Obligation Canadian Imperial Commerce Bank 0.25% ( XS2167197784 ) en EUR

Société émettrice Canadian Imperial Commerce Bank
Prix sur le marché 100 %  ▼ 
Pays  Canada
Code ISIN  XS2167197784 ( en EUR )
Coupon 0.25% par an ( paiement annuel )
Echéance 15/06/2020 - Obligation échue



Prospectus brochure de l'obligation CANADIAN IMPERIAL BANK OF COMMERCE XS2167197784 en EUR 0.25%, échue


Montant Minimal /
Montant de l'émission /
Description détaillée 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 émise par Canadian Imperial Commerce Bank ( Canada ) , en EUR, avec le code ISIN XS2167197784, paye un coupon de 0.25% par an.
Le paiement des coupons est annuel et la maturité de l'Obligation est le 15/06/2020







Final Terms dated April 29, 2020
CANADIAN IMPERIAL BANK OF COMMERCE
(a Canadian chartered bank)
through its Head office of the Bank in Toronto
Legal Entity Identifier (LEI): 2IGI19DL77OX0HC3ZE78
Issue of EUR 250,000,000 0.250 per cent. Series CBL25 Covered Bonds due September 27, 2023 (the "Covered
Bonds") (to be consolidated and form a single series with the EUR 750,000,000 0.250 per cent. Series CBL25
Covered Bonds due September 27, 2023, issued on March 27, 2020 (the "CBL25 Tranche 1 Covered Bonds"))
under the
CAD 60,000,000,000
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)
Notice Regarding Offers in the EEA and the UK
The Prospectus referred to below (as completed by these Final Terms) has been prepared on the basis that any
offer of Covered Bonds in any Member State of the European Economic Area or the United Kingdom (each
a "Relevant State") will be made pursuant to an exemption under Regulation (EU) 2017/1129 (the "Prospectus
Regulation") from the requirement to publish a prospectus for offers of the Covered Bonds. Accordingly, any
person making or intending to make an offer in any Relevant State of the Covered Bonds may only do so in
circumstances in which no obligation arises for the Issuer or any Dealer to publish a prospectus pursuant to
Article 3 of the Prospectus Regulation or supplement a prospectus pursuant to Article 23 of the Prospectus
Regulation, in each case, in relation to such offer. Neither the Issuer nor any Dealer has authorized, nor do they
authorize, the making of any offer of Covered Bonds in any other circumstances.
PROHIBITION OF SALES TO EEA AND UK RETAIL INVESTORS.
The Covered Bonds are not intended to be offered, sold or otherwise made available to and should not be
offered, sold or otherwise made available to any retail investor in the European Economic Area (the "EEA")
or in the United Kingdom (the "UK"). For these purposes, a retail investor means a person who is one (or more)
of: (i) a retail client as defined in point (11) of Article 4(1) of Directive 2014/65/EU (as amended, "MiFID II");
(ii) a customer within the meaning of Directive (EU) 2016/97 (as amended), where that customer would not
qualify as a professional client as defined in point (10) of Article 4(1) of MiFID II or (iii) not a qualified investor
as defined in the Prospectus Regulation. Consequently no key information document required by Regulation
(EU) No 1286/2014 as amended (the "PRIIPs Regulation") for offering or selling the Covered Bonds or
otherwise making them available to retail investors in the EEA or in the UK has been prepared and therefore
offering or selling the Covered Bonds or otherwise making them available to any retail investor in the EEA or
in the UK may be unlawful under the PRIIPs Regulation.
MIFID II PRODUCT GOVERNANCE / PROFESSIONAL INVESTORS AND ECPS ONLY TARGET
MARKET - Solely for the purposes of each manufacturer's product approval process, the target market assessment
in respect of the Covered Bonds has led to the conclusion that: (i) the target market for the Covered Bonds is eligible
counterparties and professional clients only, each as defined in MiFID II; and (ii) all channels for distribution of the
Covered Bonds to eligible counterparties and professional clients are appropriate. Any person subsequently offering,
MT DOCS 20326610


selling or recommending the Covered Bonds (a "distributor") should take into consideration the manufacturers' target
market assessment; however, a distributor subject to MiFID II is responsible for undertaking its own target market
assessment in respect of the Covered Bonds (by either adopting or refining the manufacturers' target market
assessment) and determining appropriate distribution channels.
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 THE
SECURITIES LAWS OR "BLUE SKY" LAWS OF ANY STATE OR OTHER JURISDICTION OF THE
UNITED STATES AND, ACCORDINGLY, THE COVERED BONDS MAY NOT BE OFFERED, SOLD OR
DELIVERED WITHIN THE UNITED STATES OR TO, OR FOR THE ACCOUNT OR BENEFIT OF, U.S.
PERSONS.
The Guarantor is not now, and immediately following the issuance of the Covered Bonds pursuant to the Trust Deed,
as amended by the first amending agreement dated August 23, 2019, the second amending agreement dated March 9,
2020 and the third amendment dated March 25, 2020, will not be, a "covered fund" for purposes of regulations adopted
under Section 13 of the U.S. Bank Holding Company Act of 1956, as amended, commonly known as the "Volcker
Rule." In reaching this conclusion, although other statutory or regulatory exemptions under the U.S. Investment
Company Act of 1940, as amended, and under the Volcker Rule and its related regulations may be available, the
Guarantor has relied on the exemption from registration set forth in Section 3(c)(5)(C) of the U.S. Investment
Company Act of 1940, as amended. See "Certain Volcker Rule Considerations" in the Prospectus dated June 18, 2019.
PART A­CONTRACTUAL 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 June 18, 2019 and the First Prospectus Supplement dated August 23, 2019, which form
part of the Prospectus dated June 18, 2019 as supplemented by the First Prospectus Supplement dated August 23,
2019, the Second Prospectus Supplement dated December 6, 2019, the Third Prospectus Supplement dated March 9,
2020 and the Fourth Prospectus Supplement dated April 17, 2020, which together constitute a base prospectus (the
"Prospectus") for the purposes of Directive 2003/71/EC, as amended or superseded, and including any relevant
implementing measures in a Relevant State (the "Prospectus Directive"). This document constitutes the Final Terms
of the Covered Bonds described herein for the purposes of Article 5.4 of the Prospectus Directive and must be read in
conjunction with such Prospectus. Full information on the Issuer and the offer of the Covered Bonds is only available
on the basis of the combination of these Final Terms and the Prospectus. The Prospectus, together with these Final
Terms and all documents incorporated by reference therein, is available for viewing on the website of the Luxembourg
Stock Exchange at https://www.bourse.lu under the name Canadian Imperial Bank of Commerce and the headline
"Documents" and copies may be obtained from the specified offices of the Issuer and the Issuing and Paying Agent,
as set out at the end of the Prospectus.
1.
(i)
Series Number:
CBL25
(ii)
Tranche Number:
2
(iii) Date on which the Covered Bonds
On or after the date (the "Exchange Date") which is 40 days
become fungible:
after the Issue Date, the Covered Bonds shall be consolidated
and form a single series with the CBL25 Tranche 1 Covered
Bonds.
MT DOCS 20326610


2.
Specified Currency or Currencies:
Euro ("EUR")
(Condition 1.10)
3.
Aggregate Principal Amount:
(i)
Series:
EUR 1,000,000,000
(ii)
Tranche:
EUR 250,000,000
4.
Issue Price:
100.118% of the Aggregate Principal Amount of this
Tranche plus EUR 64,890.71 equal to accrued interest for
the period from (and including) the Interest Commencement
Date to (but excluding) the Issue Date (38 days).
5.
(i)
Specified Denominations:
Minimum denomination of EUR 100,000 and integral
multiples of EUR 1,000 in excess thereof up to and including
EUR 199,000. No Covered Bonds in definitive form will be
issued in a denomination above EUR 199,000.
(Condition 1.08 or 1.09)
(ii)
Calculation Amount:
EUR 1,000
6.
(i)
Issue Date:
May 4, 2020
(ii)
Interest Commencement Date:
March 27, 2020
7.
(i)
Final Maturity Date:
September 27, 2023
(ii)
Extended Due for Payment Date of
September 27, 2024
Guaranteed Amounts corresponding
to the Final Redemption Amount
under the Covered Bond Guarantee:
8.
Interest Basis:
0.250 per cent. Fixed Rate from (and including) the Interest
Commencement Date to (but excluding) the Final Maturity
Date.
If applicable, in accordance with paragraph 14 below, 1-
month EURIBOR + 0.63 per cent. per annum Floating Rate
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.
9.
Redemption/Payment Basis:
Redemption at par
10.
Change of Interest Basis:
If item 7(ii) applicable, Applicable ­ see item 8 above
11.
Put/Call Options:
Not Applicable
12.
Date of Board approval for issuance of
Not Applicable
Covered Bonds obtained:
MT DOCS 20326610


PROVISIONS RELATING TO INTEREST (IF ANY) PAYABLE
13.
Fixed Rate Covered Bond Provisions:
Applicable from (and including) the Interest Commencement
Date to (but excluding) the Final Maturity Date.
(Condition 5.02)
(i)
Rate of Interest:
0.250 per cent. per annum payable annually in arrear on each
Interest Payment Date
(ii)
Interest Payment Date(s):
September 27 in each year, adjusted for payment date
purposes in accordance with the Business Day Convention
specified in (iii) below, up to and including the Final
Maturity Date, commencing September 27, 2020
(iii) Business Day Convention:
Following Business Day Convention
(iv) Fixed Coupon Amount(s):
EUR 2.50 per Calculation Amount, except in respect of the
short first interest period specified in paragraph 13(v) below
(v)
Broken Amount(s)
EUR 1.26 per Calculation Amount (short first interest
period) payable on the Interest Payment Date falling on or
nearest to September 27, 2020
(vi) Day Count Fraction:
Actual/Actual (ICMA)
(vii) Determination Dates:
September 27 in each year
14.
Floating Rate Covered Bond Provisions:
Applicable from (and including) the Final Maturity Date to
(but excluding) the Extended Due for Payment Date to the
extent payment of the Final Redemption Amount is deferred
until the Extended Due for Payment Date in accordance with
Condition 6.01.
(Condition 5.03)
(i)
Interest Period(s):
The first Interest Period shall comprise the period from (and
including) the Final Maturity Date to (but excluding) the first
Specified Interest Payment Date. The Interest Periods shall,
thereafter, be the period from (and including) each Specified
Interest Payment Date to (but excluding) the next following
Specified Interest Payment Date.
(ii)
Interest Period End Date
Not Applicable
(iii) Rate Cut-Off Date
Not Applicable
(iv) Specified Interest Payment Dates:
27th day of each month from (but excluding) the Final
Maturity Date to (and including) the Extended Due for
Payment Date, subject, in each case, to adjustment in
MT DOCS 20326610


accordance with the Business Day Convention specified in
(v) below
(v)
Business Day Convention:
Modified Following Business Day Convention
(vi) Financial Centre(s):
Toronto, London and a TARGET2 Business Day
(vii) Manner in which the Rate(s) of
Screen Rate Determination
Interest is/are to be determined:
(viii) Party responsible for calculating the
Not Applicable
Rate(s) of Interest and Interest
Amount(s) (if not the Issuing and
Paying Agent):
(ix) Screen Rate Determination:
Applicable
­ Reference Rate:
1-month EURIBOR
­ Interest Determination Date(s)
The second day on which the TARGET2 System is open
prior to the start of each Interest Period
­ Relevant Screen Page
Reuters EURIBOR01
­ Relevant Time:
11:00 a.m. (Central European Time)
­ Reference Banks:
Has the meaning given in the ISDA Definitions, mutatis
mutandis
­ Observation Look Back Period:
Not Applicable
(x)
ISDA Determination:
Not Applicable
(xi) Margin(s):
+0.63 per cent. per annum
(xii) Linear Interpolation
Not Applicable
(Condition 5.10)
(xiii) Minimum Interest Rate:
0.00 per cent. per annum
(Condition 5.05)
(xiv) Maximum Interest Rate:
Not Applicable
(Condition 5.05)
(xv) Day Count Fraction:
Actual/360
15.
Zero Coupon Covered Bond Provisions:
Not Applicable
(Condition 5.11)
PROVISIONS RELATING TO REDEMPTION
16.
Call Option:
Not Applicable
MT DOCS 20326610


(Condition 6.03)
17.
Put Option:
Not Applicable
(Condition 6.06)
18.
Final Redemption Amount of each
EUR 1,000 per Calculation Amount
Covered Bond:
19.
Early Redemption Amount:
Early Redemption Amount(s) payable on
EUR 1,000 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)
GENERAL PROVISIONS APPLICABLE TO THE COVERED BONDS
20.
Form of the Covered Bonds:
Bearer Covered Bonds:
Temporary Global Covered Bond exchangeable for a
Permanent Global Covered Bond which is exchangeable for
Bearer Definitive Covered Bonds only after an Exchange
Event
21.
New Global Covered Bond:
Yes
22.
Financial Centre(s) or other special
Toronto, London and a TARGET2 Business Day
provisions relating to payment dates:
23.
Talons for future Coupons or Receipts to
No
be attached to Definitive Covered Bonds
(and dates on which such Talons mature):
(Condition 1.06)
24.
Details relating to Instalment Covered
(i)
Instalment Amount(s): Not Applicable
Bonds: amount of each instalment, date on
which each payment is to be made:
(ii)
Instalment Date(s): Not Applicable
(Condition 6.12)
THIRD PARTY INFORMATION
Not Applicable
[The remainder of this page is intentionally left blank.]
MT DOCS 20326610


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
[CIBC CBL25-2 (EUR) ­ Signature Page to Final Terms]
MT DOCS 20326610


PART B­OTHER INFORMATION
1.
LISTING
(i)
Listing/Admission to trading:
Application is expected to be made by the Issuer (or on its
behalf) for the Covered Bonds to be admitted to the Official
List of the Luxembourg Stock Exchange and to trading on the
Regulated Market of the Luxembourg Stock Exchange with
effect from May 4, 2020.
The Covered Bonds will be consolidated and form a single
series with the CBL25 Tranche 1 Covered Bonds which were
admitted to the Official List of the Luxembourg Stock
Exchange and to trading on the Regulated Market of the
Luxembourg Stock Exchange with effect from March 27,
2020.
(ii)
Estimate of total expenses related to 1,100
admission to trading:
2.
RATINGS
The Covered Bonds to be issued 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. The Managers and their affiliates have engaged,
and may in the future engage, in investment banking and/or commercial banking transactions with, and may
perform other services for, the Issuer, the Guarantor and their affiliates.
4.
FIXED RATE COVERED BONDS ONLY ­ YIELD
Indication of yield based on the Issue Price: 0.215 per cent. per annum in respect of the fixed interest rate
payable on the Covered Bonds
The yield is calculated at the Issue Date on the basis of the
Issue Price. It is not an indication of future yield.
5.
DISTRIBUTION
(i)
U.S. Selling Restrictions:
Regulation S compliance Category 2; TEFRA D rules apply;
Not Rule 144A eligible
(ii)
Additional Selling Restrictions:
Covered Bonds may only be offered, sold or distributed by the
Managers for this issuance on such basis and in such
provinces of Canada as, in each case, are agreed with the
Issuer and in compliance with any applicable securities laws
of Canada or any province, to the extent applicable
MT DOCS 20326610


(iii) Prohibition of Sales to EEA and UK Applicable
Retail Investors:
6.
OPERATIONAL INFORMATION
(i)
ISIN Code:
Temporary: XS2167197784 (prior to the Exchange Date)
Permanent: XS2146086181 (from (and including) the
Exchange Date)
(ii)
Common Code:
Temporary: 216719778 (prior to the Exchange Date)
Permanent: 214608618 (from (and including) the Exchange
Date)
(iii) CFI
DTFXFB, as updated, as set out on the website of the
Association of National Numbering Agencies (ANNA) or
alternatively sourced from the responsible National
Numbering Agency that assigned the ISIN.
(iv) FISN
CANADIAN IMPERI/.25EMTN 20230927, as updated, as
set out on the website of the Association of National
Numbering Agencies (ANNA) or alternatively sourced from
the responsible National Numbering Agency that assigned the
ISIN.
(v)
Insert here any other relevant codes Not Applicable
(such as CUSIP and CINS codes):
(vi) Any clearing system(s) other than Not Applicable
Euroclear Bank SA/NV, Clearstream
Banking S.A., DTC, or CDS, their
addresses
and
the
relevant
identification number(s):
(vii) Delivery:
Delivery against payment
(viii) Name(s) and address(es) of additional Not Applicable
or substitute Paying Agent(s) or
Transfer Agent(s):
(ix) Intended to be held in a manner which Yes. Note that the designation "yes" simply means that the
would allow Eurosystem eligibility:
Covered Bonds are intended upon issue to be deposited with
one of the ICSDs as common safekeeper and does not
necessarily mean that the Covered Bonds will be recognized
as eligible collateral for Eurosystem monetary policy and
intraday credit operations by the Eurosystem either upon
issue or at any or all times during their life. Such recognition
will depend upon the ECB being satisfied that Eurosystem
eligibility criteria have been met.
MT DOCS 20326610


7.
UNITED STATES TAX CONSIDERATIONS
Not applicable.
MT DOCS 20326610