of the notes will be affected by various factors that interrelate in complex ways, and
their market value may be less than the principal amount" in the accompanying Underlying Supplement.

Payments on the notes are economically equivalent to the amounts that would be paid on a combination of other instruments. For
example, payments on the notes are economically equivalent to a combination of an interest-bearing bond bought by the holder
and one or more options entered into between the holder and us (with one or more implicit option premiums paid over time). The
discussion in this paragraph does not modify or affect the terms of the notes or the U.S. federal income tax treatment of the notes,
as described elsewhere in this Pricing Supplement.

We cannot predict the actual final underlier level or what the market value of your notes will be on any particular trading day, nor
can we predict the relationship between the underlier level and the market value of your notes at any time prior to the stated
maturity date. The actual amount that you will receive at maturity and the rate of return on the offered notes will depend on the
actual closing levels of the underlier during the measurement period and the actual final underlier level determined by the
calculation agent as described above. Moreover, the assumptions on which the hypothetical returns are based may turn out to be
inaccurate. Consequently, the amount of cash to be paid in respect of your notes on the stated maturity date may be very
different from the information reflected in the table and chart above.

PRS-8

Absolut e Re t urn T rigge r S& P 5 0 0 ® I nde x -Link e d N ot e s due Fe brua ry 3 , 2 0 2 2

ADDI T I ON AL RI SK FACT ORS SPECI FI C T O Y OU R N OT ES



An investment in your notes is subject to the risks described below, as well as the risks and considerations described under
"Risk Factors" in the accompanying Prospectus, Prospectus Supplement and Underlying Supplement. You should carefully
review these risks and considerations as well as the terms of the notes described herein and in the accompanying Prospectus,
Prospectus Supplement and Underlying Supplement. Your notes are a riskier investment than ordinary debt securities. Also,
your notes are not equivalent to investing directly in the underlier stocks, i.e., the stocks comprising the underlier to which your
notes are linked. You should carefully consider whether the offered notes are suited to your particular circumstances.

T he N ot e s Are Subje c t t o t he Cre dit Risk of t he Ba nk

Although the return on the notes will be based on the performance of the underlier, the payment of any amount due on the notes is
subject to the credit risk of the Bank, as issuer of the notes. The notes are our unsecured obligations. As further described in the
accompanying Prospectus and Prospectus Supplement, the notes will rank on par with all of the other unsecured and
unsubordinated debt obligations of the Bank, except such obligations as may be preferred by operation of law. Investors are
dependent on our ability to pay all amounts due on the notes, and therefore investors are subject to our credit risk and to changes
in the market's view of our creditworthiness. See "Description of Senior Debt Securities -- Ranking" in the accompanying
Prospectus.

Pot e nt ia l for t he V a lue of Y our N ot e s t o I nc re a se Will Be Lim it e d

If a barrier event has not occurred, the cash settlement amount at maturity for each $1,000 face amount of your notes will be
limited to between $1,000, on the lower end of the range, and $1,250, on the higher end of the range (representing a return of 0%,
on the lower end of the range, and 25% on the higher end of the range), depending on the absolute underlier return. If a barrier
event has occurred, the cash settlement amount at maturity for each $1,000 face amount of your notes will be limited to $1,000
(representing a return of 0%), regardless of the underlier return.

You will benefit from the absolute underlier return only if a barrier event has not occurred. Because a barrier event will occur if, on
any trading day during the measurement period (including the determination date), the closing level of the underlier is less than the
lower barrier (75% of the initial underlier level) or greater than the upper barrier (115.00% of the initial underlier level), the cash
settlement amount that we will deliver at maturity if a barrier event has not occurred will be limited to between 100%, on the lower
end of the range, and 125%, on the higher end of the range (representing a return of between 0%, on the lower end of the range,
and 25%, on the higher end of the range) for each $1,000 face amount. As a result, you would not benefit from a final underlier
level on the determination date (or a closing level of the underlier on any other trading day during the measurement period) that is
https://www.sec.gov/Archives/edgar/data/1045520/000110465920011171/a20-6386_13424b2.htm[2/5/2020 3:53:15 PM]


greater than the upper barrier or less than the lower barrier. In fact, a final underlier level on the determination date (or a closing
level of the underlier on any other trading day during the measurement period) that is greater than the upper barrier or less than
the lower barrier will cause the cash settlement amount that we will deliver at maturity to be limited to $1,000 (representing a return
of 0%) for each $1,000 face amount.

T he Re t urn on Y our N ot e s M a y Cha nge Signific a nt ly De spit e Only a Sm a ll Cha nge in t he U nde rlie r Le ve l

Your ability to participate in any change in the level of the underlier over the life of your notes will be limited and the return on your
notes may change significantly despite only a small change in the underlier level. If a barrier event occurs and the final underlier
level is greater than the initial underlier level, you will receive a 0% return on the notes no matter how much the final underlier level
may increase above the initial underlier level. This means that, because of the upper barrier of 115.00% of the initial underlier
level, while an increase in the level of the underlier of 15.00% will not cause a barrier event to occur, an increase of greater than
15.00% will cause a barrier event to occur and your return on the notes will be 0%. Accordingly, if a barrier event occurs and the
underlier return is positive, the amount payable for each of your notes may be significantly less than it would have been had you
invested directly in the underlier stocks. Similarly, if a barrier event occurs and the final underlier level is less than the initial
underlier level, you will receive a 0% return on the notes and you will not receive the benefit of the absolute underlier return. This
means that, while a decrease in the level of the underlier of 25% will not cause a barrier event to occur, a decrease of greater than
25% will cause a barrier event to occur and your return on the notes will be 0%. Accordingly, if a barrier event occurs and the
underlier return is negative, you will not receive the benefit of the absolute underlier return.

Y our N ot e s Do N ot Be a r I nt e re st

You will not receive any interest payments on your notes. As a result, even if the cash settlement amount payable for your notes
on the stated maturity date exceeds the face amount of your notes, the overall return you earn on your notes may be less than you
would have earned by investing in a non-index-linked debt security of comparable maturity that bears interest at a prevailing market
rate.

PRS-9

Absolut e Re t urn T rigge r S& P 5 0 0 ® I nde x -Link e d N ot e s due Fe brua ry 3 , 2 0 2 2

T he N ot e s Will N ot Be List e d on Any Se c urit ie s Ex c ha nge a nd We Do N ot Ex pe c t A T ra ding M a rk e t For t he
N ot e s t o De ve lop

The notes will not be listed or displayed on any securities exchange or any automated quotation system. Although CIBCWM and/or
its affiliates may purchase the notes from holders, they are not obligated to do so and are not required to make a market for the
notes. There can be no assurance that a secondary market will develop for the notes. Because we do not expect that any market
makers will participate in a secondary market for the notes, the price at which you may be able to sell your notes is likely to
depend on the price, if any, at which CIBCWM and/or its affiliates are willing to buy your notes.

If a secondary market does exist, it may be limited. Accordingly, there may be a limited number of buyers if you decide to sell your
notes prior to the stated maturity date. This may affect the price you receive upon such sale. Consequently, you should be willing to
hold the notes to the stated maturity date.

T he H ist oric a l Pe rform a nc e of t he U nde rlie r Should N ot Be T a k e n a s a n I ndic a t ion of I t s Fut ure
Pe rform a nc e

The final level of the underlier will determine the amount to be paid on the notes at maturity. The historical performance of the
underlier does not necessarily give an indication of its future performance. As a result, it is impossible to predict whether the level
of the underlier will rise or fall during the term of the notes. The level of the underlier will be influenced by complex and interrelated
political, economic, financial and other factors.

Y ou H a ve N o Sha re holde r Right s or Right s t o Re c e ive Any U nde rlie r St oc k

Investing in the notes will not make you a holder of any of the underlier stocks. Neither you nor any other holder or owner of the
notes will have any rights with respect to the underlier stocks, including any voting rights, any right to receive dividends or other
distributions, any rights to make a claim against the underlier stocks or any other rights of a holder of the underlier stocks. Your
notes will be paid in cash and you will have no right to receive delivery of any underlier stocks.

We M a y Se ll a n Addit iona l Aggre ga t e Fa c e Am ount of t he N ot e s a t a Diffe re nt I ssue Pric e

At our sole option, we may decide to sell an additional aggregate face amount of the notes subsequent to the trade date. The issue
price of the notes in the subsequent sale may differ substantially (higher or lower) from the original issue price you paid as provided
on the cover of this Pricing Supplement.

I f Y ou Purc ha se Y our N ot e s a t a Pre m ium t o Fa c e Am ount , t he Re t urn on Y our I nve st m e nt Will Be Low e r
T ha n t he Re t urn on N ot e s Purc ha se d a t Fa c e Am ount a nd t he I m pa c t of Ce rt a in K e y T e rm s of t he N ot e s Will
https://www.sec.gov/Archives/edgar/data/1045520/000110465920011171/a20-6386_13424b2.htm[2/5/2020 3:53:15 PM]


Be N e ga t ive ly Affe c t e d

The cash settlement amount will not be adjusted based on the issue price you pay for the notes. If you purchase notes at a price
that differs from the face amount of the notes, then the return on your investment in such notes held to the stated maturity date will
differ from, and may be substantially less than, the return on notes purchased at face amount. If you purchase your notes at a
premium to face amount and hold them to the stated maturity date, the return on your investment in the notes will be lower than it
would have been had you purchased the notes at face amount or a discount to face amount.

T he re Are Pot e nt ia l Conflic t s of I nt e re st Be t w e e n Y ou a nd t he Ca lc ula t ion Age nt

The calculation agent will, among other things, determine the cash settlement amount payable at maturity of the notes. We will
serve as the calculation agent. We may appoint a different calculation agent without your consent and without notifying you. The
calculation agent will exercise its judgment when performing its functions. For example, the calculation agent may have to
determine whether a market disruption event affecting the underlier has occurred. This determination may, in turn, depend on the
calculation agent's judgment as to whether the event has materially interfered with our ability or the ability of one of our affiliates or
a similarly situated party to unwind our hedge positions. Since this determination by the calculation agent will affect the payment at
maturity on the notes, the calculation agent may have a conflict of interest if it needs to make a determination of this kind. See
"Certain Terms of the Notes -- Role of the Calculation Agent" in the accompanying Underlying Supplement.

T he I nc lusion of De a le r Spre a d a nd Proje c t e d Profit from H e dging in t he Origina l I ssue Pric e I s Lik e ly t o
Adve rse ly Affe c t Se c onda ry M a rk e t Pric e s

Assuming no change in market conditions or any other relevant factors, the price, if any, at which CIBCWM or any other party is
willing to purchase the notes at any time in secondary market transactions will likely be significantly lower than the original issue
price, since secondary market prices are likely to exclude the underwriting commissions paid with respect to the notes and the cost
of hedging our obligations under the notes that are included in the original issue price. The cost of hedging includes the projected
profit that we, our affiliates or any third-party who may conduct hedging activities related to the notes, including any dealer in the
notes, may realize in consideration for assuming

PRS-10

Absolut e Re t urn T rigge r S& P 5 0 0 ® I nde x -Link e d N ot e s due Fe brua ry 3 , 2 0 2 2

the risks inherent in managing the hedging transactions. These secondary market prices are also likely to be reduced by the costs
of unwinding the related hedging transactions. In addition, any secondary market prices may differ from values determined by
pricing models used by CIBCWM as a result of dealer discounts, mark-ups or other transaction costs. Furthermore, if the dealer
from which you purchase notes is to conduct trading and hedging activities for us in connection with the notes, that dealer may
profit in connection with such trading and hedging activities and such profit, if any, will be in addition to the compensation that the
dealer receives for the sale of the notes to you. You should be aware that the potential to earn a profit in connection with hedging
activities may create a further incentive for the dealer to sell the notes to you, in addition to the compensation they would receive
for the sale of the notes.

T he Ba nk 's Est im a t e d V a lue of t he N ot e s I s Low e r T ha n t he Origina l I ssue Pric e (Pric e t o Public ) of t he
N ot e s

The Bank's estimated value is only an estimate using several factors. The original issue price of the notes exceeds the Bank's
estimated value because costs associated with selling and structuring the notes, as well as hedging the notes, are included in the
original issue price of the notes. See "The Bank's Estimated Value of the Notes" in this Pricing Supplement.

T he Ba nk 's Est im a t e d V a lue Doe s N ot Re pre se nt Fut ure V a lue s of t he N ot e s a nd M a y Diffe r from Ot he rs'
Est im a t e s

The Bank's estimated value of the notes was determined by reference to the Bank's 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 and the
Bank's 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 than or less than the Bank's 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 notes 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
CIBCWM or any other person would be willing to buy notes from you in secondary market transactions. See "The Bank's Estimated
Value of the Notes" in this Pricing Supplement.

T he Ba nk 's Est im a t e d V a lue Wa s N ot De t e rm ine d by Re fe re nc e t o Cre dit Spre a ds for Our Conve nt iona l
Fix e d -Ra t e De bt

The internal funding rate used in the determination of the Bank's estimated value generally represents a discount from the credit
https://www.sec.gov/Archives/edgar/data/1045520/000110465920011171/a20-6386_13424b2.htm[2/5/2020 3:53:15 PM]


Document Outline