Filed Pursuant to Rule 424(b)(2)
Registration No. 333-272447
![](https://www.sec.gov/Archives/edgar/data/1045520/000110465924084422/tm2418636d61_424b2img001.jpg) |
Pricing Supplement dated July 30, 2024
(To Equity Index Underlying Supplement dated September 5,
2023,
Prospectus Supplement dated September 5, 2023,
and Prospectus dated September 5, 2023)
|
Canadian Imperial Bank of Commerce Trigger Autocallable Contingent Yield
Notes
$6,046,000 Notes Linked to the Least Performing of the Nasdaq-100 Index®
and the Nikkei Stock Average Index due on August 2, 2029
These Trigger Autocallable Contingent Yield Notes
(the ‘‘Notes’’) are senior unsecured debt securities issued by Canadian Imperial Bank of Commerce (“CIBC”)
with returns linked to the Least Performing of the Nasdaq-100 Index® and the Nikkei Stock Average Index (each, an “Underlying”
and together, the “Underlyings”). The Notes will rank equally with all of our other unsecured and unsubordinated debt obligations.
CIBC will pay a quarterly Contingent Coupon if the Closing Level of each Underlying on the applicable Coupon Determination Date (including
the Final Valuation Date) is equal to or greater than its Coupon Barrier. Otherwise, no coupon will be paid for the quarter. CIBC will
automatically call the Notes if the Closing Level of each Underlying on any quarterly Call Observation Date, commencing on January 30,
2025, is equal to or greater than its Initial Level. If the Notes are called, CIBC will pay you the principal amount of your Notes plus
the Contingent Coupon for the applicable quarter, and no further amounts will be owed to you under the Notes. The Underlying with the
lowest Underlying Return is the “Least Performing Underlying.” If the Notes are not called prior to maturity and the Final
Level of the Least Performing Underlying is equal to or greater than its Downside Threshold, CIBC will pay you a cash payment at maturity
equal to the principal amount of your Notes plus the final Contingent Coupon. If the Final Level of the Least Performing Underlying is
less than its Downside Threshold, CIBC will pay you less than the full principal amount, if anything, resulting in a loss on your initial
investment that is proportionate to the negative performance of the Least Performing Underlying over the term of the Notes, and you may
lose up to 100% of your principal amount.
Investing in the Notes involves significant risks. CIBC may not
pay any Contingent Coupons on the Notes. You may lose some or all of your principal amount. You will be exposed to the market risk of
each Underlying on each Coupon Determination Date and any decline in the level of one Underlying may negatively affect your return and
will not be offset or mitigated by a lesser decline or any increase in the level of any other Underlying. Generally, the higher the Contingent
Coupon Rate on a Note, the greater the risk of loss on that Note. The contingent repayment of principal only applies if you hold the Notes
to maturity or automatic call. Any payments on the Notes, including any repayment of principal, are subject to the creditworthiness of
CIBC. If CIBC were to default on its payment obligations, you may not receive any amounts owed to you under the Notes and you could lose
your entire investment.
q | Contingent
Coupon: CIBC will pay a quarterly Contingent Coupon payment if the Closing Level of each Underlying
on the applicable Coupon Determination Date is equal to or greater than its Coupon Barrier. Otherwise, no coupon will be paid for the
quarter.
|
q | Automatically
Callable: CIBC will automatically call the Notes and pay you the principal amount of your Notes plus
the Contingent Coupon otherwise due for that applicable quarter if the Closing Level of each Underlying on any quarterly Call Observation
Date, commencing on January 30, 2025 is equal to or greater than its Initial Level. If the Notes are not called, investors will potentially
lose a portion of their principal amount at maturity.
|
q | Contingent
Repayment of Principal Amount at Maturity: If the Notes have not been previously called and
the Final Level of the Least Performing Underlying is not less than its Downside Threshold,
CIBC will pay you the principal amount per Note at maturity plus the final Contingent Coupon.
If the Final Level of the Least Performing Underlying is less than its Downside Threshold,
CIBC will pay a cash amount that is less than the principal amount, if anything, resulting
in a loss on your initial investment that is proportionate to the decline in the Closing
Level of the Least Performing Underlying from the Trade Date to the Final Valuation Date.
The contingent repayment of principal only applies if you hold the Notes until maturity or
automatic call. Any payments on the Notes, including any repayment of principal, are subject
to the creditworthiness of CIBC.
|
Trade Date |
July 30, 2024 |
Settlement Date |
July 31, 2024 |
Coupon Determination Dates1 |
Quarterly, commencing on October 30, 2024 |
Call Observation Dates1 |
Quarterly,
commencing on January 30, 2025 |
Final Valuation Date1 |
July 30, 2029 |
Maturity
Date1 |
August 2, 2029 |
|
|
1 See page PS-4 for additional details |
THE NOTES ARE SIGNIFICANTLY RISKIER THAN CONVENTIONAL DEBT INSTRUMENTS.
THE TERMS OF THE NOTES MAY NOT OBLIGATE CIBC TO REPAY THE FULL PRINCIPAL AMOUNT OF THE NOTES. THE NOTES CAN HAVE DOWNSIDE MARKET RISK
SIMILAR TO THE LEAST PERFORMING UNDERLYING, WHICH CAN RESULT IN A LOSS OF SOME OR ALL OF THE PRINCIPAL AMOUNT AT MATURITY. THIS MARKET
RISK IS IN ADDITION TO THE CREDIT RISK INHERENT IN PURCHASING A DEBT OBLIGATION OF CIBC. YOU SHOULD NOT PURCHASE THE NOTES IF YOU DO
NOT UNDERSTAND OR ARE NOT COMFORTABLE WITH THE SIGNIFICANT RISKS INVOLVED IN INVESTING IN THE NOTES.
YOU SHOULD CAREFULLY CONSIDER THE RISKS DESCRIBED UNDER ‘‘KEY
RISKS’’ BEGINNING ON PAGE PS-7 AND THE MORE DETAILED ‘‘RISK FACTORS’’ BEGINNING ON PAGE S-1 OF THE
ACCOMPANYING UNDERLYING SUPPLEMENT, BEGINNING ON PAGE S-1 OF THE ACCOMPANYING PROSPECTUS SUPPLEMENT AND PAGE 1 OF THE ACCOMPANYING PROSPECTUS
BEFORE PURCHASING ANY NOTES. EVENTS RELATING TO ANY OF THOSE RISKS, OR OTHER RISKS AND UNCERTAINTIES, COULD ADVERSELY AFFECT THE MARKET
VALUE OF, AND THE RETURN ON, YOUR NOTES.
The Notes are offered at a minimum investment of $1,000 in denominations
of $10 and integral multiples of $10 in excess thereof.
Underlyings
(Least Performing
of)
|
|
Contingent
Coupon
Rate |
|
Initial
Levels |
|
Downside
Thresholds* |
|
Coupon
Barriers* |
|
CUSIP |
|
ISIN |
The Nasdaq-100 Index® (“NDX”)
| |
10.61% per annum |
|
18,796.27 |
|
14,097.20, which is 75.00% of its Initial Level
| |
14,097.20, which is 75.00% of its Initial Level
| |
13608Q390 |
|
US13608Q3902 |
The Nikkei Stock Average Index (“NKY”) |
|
|
|
38,525.95 |
|
28,894.46, which is 75.00% of its Initial Level
| |
28,894.46, which is 75.00% of its Initial Level
| |
|
|
|
* Rounded to two decimal places.
See “Additional Information about the Notes” on page PS-2.
The Notes offered will have the terms specified in the accompanying prospectus, prospectus supplement and underlying supplement and the
terms set forth herein.
Neither the U.S. Securities and Exchange Commission (the “SEC”)
nor any state or provincial securities commission has approved or disapproved of the Notes or determined if this pricing supplement or
the accompanying underlying supplement, prospectus supplement or prospectus is truthful or complete. Any representation to the contrary
is a criminal offense.
The Notes will not constitute deposits insured by the Canada Deposit
Insurance Corporation (the “CDIC”), the U.S. Federal Deposit Insurance Corporation, or any other government agency or instrumentality
of Canada, the United States or any other jurisdiction. The Notes are not bail-inable debt securities (as defined on page 6 of the
prospectus). The Notes will not be listed on any securities exchange.
The
initial estimated value of the Notes on the Trade Date as determined by CIBC is $9.50 per $10.00 principal amount of the Notes, which is
less than the price to public. See “Key Risks—General Risks” beginning on page PS-9 of this pricing supplement and “The
Bank’s Estimated Value of the Notes” on page PS-18 of this pricing supplement for additional information.
|
Price
to Public |
|
Underwriting
Discount(1) |
|
Proceeds
to Us |
Notes
Linked to: |
Total |
Per
Note |
|
Total |
Per
Note |
|
Total |
Per
Note |
The Least Performing of the Nasdaq-100 Index® and the
Nikkei Stock Average Index
| $6,046,000.00 |
$10.00 |
|
$120,920.00 |
$0.20 |
|
$5,925,080.00 |
$9.80 |
(1)
CIBC World Markets Corp. (“CIBCWM”), our affiliate, will purchase the Notes and, as part of the distribution of the Notes,
will sell all of the Notes to UBS Financial Services Inc. (“UBS”) at the discount specified in the table above. See “Supplemental
Plan of Distribution (Conflicts of Interest)” on page PS-18 of this pricing supplement for additional information.
UBS Financial Services Inc. | |
CIBC Capital Markets |
Additional Information About the Notes |
You should read this pricing supplement together
with the prospectus dated September 5, 2023 (the “prospectus”), the prospectus supplement dated September 5, 2023 (the “prospectus
supplement”) and the Equity Index Underlying Supplement dated September 5, 2023 (the “underlying supplement”). Information
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 terms used but not defined herein will have the meanings set forth in the underlying supplement,
the prospectus supplement or the prospectus.
You should rely only on the information contained
in or incorporated by reference in this pricing supplement and the accompanying underlying supplement, the prospectus supplement and the
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, the prospectus supplement and the prospectus,
and in the documents referred to in those documents and which are made available to the public. We, UBS and our respective affiliates
have 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, CIBCWM and UBS are 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, the prospectus supplement or the 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, the prospectus supplement
or the prospectus constitutes an offer, or an invitation on behalf of us, CIBCWM or UBS, 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. References
to “Index” in the underlying supplement will be references to “Underlying.”
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):
| ¨ | Underlying
supplement dated September 5, 2023: |
https://www.sec.gov/Archives/edgar/data/1045520/000110465923098170/tm2322483d89_424b5.htm
| ¨ | Prospectus
supplement dated September 5, 2023: |
https://www.sec.gov/Archives/edgar/data/1045520/000110465923098166/tm2322483d94_424b5.htm
| ¨ | Prospectus
dated September 5, 2023: |
https://www.sec.gov/Archives/edgar/data/1045520/000110465923098163/tm2325339d10_424b3.htm
The Notes may be suitable for you if:
| ¨ | You fully understand the risks inherent in an investment in the Notes, including the risk of loss of your
entire initial investment. |
| ¨ | You believe the Closing Level of each Underlying will be equal to or greater than its Coupon Barrier on
most or all of the Coupon Determination Dates and equal to or greater than its Downside Threshold on the Final Valuation Date. |
| ¨ | You are willing to make an investment where you could lose some or all of your initial investment and
are willing to make an investment that may have the same downside market risk as the Least Performing Underlying. |
| ¨ | You are willing to accept the individual market risk of each Underlying and understand that any decline
in the level of one Underlying will not be offset or mitigated by a lesser decline or any increase in the level of any other Underlying. |
| ¨ | You understand and accept that you will not participate in any appreciation in the level of any Underlying,
and your potential return is limited to the Contingent Coupon payments. |
| ¨ | You are willing to invest in the Notes based on the Coupon Barriers and Downside Thresholds and the Contingent
Coupon Rate indicated on the cover hereof. |
| ¨ | You are willing to hold the Notes that may be automatically called on any Call Observation Date, commencing
on January 30, 2025, on which the Closing Level of each Underlying is equal to or greater than its Initial Level, or you are otherwise
willing to hold the Notes to maturity and do not seek an investment for which there is an active secondary market. |
| ¨ | You understand and accept the risks associated with each Underlying. |
| ¨ | You are willing to accept the risk and return profile of the Notes versus a conventional debt security
with a comparable maturity issued by CIBC or another issuer with a similar credit rating. |
¨ | You are willing to forgo dividends paid on the stocks included in an Underlying and do not seek guaranteed
current income from your investment. |
¨ | You are willing to assume the credit risk associated with CIBC, as Issuer
of the Notes, and understand that if CIBC defaults on its obligations, you may not receive any amounts due to you, including any repayment
of principal. |
The Notes may not be suitable for you if:
| ¨ | You do not fully understand the risks inherent in an investment in the Notes, including the risk of loss
of your entire initial investment. |
| ¨ | You believe that the level of at least one Underlying will decline during the term of the Notes and is
likely to close below its Coupon Barrier on most or all of the Coupon Determination Dates and below its Downside Threshold on the Final
Valuation Date. |
| ¨ | You are not willing to make an investment in which you could lose some or all of your initial investment
and you are not willing to make an investment that may have the same downside market risk as the Least Performing Underlying. |
| ¨ | You are not willing to accept the individual market risk of each Underlying or are not willing to accept
the risk that any decline in the level of one Underlying will not be offset or mitigated by a lesser decline or any increase in the level
of any other Underlying. |
| ¨ | You seek an investment that participates in the appreciation in the level of any Underlying or that has
unlimited return potential. |
| ¨ | You are unwilling to invest in the Notes based on the Coupon Barriers and Downside Thresholds or the Contingent
Coupon Rate indicated on the cover hereof. |
| ¨ | You are unable or unwilling to hold the Notes that will be automatically called on any Call Observation
Date, commencing on January 30, 2025, on which the Closing Level of each Underlying is equal to or greater than its Initial Level, or
you are otherwise unable or unwilling to hold the Notes to maturity and seek an investment for which there will be an active secondary
market. |
| ¨ | You do not understand or accept the risks associated with any Underlying. |
| ¨ | You prefer the lower risk, and therefore accept the potentially lower returns, of conventional debt securities
with comparable maturities issued by CIBC or another issuer with a similar credit rating. |
¨ | You prefer to receive the dividends paid on the stocks included in an Underlying and seek guaranteed current
income from your investment. |
¨ | You are not willing or are unable to assume the credit risk associated
with CIBC, as Issuer of the Notes, for any payments on the Notes, including any repayment of principal. |
The suitability considerations identified above
are not exhaustive. Whether or not the Notes are a suitable investment for you will depend on your individual circumstances, and you should
reach an investment decision only after you and your investment, legal, tax, accounting and other advisors have carefully considered the
suitability of an investment in the Notes in light of your particular circumstances. For more information about the Underlyings, see “Information
About the Underlyings” in this pricing supplement, and “Index Descriptions—The Nasdaq-100 Index” beginning on
page S-26 and “—The Nikkei Stock Average Index” beginning on page S-29 of the accompanying underlying supplement.
You should also review carefully the “Key Risks” herein and the more detailed “Risk Factors” beginning on page S-1
of the underlying supplement and beginning on page S-1 of the accompanying prospectus supplement.
Issuer: |
Canadian Imperial Bank of Commerce |
Principal Amount: |
$10.00 per Note (subject to a minimum investment of $1,000). |
Term: |
Approximately 5 years, unless earlier called |
Trade Date: |
July 30, 2024 |
Settlement Date: |
July 31, 2024 |
Final Valuation Date¹: |
July 30, 2029 |
Maturity Date¹: |
August 2, 2029 |
Reference Asset: |
The least performing of the Nasdaq-100 Index® (Ticker: “NDX”) and the Nikkei Stock Average Index (Ticker: “NKY”) (each, an “Underlying” and together, the “Underlyings”) |
Automatic Call Feature / Call Observation Dates / Call Payment Date: |
The Notes will be automatically called if the Closing Level of each Underlying
on any quarterly Call Observation Date, commencing on January 30, 2025, is equal to or greater than its Initial Level. Each Coupon
Determination Date on and after January 30, 2025 will also be a Call Observation Date. You will not receive any notice from us if
the Notes are automatically called.
If the Notes are called, CIBC will pay you on the applicable Coupon Payment
Date (which will also be the “Call Payment Date”) a cash payment per Note equal to your principal amount plus the Contingent
Coupon otherwise due on that date. No further amounts will be owed to you under the Notes. |
Coupon Payment Dates: |
Two business days following the applicable Coupon Determination Date, except that as to the final Coupon Determination Date, the Coupon Payment Date will be the Maturity Date. The Coupon Determination Dates and the Coupon Payment Dates are set forth in the table below. |
Contingent Coupon Rate: |
10.61% per annum (or 2.6525% per quarter) |
Contingent Coupon: |
If
the Closing Level of each Underlying is equal to or greater than its Coupon Barrier on any Coupon Determination Date, CIBC
will pay you the Contingent Coupon applicable to that Coupon Determination Date
If
the Closing Level of any Underlying is less than its Coupon Barrier on any Coupon Determination Date, the Contingent Coupon
applicable to that Coupon Determination Date will not be payable and CIBC will not make any payment to you on the relevant Coupon Payment
Date.
The Contingent Coupon is $0.26525 per quarter per Note. The following
table sets forth the Coupon Determination Dates and the Coupon Payment Dates.
|
|
|
Coupon
Determination Dates¹ |
Coupon
Payment Dates¹ |
|
|
|
October 30, 2024 |
November 1, 2024 |
|
|
|
January 30, 2025 |
February 3, 2025 |
|
|
|
April 30, 2025 |
May 2, 2025 |
|
|
|
July 30, 2025 |
August 1, 2025 |
|
|
|
October 30, 2025 |
November 3, 2025 |
|
|
|
January 30, 2026 |
February 3, 2026 |
|
|
|
April 30, 2026 |
May 4, 2026 |
|
|
|
July 30, 2026 |
August 3, 2026 |
|
|
|
October 30, 2026 |
November 3, 2026 |
|
|
|
January 29, 2027 |
February 2, 2027 |
|
|
|
April 30, 2027 |
May 4, 2027 |
|
|
|
July 30, 2027 |
August 3, 2027 |
|
|
|
October 29, 2027 |
November 2, 2027 |
|
|
|
January 31, 2028 |
February 2, 2028 |
|
|
|
April 28, 2028 |
May 2, 2028 |
|
|
|
July 31, 2028 |
August 2, 2028 |
|
|
|
October 30, 2028 |
November 1, 2028 |
|
|
|
January 30, 2029 |
February 1, 2029 |
|
|
|
April 30, 2029 |
May 2, 2029 |
|
|
|
July 30, 2029 |
August 2, 2029 |
|
|
Contingent Coupon payments on the Notes are not guaranteed. CIBC will
not pay you the Contingent Coupon for any Coupon Determination Date on which the Closing Level of any Underlying is less than its Coupon
Barrier. |
Downside Threshold: |
For each Underlying, 75.00% of its Initial Level, as indicated on the cover hereof. |
Payment at Maturity (per $10 Note): |
If the Notes are not called, for each $10 principal amount of the Notes,
you will receive a cash payment on the Maturity Date calculated as follows:
If the Final Level of the Least Performing
Underlying is equal to or greater than its Downside |
|
Threshold:
$10 + final Contingent Coupon
If the Final Level of the Least Performing Underlying is less than
its Downside Threshold:
$10 × (1 + Underlying Return of the Least Performing Underlying).
In this case, you will have a loss of principal that is proportionate
to the decline in the Final Level of the Least Performing Underlying as compared to its Initial Level, and you will lose some or all of
your principal amount. Even with any Contingent Coupons, the return on the Notes may be negative.
|
Least Performing Underlying: |
The Underlying with the lowest Underlying Return. |
Underlying Return: |
For each Underlying, calculated as follows:
Final Level - Initial Level
Initial Level |
Coupon Barrier: |
For each Underlying, 75.00% of its Initial Level, as indicated on the cover hereof. |
Initial Level: |
For each Underlying, its Closing Level on the Trade Date, as indicated on the cover hereof. |
Final Level: |
For each Underlying, its Closing Level on the Final Valuation Date. |
Calculation Agent: |
Canadian Imperial Bank of Commerce |
1 Each Coupon Determination Date, Call Observation Date and Coupon Payment Date, including the Final Valuation Date and the Maturity Date, is subject to postponement in the event of a Market Disruption Event or non-trading day, as described under “Certain Terms of the Notes—Valuation Dates—For Notes Where the Reference Asset Consists of Multiple Indices” and “—Interest Payment Dates, Coupon Payment Dates, Call Payment Dates and Maturity Date” in the accompanying underlying supplement.
![](https://www.sec.gov/Archives/edgar/data/1045520/000110465924084422/tm2418636d61_424b2img002.jpg)
|
The Initial Level of each Underlying was observed and the terms of the Notes were determined. |
|
If the Closing Level of each Underlying is equal to or greater than its
Coupon Barrier on any Coupon Determination Date, CIBC will pay you a Contingent Coupon on the applicable Coupon Payment Date.
The Notes will automatically be called if the Closing Level of each Underlying
on any Call Observation Date, commencing on January 30, 2025, is equal to or greater than its Initial Level.
If the Notes are called, CIBC will pay you a cash payment per Note equal
to $10.00 plus the Contingent Coupon otherwise due on that date.
|
|
The Final Level and the Underlying Return of each Underlying are determined
on the Final Valuation Date.
If the Notes have not been called and the Final Level of the Least Performing
Underlying is equal to or greater than its Downside Threshold, CIBC will repay the principal amount equal to $10.00 per Note plus the
final Contingent Coupon.
If the Notes have not been called and the Final Level of the Least Performing
Underlying is below its Downside Threshold, CIBC will pay you a cash payment at maturity that will be less than the principal amount,
if anything, resulting in a loss of principal proportionate to the decline of the Least Performing Underlying, equal to an amount of:
$10 × (1 + Underlying Return of the Least
Performing Underlying) per Note |
INVESTING IN THE NOTES INVOLVES SIGNIFICANT RISKS.
YOU MAY LOSE SOME OR ALL OF YOUR PRINCIPAL AMOUNT AT MATURITY. ANY PAYMENTS ON THE NOTES, INCLUDING ANY REPAYMENT OF PRINCIPAL,
ARE SUBJECT TO THE CREDITWORTHINESS OF CIBC. IF CIBC WERE TO DEFAULT ON ITS PAYMENT OBLIGATIONS, YOU MAY NOT RECEIVE ANY AMOUNTS
OWED TO YOU UNDER THE NOTES AND YOU COULD LOSE YOUR ENTIRE INVESTMENT.
You will be exposed to the market risk of each
Underlying on each Coupon Determination Date and any decline in the level of one Underlying may negatively affect your return and will
not be offset or mitigated by a lesser decline or any increase in the level of any other Underlying. Generally, the higher the Contingent
Coupon Rate on a Note, the greater the risk of loss on that Note.
An investment in the Notes involves significant
risks. Some of the risks that apply to the Notes are summarized here. However, CIBC urges you to read the more detailed explanation of
risks relating to the Notes in the “Risk Factors” section of the accompanying underlying supplement and the accompanying prospectus
supplement. CIBC also urges you to consult your investment, legal, tax, accounting and other advisors before you invest in the Notes.
Structure Risks
| ♦ | Risk of Loss at Maturity — The Notes
differ from ordinary debt securities in that CIBC will not necessarily pay the full principal amount of the Notes. If the Notes are not
called, CIBC will only pay you the principal amount of your Notes in cash at maturity if the Final Level of the Least Performing Underlying
is greater than or equal to its Downside Threshold. If the Notes are not called and the Final Level of the Least Performing Underlying
is less than its Downside Threshold, you will lose some or all of your initial investment in an amount proportionate to the decline in
the Final Level of the Least Performing Underlying from its Initial Level. You may lose some or all of your principal amount at maturity. |
| ♦ | The Contingent Repayment of Principal Applies
Only Upon an Automatic Call or at Maturity — You should be willing to hold your Notes to an automatic call or maturity. If you
are able to sell your Notes prior to an automatic call or maturity in the secondary market, you may have to sell them at a loss relative
to your investment even if the level of each Underlying at that time is above its Downside Threshold. |
| ♦ | You May Not Receive any Contingent Coupons
— CIBC will not necessarily make periodic coupon payments on the Notes. If the Closing Level of any Underlying on a Coupon Determination
Date is less than its Coupon Barrier, CIBC will not pay you the Contingent Coupon applicable to that Coupon Determination Date. If the
Closing Level of any Underlying is less than its Coupon Barrier on each of the Coupon Determination Dates, CIBC will not pay you any Contingent
Coupons during the term of, and you will not receive a positive return on, your Notes. Generally, this non-payment of the Contingent Coupon
coincides with a period of greater risk of principal loss on your Notes. |
| ♦ | There Can Be No Assurance that the Investment
View Implicit in the Notes Will Be Successful — It is impossible to predict whether and the extent to which the level of any
Underlying will rise or fall. There can be no assurance that the Closing Level of any Underlying will be equal to or greater than its
Coupon Barrier on any Coupon Determination Date or, if the Notes have not been called, that the Final Level of the Least Performing Underlying
will be equal to or greater than its Downside Threshold. The level of an Underlying will be influenced by complex and interrelated political,
economic, financial and other factors that affect issuers of the securities included in that Underlying. You should be willing to accept
the risk of not receiving any Contingent Coupons and losing a significant portion or all of your initial investment. |
| ♦ | Your Potential Return on the Notes Is Limited
to Any Contingent Coupons and You Will Not Participate in Any Appreciation of Any Underlying Or Underlying Constituents — The
return potential of the Notes is limited to the Contingent Coupon Rate regardless of any appreciation of any Underlying. In addition,
your total return on the Notes will vary based on the number of Coupon Determination Dates for which the Contingent Coupons are payable
and may be less than the Contingent Coupon Rate, or even zero. Further, the return potential of the Notes is limited by the automatic
call feature in that you will not receive any further payments after the Notes are called. Your Notes could be called as early as January 30,
2025, and your return could be minimal. If the Notes are not called, you may be exposed to the decline in the level of the Least Performing
Underlying even though you cannot participate in any potential appreciation in the level of any Underlying. In addition, if the Notes
have not been previously called and if the level of the Least Performing Underlying is less than its Initial Level, as the Maturity Date
approaches and the remaining number of Coupon Determination Dates decreases, the Notes are less likely to be automatically called, as
there will be a shorter period of time remaining for the level of the Least Performing Underlying to increase to its Initial Level. As
a result, the return on an investment in the Notes could be less than the return on a direct investment in securities represented by any
Underlying. |
| ♦ | Reinvestment Risk — If your Notes
are called early, the term of the Notes will be reduced and you will not receive any payment on the Notes after the applicable Call Payment
Date. There is no guarantee that you would be able to reinvest the proceeds from an automatic call of the Notes at a comparable rate of
return for a similar level of risk. To the extent you are able to reinvest such proceeds in an investment comparable to the Notes, you
may incur transaction costs. The Notes may be called as early as approximately 6 months after issuance. |
| ♦ | Because the Notes Are Linked to the Performance
of More Than One Underlying, There Is a Greater Risk of Contingent Coupons Not Being Paid and of You Sustaining a Significant Loss on
Your Investment — The risk that you will not receive any Contingent Coupons and lose some or all of your initial investment
in the Notes at maturity is greater if you invest in the Notes as opposed to substantially similar notes that are linked to the performance
of only one Underlying. With multiple Underlyings, it is more likely that the Closing Level of at least one Underlying will be less than
its Coupon Barrier on a Coupon Determination Date or less than its Downside Threshold on the Final Valuation Date. Therefore, it is more
likely that you will not receive any Contingent Coupons and that you will suffer a significant loss on your investment at maturity. |
| | In addition, movements in the levels of the Underlyings may be correlated or uncorrelated at
different times during the term of the Notes, and such correlation (or lack thereof) could have an adverse effect on your return on
the Notes. The correlation of a pair of Underlyings represents a statistical measurement of the degree to which the ratios of the
returns of those Underlyings were similar to each other over a given period of time. The correlation between a pair of Underlyings
is scaled from 1.0 to -1.0, with 1.0 indicating perfect positive correlation (i.e., the levels of two Underlyings are increasing
together or decreasing together and the ratio of their daily returns has been constant), 0 indicating no correlation (i.e., there is
no statistical relationship between the daily returns of that pair of Underlyings) and -1.0 indicating perfect negative correlation
(i.e., as the level of one Underlying increases, the level of the other Underlying decreases and the ratio of their daily returns
has been constant). |
| | The lower (or more negative) the correlation among the Underlyings, the less likely it is that those
Underlyings will move in the same direction and, therefore, the greater the potential for one of those Underlyings to close below
its Coupon Barrier or Downside Threshold on a Coupon Determination Date or the Final Valuation Date, respectively. This is because
the less positively correlated the Underlyings are, the greater the |
| | likelihood that at least one of the Underlyings will decrease in value. This results in a greater
potential for a Contingent Coupon not to be paid during the term of the Notes and for a loss of principal at maturity. However, even
if the Underlyings have a higher positive correlation, one or more of those Underlyings might close below its Coupon Barrier or
Downside Threshold on a Coupon Determination Date or the Final Valuation Date, as the Underlyings may decrease in value
together. |
| | CIBC determined the Contingent Coupon Rate for the Notes based, in part, on the correlation among
the Underlyings, calculated using internal models at the time the terms of the Notes were set. As discussed above, increased risk
resulting from lower correlation will be reflected in a higher Contingent Coupon Rate than would be payable on notes that have a
higher degree of correlation. |
| ♦ | Your Return Will Be Based on the Individual
Return of Each Underlying — Unlike notes linked to a basket of underlyings, the Notes will be linked to the individual performance
of each Underlying. Because the Notes are not linked to a basket, in which case the risk is mitigated and diversified among all of the
components of a basket, you will be exposed to the risk of fluctuations in the levels of the Underlyings to the same degree for each Underlying.
The amount payable on the Notes, if any, depends on the performance of the Least Performing Underlying regardless of the performance of
any other Underlying. You will bear the risk that any of the Underlyings will perform poorly. |
| ♦ | Higher Contingent Coupons or Lower Downside
Thresholds Are Generally Associated with the Underlying with Greater Expected Volatility and Therefore Can Indicate a Greater Risk of
Loss — ”Volatility” refers to the frequency and magnitude of changes in the level of an Underlying. The greater
the expected volatility with respect to an Underlying on the Trade Date, the higher the expectation as of the Trade Date that the Underlying
could close below its Coupon Barrier on a Coupon Determination Date, resulting in no Contingent Coupons payable on the Notes, or below
its Downside Threshold on the Final Valuation Date, resulting in the loss of some or all of your investment. This greater expected risk
will generally be reflected in a higher Contingent Coupon than the yield payable on our conventional debt securities with a similar maturity,
or in more favorable terms (such as a lower Downside Threshold or a higher Contingent Coupon) than for similar securities linked to the
performance of an Underlying with a lower expected volatility as of the Trade Date. You should therefore understand that a relatively
higher Contingent Coupon may indicate an increased risk of loss. Further, a relatively lower Downside Threshold may not necessarily indicate
that the Notes have a greater likelihood of a repayment of principal at maturity. The volatility of an Underlying can change significantly
over the term of the Notes. The level of an Underlying for your Notes could fall sharply, which could result in a significant loss of
principal, and the non-payment of one or more Contingent Coupons. You should be willing to accept the downside market risk of the Least
Performing Underlying and the potential to lose some or all of your principal at maturity. |
| ♦ | The Notes Are Riskier than Securities
with a Shorter Term — The Notes are relatively long-dated. Therefore, many of the risks of the Notes are heightened as compared
to securities with a shorter term, as you will be subject to those risks for a longer period of time. In addition, the value of a longer-dated
security is typically less than the value of an otherwise comparable security with a shorter term. |
Underlying Risks
| ♦ | There Are Risks Associated With Investments
in Notes Linked to the Securities of Non-U.S. Companies — Some of the equity securities composing the NDX are issued by non-U.S.
companies. Investments in securities linked to the value of such non-U.S. equity securities, such as the Notes, involve risks associated
with the home countries of the issuers of those non-U.S. equity securities. The prices of securities in non-U.S. markets may be affected
by political, economic, financial and social factors in those countries or global regions, including changes in government, economic and
fiscal policies and currency exchange laws. |
| ♦ | The Notes Will Be Subject to Risks Associated
with Non-U.S. Equity Securities — The NKY tracks the common stocks of non-U.S. companies. An investment in securities linked
to the level of an index that tracks the common stocks of non-U.S. companies involves risks associated with the home countries of such
non-U.S. companies. The prices of such non-U.S. companies’ common stocks may be affected by political, economic, financial and social
factors in the home country of each such non-U.S. company, including changes in such country’s government, economic and fiscal policies,
currency exchange laws or other laws or restrictions, which could adversely affect the value of the Notes. |
| | The foreign securities tracked by such an index may have less liquidity and could be more volatile
than the securities traded in U.S. or other longer-established securities markets. Direct or indirect government intervention to
stabilize the relevant foreign securities markets, as well as cross shareholdings in foreign companies, may adversely affect
trading levels or prices and volumes in those markets. The other special risks associated with foreign securities may include, but
are not limited to: less liquidity and smaller market capitalizations; less rigorous regulation of securities markets; different
accounting and disclosure standards; governmental interference; currency fluctuations; higher inflation; and social, economic and
political uncertainties. These factors may adversely affect the performance of the NKY and, as a result, the return on the
Notes. |
| ♦ | The Notes Will Not Be Adjusted for Changes
in Exchange Rates — Although the equity securities that are included in the NKY are traded in a foreign currency, and your Notes
are denominated in U.S. dollars, the NKY and the amount payable on the Notes will not be adjusted for changes in the exchange rates between
the U.S. dollar and the foreign currency. Changes in exchange rates, however, may also reflect changes in the foreign economy that in
turn may affect the level of the NKY, and therefore the return on your Notes. The amount we will pay in respect of your Notes will be
determined solely in accordance with the procedures described in this pricing supplement. |
| ♦ | Owning the Notes Is Not the Same as Owning
the Stocks Included in an Underlying — The return on your Notes may not reflect the return you would realize if you actually
owned the stocks included in an Underlying. As a holder of the Notes, you will not have voting rights or rights to receive dividends or
other distributions or other rights that holders of the stocks included in any Underlying would have. Furthermore, an Underlying and the
stocks included in an Underlying may appreciate substantially during the term of your Notes, and you will not participate in such appreciation. |
♦ | Changes Affecting an Underlying May Adversely
Affect the Level of that Underlying — The policies of an Underlying’s sponsor concerning additions, deletions and substitutions
of the stocks included in that Underlying and the manner in which the Underlying’s sponsor takes account of certain changes affecting
those stocks included in that Underlying may adversely affect the level of that Underlying. The |
| policies of an Underlying’s sponsor
with respect to the calculation of that Underlying could also adversely affect the level of that Underlying. An Underlying’s sponsor
may discontinue or suspend calculation
or dissemination of that Underlying. Any such actions could have an adverse effect on the level of an Underlying and consequently, the
value of the Notes. |
Conflicts of Interest
| ♦ | Certain Business, Trading and Hedging Activities
of Us, UBS, and Our Respective Affiliates May Create Conflicts With Your Interests and Could Potentially Adversely Affect the Value
of the Notes — We, UBS, and our respective affiliates may engage in trading and other business activities related to an Underlying
or any securities included in an Underlying that are not for your account or on your behalf. We, UBS, and our respective affiliates also
may issue or underwrite other financial instruments with returns based upon an Underlying. These activities may present a conflict of
interest between your interest in the Notes and the interests that we, UBS, and our respective affiliates may have in our or their proprietary
accounts, in facilitating transactions, including block trades, for our or their other customers, and in accounts under our or their management.
In addition, we, UBS, and our respective affiliates may publish research, express opinions or provide recommendations that are inconsistent
with investing in or holding the Notes, and which may be revised at any time. Any such research, opinions or recommendations could adversely
affect the level of an Underlying, and therefore, the market value of the Notes. These trading and other business activities, if they
affect the level of an Underlying or secondary trading in your Notes, could be adverse to your interests as a beneficial owner of the
Notes. |
Moreover, we, UBS, and our respective
affiliates play a variety of roles in connection with the issuance of the Notes, including hedging our obligations under the Notes and
making the assumptions and inputs used to determine the pricing of the Notes and the initial estimated value of the Notes when the terms
of the Notes were set. We expect to hedge our obligations under the Notes through CIBCWM, UBS, one of our or its affiliates, and/or another
unaffiliated counterparty, which may include any dealer from which you purchase the Notes. Any of these hedging activities may adversely
affect the level of an Underlying and therefore the market value of the Notes and the amount you will receive, if any, on the Notes. In
connection with such activities, the economic interests of us, UBS, and our respective affiliates may be adverse to your interests as
an investor in the Notes. Any of these activities may adversely affect the value of the Notes. In addition, because hedging our obligations
entails risk and may be influenced by market forces beyond our control, this hedging activity may result in a profit that is more or less
than expected, or it may result in a loss. We, UBS, one or more of our respective affiliates or any unaffiliated counterparty will retain
any profits realized in hedging our obligations under the Notes even if investors do not receive a favorable investment return under the
terms of the Notes or in any secondary market transaction. Any profit in connection with such hedging activities will be in addition to
any other compensation that we, UBS, our respective affiliates or any unaffiliated counterparty receive for the sale of the Notes, which
creates an additional incentive to sell the Notes to you. We, UBS, our respective affiliates or any unaffiliated counterparty will have
no obligation to take, refrain from taking or cease taking any action with respect to these transactions based on the potential effect
on an investor in the Notes.
| ♦ | There Are Potential Conflicts of Interest Between
You and the Calculation Agent — The calculation agent will determine, among other things, the amount of payments on the Notes.
The calculation agent will exercise its judgment when performing its functions. For example, the calculation agent will determine whether
a Market Disruption Event affecting an Underlying has occurred, and determine the Closing Level of that Underlying if a scheduled Call
Observation Date or the Final Valuation Date is postponed to the last possible day with respect to an Underlying. See “Certain Terms
of the Notes—Valuation Dates—For Notes Where the Reference Asset Consists of Multiple Indices” in the underlying supplement.
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 to unwind our hedge positions. The calculation agent will be required to carry out
its duties in good faith and use its reasonable judgment. However, because we will be the calculation agent, potential conflicts of interest
could arise. None of us, CIBCWM or any of our other affiliates will have any obligation to consider your interests as a holder of the
Notes in taking any action that might affect the value of your Notes. |
Tax Risks
| ♦ | The Tax Treatment of the Notes Is Uncertain
— Significant aspects of the tax treatment of the Notes are uncertain. You should consult your tax advisor about your own tax
situation. See “United States Federal Income Tax Considerations” and “Certain Canadian Federal Income Tax Considerations”
in this pricing supplement, “Material U.S. Federal Income Tax Consequences” in the underlying supplement and “Material
Income Tax Consequences—Canadian Taxation” in the prospectus. |
General Risks
| ♦ | Payments on the Notes Are Subject to Our Credit
Risk, and Actual or Perceived Changes in Our Creditworthiness Are Expected to Affect the Value of the Notes — The Notes are
our senior unsecured debt obligations and are not, either directly or indirectly, an obligation of any third party. As further described
in the accompanying prospectus and prospectus supplement, the Notes will rank on par with all of our other unsecured and unsubordinated
debt obligations, except such obligations as may be preferred by operation of law. All payments to be made on the Notes depend on our
ability to satisfy our obligations as they come due. As a result, the actual and perceived creditworthiness of us may affect the market
value of the Notes and, in the event we were to default on our obligations, you may not receive the amounts owed to you under the terms
of the Notes. If we default on our obligations under the Notes, your investment would be at risk and you could lose some or all of your
investment. See “Description of Senior Debt Securities—Events of Default” in the accompanying prospectus. |
| ♦ | The Notes Will Be Subject to Risks Under Canadian
Bank Resolution Powers — Under Canadian bank resolution powers, the CDIC may, in circumstances where the Bank has ceased, or
is about to cease, to be viable, assume temporary control or ownership of the Bank and may be granted broad powers by one or more orders
of the Governor in Council (Canada), each of which we refer to as an “Order,” including the power to sell or dispose of all
or a part of the assets of the Bank, and the power to carry out or cause the Bank to carry out a transaction or a series of transactions
the purpose of which is to restructure the business of the Bank. If the CDIC were to take action under the Canadian bank resolution powers
with respect to the Bank, this could result in holders or beneficial owners of the Notes being exposed to losses. |
| ♦ | The Bank’s Initial Estimated Value of
the Notes Is Lower Than the Initial Issue Price (Price to Public) of the Notes — The initial issue price of the Notes exceeds
the Bank’s initial estimated value because costs associated with selling and structuring the Notes, as well as hedging the Notes,
are included in the initial issue price of the Notes. See “The Bank’s Estimated Value of the Notes” on page PS-18
of this pricing supplement. |
| ♦ | The Bank’s Initial Estimated Value Does
Not Represent Future Values of the Notes and May Differ From Others’ Estimates — The Bank’s initial estimated
value of the Notes is only an estimate, which 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, the Bank’s
internal funding rate on the Trade Date 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
or less than the Bank’s initial 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 market value of the Notes could change significantly based on, among
other things, changes in market conditions, including the levels of the Underlyings, the Bank’s creditworthiness, interest rate
movements and other relevant factors, which may impact the price at which CIBCWM or any other party would be willing to buy the Notes
from you in any secondary market transactions. The Bank’s initial estimated value does not represent a minimum price at which CIBCWM
or any other party would be willing to buy the Notes in any secondary market (if any exists) at any time. See “The Bank’s
Estimated Value of the Notes” on page PS-18 of this pricing supplement. |
| ♦ | The Bank’s Initial Estimated Value of
the Notes Was Not Determined by Reference to Credit Spreads for Our Conventional Fixed-Rate Debt — The internal funding rate
used in the determination of the Bank’s initial estimated value of the Notes generally represents a discount from the credit spreads
for our conventional fixed-rate debt. The discount is based on, among other things, our view of the funding value of the Notes as well
as the higher issuance, operational and ongoing liability management costs of the Notes in comparison to those costs for our conventional
fixed-rate debt. If the Bank were to have used the interest rate implied by our conventional fixed-rate debt, we would expect the economic
terms of the Notes to be more favorable to you. Consequently, our use of an internal funding rate for market-linked Notes had an adverse
effect on the economic terms of the Notes and the initial estimated value of the Notes on the Trade Date, and could have an adverse effect
on any secondary market prices of the Notes. See “The Bank’s Estimated Value of the Notes” on page PS-18 of this
pricing supplement. |
| ♦ | If CIBCWM Were to Repurchase Your Notes After
the Settlement Date, the Price May Be Higher Than the Then-Current Estimated Value of the Notes for a Limited Time Period —
While CIBCWM may make markets in the Notes, it is under no obligation to do so and may discontinue any market-making activities at
any time without notice. The price that it makes available from time to time after the Settlement Date at which it would be willing to
repurchase the Notes will generally reflect its estimate of their value. That estimated value will be based upon a variety of factors,
including then prevailing market conditions, our creditworthiness and transaction costs. However, for a period of approximately 7 months
after the Trade Date, the price at which CIBCWM may repurchase the Notes is expected to be higher than their estimated value at that time.
This is because, at the beginning of this period, that price will not include certain costs that were included in the initial issue price,
particularly our hedging costs and profits. As the period continues, these costs are expected to be gradually included in the price that
CIBCWM would be willing to pay, and the difference between that price and CIBCWM’s estimate of the value of the Notes will decrease
over time until the end of this period. After this period, if CIBCWM continues to make a market in the Notes, the prices that it would
pay for them are expected to reflect its estimated value, as well as customary bid-ask spreads for similar trades. In addition, the value
of the Notes shown on your account statement may not be identical to the price at which CIBCWM would be willing to purchase the Notes
at that time, and could be lower than CIBCWM’s price. |
| ♦ | Economic and Market Factors May Adversely
Affect the Terms and Market Price of the Notes Prior to Maturity or Call — Because structured notes, including the Notes, can
be thought of as having a debt and derivative component, factors that influence the values of debt instruments and options and other derivatives
will also affect the terms and features of the Notes at issuance and the market price of the Notes prior to maturity or call. These factors
include the levels of the Underlyings; the volatility of the Underlyings; the dividend rate paid on stocks included in an Underlying;
the time remaining to the maturity or call of the Notes; interest rates in the markets in general; geopolitical conditions and economic,
financial, political, regulatory, judicial or other events; and the creditworthiness of CIBC. These and other factors are unpredictable
and interrelated and may offset or magnify each other. |
| ♦ | The Notes Will Not Be Listed on Any Securities
Exchange and We Do Not Expect a Trading Market for the Notes to Develop — The Notes will not be listed on any securities exchange.
Although CIBCWM and/or its affiliates intend to 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 maturity or automatic call. This may affect the price you receive upon such sale.
Consequently, you should be willing to hold the Notes to maturity or automatic call. |
Hypothetical Scenario Analysis and Examples |
The scenario analysis and examples below are hypothetical and provided
for illustrative purposes only. They do not purport to be representative of every possible scenario concerning increases or decreases
in the level of any Underlying relative to its Initial Level. The hypothetical terms used below are not the actual terms. The actual
terms are indicated on the cover of this pricing supplement. We cannot predict the Final Level or the Closing Level of any Underlying
on any Coupon Determination Date or Call Observation Date. You should not take the scenario analysis and these examples as an indication
or assurance of the expected performance of any Underlying. The numbers appearing in the examples below may have been rounded for ease
of analysis. The following scenario analysis and examples illustrate the Payment at Maturity or upon earlier automatic call per $10.00
Note on a hypothetical offering of the Notes, based on the following terms:
Investment Term: |
Approximately 5 years (unless earlier called) |
Hypothetical Initial Levels: |
1,000 for each Underlying |
Contingent Coupon Rate: |
10.61% per annum (or 2.6525% per quarter) |
Contingent Coupon: |
$0.26525 per quarter |
Coupon Determination Dates: |
Quarterly |
Call Observation Dates: |
Quarterly, commencing on January 30, 2025 |
Hypothetical Coupon Barriers: |
750.00 for each Underlying (75.00% of its Initial Level) |
Hypothetical Downside Thresholds: |
750.00 for each Underlying (75.00% of its Initial Level) |
Example 1 — Notes Are Called on the First Call Observation Date,
Which Corresponds to the Second Coupon Determination Date
Date |
Closing Level |
Payment (per Note) |
First Coupon Determination Date |
NDX: 900 (at or above Coupon Barrier; below Initial Level)
NKY: 1,100 (at or above Coupon Barrier and Initial Level) |
$0.26525 (Contingent Coupon) |
Second Coupon Determination Date (and First Call Observation Date) |
NDX: 1,300 (at or above Coupon Barrier and Initial Level)
NKY: 1,200 (at or above Coupon Barrier and Initial Level) |
$10.26525 (Settlement Amount) |
|
Total Payment: |
$10.5305 (5.305% return) |
Since the Notes are called on the second Coupon
Determination Date (which is the first Call Observation Date), CIBC will pay you on the Call Payment Date a total of $10.26525 per Note.
When added to the Contingent Coupon payment of $0.26525 received in respect of the first Coupon Determination Date, CIBC will have paid
you a total of $10.5305 per Note, for a 5.305% total return on the Notes. No further amount will be owed to you under the Notes.
Example 2 — Notes Are NOT Called and the Final Level of Each
Underlying Is at or Above Its Coupon Barrier and Downside Threshold.
Date |
Closing Level |
Payment (per Note) |
First Coupon Determination Date |
NDX: 850 (at or above Coupon Barrier; below Initial Level)
NKY: 850 (at or above Coupon Barrier; below Initial Level) |
$0.26525 (Contingent Coupon) |
Second through Nineteenth Coupon Determination Dates (and First through Eighteenth Call Observation Dates) |
Various (Closing Level of at least one Underlying below Coupon Barrier; below Initial Level) |
$0.00 (Notes are not automatically called) |
Final Valuation Date |
NDX: 900 (at or above Coupon Barrier and Downside Threshold; below Initial Level)
NKY: 1,100 (at or above Coupon Barrier, Downside Threshold and Initial Level) |
$10.26525 (Payment at Maturity) |
|
Total Payment: |
$10.5305 (5.305% return) |
At maturity, CIBC will pay you a total of $10.26525
per Note, reflecting your principal amount plus the applicable Contingent Coupon. When added to the Contingent Coupon payment of $0.26525
received in respect of the first Coupon Determination Date, CIBC will have paid you a total of $10.5305 per Note, for a 5.305% total return
on the Notes.
Example 3 — Notes Are NOT Called and the Final Level of the
Least Performing Underlying Is Below Its Coupon Barrier and Downside Threshold
Date |
Closing Level |
Payment (per Note) |
First Coupon Determination Date |
NDX: 900 (at or above Coupon Barrier; below Initial Level)
NKY: 1,400 (at or above Coupon Barrier and Initial Level) |
$0.26525 (Contingent Coupon) |
Second through Nineteenth Coupon Determination Dates (and First through Eighteenth Call Observation Dates) |
Various (Closing Level of at least one Underlying below Coupon Barrier; below Initial Level) |
$0.00 ( Notes are not automatically called) |
Final Valuation Date |
NDX: 300 (below Coupon Barrier, Downside Threshold and Initial Level)
NKY: 1,300 (at or above Coupon Barrier, Downside Threshold and Initial Level) |
$10.00 × (1 + Underlying Return of the Least Performing Underlying)
= $10.00 × (1 + -70%)
= $10.00 - $7.00
= $3.00 (Payment at Maturity) |
|
Total Payment: |
$3.26525 (-67.3475% return) |
Since the Notes are not called and the Final Level
of the Least Performing Underlying is below its Downside Threshold, CIBC will pay you at maturity $3.00 per Note. In addition, the final
Contingent Coupon will not be payable because the Final Level of the Least Performing Underlying is also below its Coupon Barrier. When
added to the Contingent Coupon payment of $0.26525 received in respect of the first Coupon Determination Date, CIBC will have paid you
$3.26525 per Note, for a -67.3475% total return on the Notes.
Information About the Underlyings |
The Nasdaq-100 Index®
The Nasdaq-100® Index (Bloomberg ticker: “NDX <Index>”)
is calculated, maintained and published by Nasdaq, Inc. The NDX includes 100 of the largest domestic and international non-financial
companies listed on The Nasdaq Stock Market based on market capitalization. The NDX reflects companies across major industry groups including
computer hardware and software, telecommunications, retail/wholesale trade and biotechnology. See “Index Descriptions—The
Nasdaq-100® Index” beginning on page S-26 of the accompanying underlying supplement for additional information
about the NDX.
In addition, information about the NDX may be obtained from other sources
including, but not limited to, the index sponsor’s website (including information regarding the NDX’s sector weightings).
We are not incorporating by reference into this pricing supplement the website or any material it includes. None of us, UBS or any of
our respective affiliates makes any representation that such publicly available information regarding the NDX is accurate or complete.
Historical Performance of the NDX
The graph below illustrates the performance of the
NDX from January 1, 2019 to July 30, 2024, based on the daily Closing Levels as reported by Bloomberg L.P. (“Bloomberg”),
without independent verification. We have not conducted any independent review or due diligence of the publicly available information
from Bloomberg. On July 30, 2024, the Closing Level of the NDX was 18,796.27, which is its Initial Level. The green line indicates its
Coupon Barrier and Downside Threshold of 14,097.20, which is equal to 75.00% of its Initial Level. The historical performance of the NDX should
not be taken as an indication of its future performance, and no assurances can be given as to the level of the NDX at any time during
the term of the Notes, including the Coupon Determination Dates. We cannot give you assurance that the performance of the NDX will result
in the return of any of your investment.
Historical Performance of the Nasdaq-100
Index®
The Nikkei Stock Average Index
The Nikkei Stock Average Index (Bloomberg ticker:
“NKY <Index>”) is calculated, maintained and published by Nikkei Inc. The NKY is a price-weighted equity index, which
consists of 225 stocks in the Prime Market of the Tokyo Stock Exchange . See “Index Descriptions—The Nikkei Stock Average
Index” beginning on page S-29 of the accompanying underlying supplement for additional information about the NKY.
In addition, information about the NKY may be obtained
from other sources, including, but not limited to, the index sponsor's website (including information regarding the NKY’s sector
weightings). We are not incorporating by reference into this pricing supplement the website or any material it includes. None of us, UBS
or any of our respective affiliates makes any representation that such publicly available information regarding the NKY is accurate or
complete.
Historical Performance of the NKY
The graph below illustrates the performance of the
NKY from January 1, 2019 to July 30, 2024, based on the daily Closing Levels as reported by Bloomberg, without independent verification.
We have not conducted any independent review or due diligence of the publicly available information from Bloomberg. On July 30, 2024,
the Closing Level of the NKY was 38,525.95, which is its Initial Level. The green line indicates its Coupon Barrier and Downside Threshold of
28,894.46, which is equal to 75.00% of its Initial Level. The historical performance of the NKY should not be taken as an indication of its
future performance, and no assurances can be given as to the level of the NKY at any time during the term of the Notes, including the
Coupon Determination Dates. We cannot give you assurance that the performance of the NKY will result in the return of any of your investment.
Historical Performance of the Nikkei Stock Average
Index
Correlation of the Underlyings |
The graph below illustrates the daily performance
of the Underlyings from January 1, 2019 through July 30, 2024. For comparison purposes, each Underlying has been normalized
to have a Closing Level of 100.00 on January 1, 2019 by dividing the Closing Level of that Underlying on each Trading Day by the
Closing Level of that Underlying on January 1, 2019 and multiplying by 100.00. We obtained the Closing Levels used to determine the
normalized Closing Levels set forth below from Bloomberg, without independent verification.
The closer the relationship of the daily returns
of the Underlyings over a given period, the more positively correlated those Underlyings are. The lower (or more negative) the correlation
of the Underlyings, the less likely it is that those Underlyings will move in the same direction and therefore, the greater the potential
for the Closing Level or the Final Level of one of those Underlyings to be less than its Coupon Barrier or Downside Threshold on a Coupon
Determination Date or the Final Valuation Date, respectively. This is because the less positively correlated the Underlyings are, the
greater the likelihood that at least one of the Underlyings will decrease in value. However, even if the Underlyings have a higher positive
correlation, the Closing Level or the Final Level of one or more of the Underlyings might be less than its Coupon Barrier or Downside
Threshold on a Coupon Determination Date or the Final Valuation Date, respectively, as the Underlyings may decrease in value together.
Although the correlation of the Underlyings’ performance may change over the term of the Notes, the correlations referenced in setting
the terms of the Notes were calculated using CIBC’ internal models at the time when the terms of the Notes were set and were not
derived from the daily returns of the Underlyings over the period set forth below. A higher Contingent Coupon Rate is generally associated
with lower correlation of the Underlyings, which reflects a greater potential for a loss on your investment at maturity. See “Key
Risks — Structure Risks — Because the Notes Are Linked to the Performance of More Than One Underlying, There Is a Greater
Risk of Contingent Coupons Not Being Paid and of You Sustaining a Significant Loss on Your Investment,” “ — Your Return
Will Be Based on the Individual Return of Each Underlying,” and “— Higher Contingent Coupons or Lower Downside Thresholds
Are Generally Associated with the Underlying with Greater Expected Volatility and Therefore Can Indicate a Greater Risk of Loss“
herein.
Past performance of the Underlyings is not indicative
of the future performance of the Underlyings.
Historical Performance of the Nasdaq-100 Index®
and the Nikkei Stock Average Index
|
Source: Bloomberg |
United States Federal Income Tax Considerations |
The following discussion is a brief summary of the
material U.S. federal income tax considerations relating to an investment in the Notes. The following summary is not complete and is both
qualified and supplemented by (although to the extent inconsistent supersedes) the discussion entitled “Material U.S. Federal Income
Tax Consequences” in the underlying supplement, which you should carefully review prior to investing in the Notes. Except with respect
to the section below under “Non-U.S. Holders,” it applies only to those U.S. Holders who are not excluded from the discussion
of United States Taxation in the accompanying prospectus.
The U.S. federal income tax considerations of your
investment in the Notes are uncertain. No statutory, judicial or administrative authority directly discusses how the Notes should be treated
for U.S. federal income tax purposes. In the opinion of our tax counsel, Mayer Brown LLP, it would generally be reasonable to treat the
Notes as prepaid derivative contracts. Pursuant to the terms of the Notes, you agree to treat the Notes in this manner for all U.S. federal
income tax purposes. If this treatment is respected, you should generally recognize capital gain or loss upon the sale, exchange, redemption
or payment upon maturity in an amount equal to the difference between the amount you receive in such transaction and the amount that you
paid for your Notes. Such gain or loss should generally be treated as long-term capital gain or loss if you have held your Notes for more
than one year. Although the tax treatment of the Contingent Coupon payments is unclear, we intend to treat any Contingent Coupon payments,
including on the Maturity Date or upon an automatic call, as ordinary income includible in income by you at the time it accrues or is
received in accordance with your normal method of accounting for U.S. federal income tax purposes.
The expected characterization of the Notes is not
binding on the U.S. Internal Revenue Service (the “IRS”) or the courts. It is possible that the IRS would seek to characterize
the Notes in a manner that results in tax consequences to you that are different from those described above or in the accompanying underlying
supplement. For a more detailed discussion of certain alternative characterizations with respect to the Notes and certain other considerations
with respect to an investment in the Notes, you should consider the discussion set forth in “Material U.S. Federal Income Tax Consequences”
of the underlying supplement. We are not responsible for any adverse consequences that you may experience as a result of any alternative
characterization of the Notes for U.S. federal income tax or other tax purposes.
Non U.S.-Holders. A “dividend equivalent”
payment is treated as a dividend from sources within the United States and such payments generally would be subject to a 30% U.S. withholding
tax if paid to a Non-U.S. Holder. Under Treasury regulations, payments (including deemed payments) with respect to equity-linked instruments
(“ELIs”) that are “specified ELIs” may be treated as dividend equivalents if such specified ELIs reference an
interest in an “underlying security,” which is generally any interest in an entity taxable as a corporation for U.S. federal
income tax purposes if a payment with respect to such interest could give rise to a U.S. source dividend. However, Internal Revenue
Service guidance provides that withholding on dividend equivalent payments will not apply to specified ELIs that are not delta-one instruments
and that are issued before January 1, 2027. We expect that the delta of the Notes will not be one, and therefore, we expect that
Non-U.S. Holder should not be subject to withholding on dividend equivalent payments, if any, under the Notes. However, it is possible
that the Notes could be treated as deemed reissued for U.S. federal income tax purposes upon the occurrence of certain events affecting
the Underlyings or the Notes, and following such occurrence the Notes could be treated as subject to withholding on dividend equivalent
payments. Non-U.S. Holders that enter, or have entered, into other transactions in respect of any Underlying or the Notes should consult
their tax advisors as to the application of the dividend equivalent withholding tax in the context of the Notes and their other transactions.
If any payments are treated as dividend equivalents subject to withholding, we (or the applicable paying agent) would be entitled to withhold
taxes without being required to pay any additional amounts with respect to amounts so withheld.
Please see the discussion under the section entitled
“Material U.S. Federal Income Tax Consequences” in the underlying supplement for a further discussion of the U.S. federal
income tax consequences of an investment in the Notes. You should consult your tax advisor as to the tax consequences of such characterization
and any possible alternative characterizations of the Notes for U.S. federal income tax purposes. You should also consult your tax advisor
concerning the U.S. federal income tax and other tax consequences of your investment in the Notes in your particular circumstances, including
the application of state, local or other tax laws and the possible effects of changes in federal or other tax laws.
Certain Canadian Federal Income Tax Considerations |
In the opinion of Blake, Cassels & Graydon
LLP, our Canadian tax counsel, the following summary describes the principal Canadian federal income tax considerations under the Income
Tax Act (Canada) and the regulations thereto (the “Canadian Tax Act”) generally applicable at the date hereof to a purchaser
who acquires beneficial ownership of a Note pursuant to this pricing supplement and who for the purposes of the Canadian Tax Act and at
all relevant times: (a) is neither resident nor deemed to be resident in Canada; (b) deals at arm’s length with the Issuer
and any transferee resident (or deemed to be resident) in Canada to whom the purchaser disposes of the Note; (c) does not use or
hold and is not deemed to use or hold the Note in, or in the course of, carrying on a business in Canada; (d) is entitled to receive
all payments (including any interest and principal) made on the Note; (e) is not a, and deals at arm’s length with any, “specified
shareholder” of the Issuer for purposes of the thin capitalization rules in the Canadian Tax Act; and (f) is not an entity
in respect of which the Issuer or any transferee resident (or deemed to be resident) in Canada to whom the purchaser disposes of, loans
or otherwise transfers the Note is a “specified entity”, and is not a “specified entity” in respect of such a
transferee, in each case, for purposes of the Hybrid Mismatch Rules, as defined below (a “Non-Resident Holder”). Special rules which
apply to non-resident insurers carrying on business in Canada and elsewhere are not discussed in this summary.
This summary assumes that no amount paid or payable
to a holder described herein will be the deduction component of a “hybrid mismatch arrangement” under which the payment arises
within the meaning of the rules in the Canadian Tax Act with respect to “hybrid mismatch arrangements” (the “Hybrid
Mismatch Rules”). Investors should note that the Hybrid Mismatch Rules are highly complex and there remains significant uncertainty
as to their interpretation and application.
This summary is supplemental to and should be read
together with the description of material Canadian federal income tax considerations relevant to a Non-Resident Holder owning Notes under
“Material Income Tax Consequences — Canadian Taxation” in the accompanying prospectus and a Non-Resident Holder should
carefully read that description as well.
This summary is of a general nature only and
is not intended to be, nor should it be construed to be, legal or tax advice to any particular Non-Resident Holder. Non-Resident Holders
are advised to consult with their own tax advisors with respect to their particular circumstances.
Based on Canadian tax counsel’s understanding
of the Canada Revenue Agency’s administrative policies, and having regard to the terms of the Notes, interest payable on the Notes
should not be considered to be “participating debt interest” as defined in the Canadian Tax Act and accordingly, a Non-Resident
Holder should not be subject to Canadian non-resident withholding tax in respect of amounts paid or credited or deemed to have been paid
or credited by the Issuer on a Note as, on account of or in lieu of payment of, or in satisfaction of, interest.
Non-Resident Holders should consult their own advisors regarding the
consequences to them of a disposition of the Notes to a person with whom they are not dealing at arm’s length for purposes of the
Canadian Tax Act. |
Supplemental Plan of Distribution (Conflicts of Interest) |
Pursuant to the terms of a distribution agreement,
CIBCWM will purchase the Notes from CIBC for distribution to UBS (the “Agent”). CIBCWM has agreed to sell to the Agent, and
the Agent has agreed to purchase, all of the Notes at the price to public less the underwriting discount set forth on the cover hereof.
The Agent may allow a concession to its affiliates not in excess of the underwriting discount set forth on the cover hereof.
CIBCWM is our affiliate, and is deemed to have a
conflict of interest under FINRA Rule 5121. In accordance with FINRA Rule 5121, CIBCWM may not make sales in this offering to
any of its discretionary accounts without the prior written approval of the customer.
The Bank may use this pricing supplement in the
initial sale of the Notes. In addition, CIBCWM or another of the Bank’s affiliates may use this pricing supplement in market-making
transactions in any Notes after their initial sale. Unless CIBCWM or we inform you otherwise in the confirmation of sale, this pricing
supplement is being used by CIBCWM in a market-making transaction.
While CIBCWM may make markets in the Notes, it is
under no obligation to do so and may discontinue any market-making activities at any time without notice. See the section titled “Supplemental
Plan of Distribution (Conflicts of Interest)” in the accompanying prospectus supplement.
The price at which you purchase the Notes includes
costs that the Bank or its affiliates expect to incur and profits that the Bank or its affiliates expect to realize in connection with
hedging activities related to the Notes. These costs and profits will likely reduce the secondary market price, if any secondary market
develops, for the Notes. As a result, you may experience an immediate and substantial decline in the market value of your Notes on the
Settlement Date.
The Bank’s Estimated Value of the Notes |
The Bank’s initial estimated value of the
Notes set forth on the cover of this pricing supplement is equal to the sum of the values of the following hypothetical components: (1) a
fixed-income debt component with the same maturity as the Notes, valued using our internal funding rate for structured debt described
below, and (2) the derivative or derivatives underlying the economic terms of the Notes. The Bank’s initial estimated value
does not represent a minimum price at which CIBCWM or any other person would be willing to buy your Notes in any secondary market (if
any exists) at any time. The internal funding rate used in the determination of the Bank’s initial estimated value generally represents
a discount from the credit spreads for our conventional fixed-rate debt. The discount is based on, among other things, our view of the
funding value of the Notes as well as the higher issuance, operational and ongoing liability management costs of the Notes in comparison
to those costs for our conventional fixed-rate debt. For additional information, see “Key Risks—The Bank’s Initial Estimated
Value of the Notes Was Not Determined by Reference to Credit Spreads for Our Conventional Fixed-Rate Debt” in this pricing supplement.
The value of the derivative or derivatives underlying the economic terms of the Notes is derived from the Bank’s or a third party
hedge provider’s internal pricing models. These models are dependent on inputs such as the traded market prices of comparable derivative
instruments and on various other inputs, some of which are market-observable, and which can include volatility, dividend rates, interest
rates and other factors, as well as assumptions about future market events and/or environments. Accordingly, the Bank’s initial
estimated value of the Notes was determined when the terms of the Notes were set based on market conditions and other relevant factors
and assumptions existing at that time. See “Key Risks—The Bank’s Initial Estimated Value Does Not Represent Future Values
of the Notes and May Differ From Others’ Estimates” in this pricing supplement.
The Bank’s initial estimated value of the
Notes is lower than the initial issue price of the Notes because costs associated with selling, structuring and hedging the Notes are
included in the initial issue price of the Notes. These costs include the selling commissions paid to CIBCWM and other affiliated or unaffiliated
dealers, the projected profits that our hedge counterparties, which may include our affiliates, expect to realize for assuming risks inherent
in hedging our obligations under the Notes and the estimated cost of hedging our obligations under the Notes. Because hedging our obligations
entails risk and may be influenced by market forces beyond our control, this hedging may result in a profit that is more or less than
expected, or it may result in a loss. We or one or more of our affiliates will retain any profits realized in hedging our obligations
under the Notes. See “Key Risks—The Bank’s Initial Estimated Value of the Notes Is Lower Than the Initial Issue Price
(Price to Public) of the Notes” in this pricing supplement.
In the opinion of Blake, Cassels & Graydon
LLP, as Canadian counsel to the Bank, the issue and sale of the Notes has been duly authorized by all necessary corporate action of the
Bank in conformity with the indenture, and when the Notes have been duly executed, authenticated and issued in accordance with the indenture,
the Notes will be validly issued and, to the extent validity of the Notes is a matter governed by the laws of the Province of Ontario
or the federal laws of Canada applicable therein, will be valid obligations of the Bank, subject to applicable bankruptcy, insolvency
and other laws of general application affecting creditors’ rights, equitable principles, and subject to limitations as to the currency
in which judgments in Canada may be rendered, as prescribed by the Currency Act (Canada). This opinion is given as of the date
hereof and is limited to the laws of the Province of Ontario and the federal laws of Canada applicable therein. In addition, this opinion
is subject to customary assumptions about the Trustee’s authorization, execution and delivery of the indenture and the genuineness
of signature, and to such counsel’s reliance on the Bank and other sources as to certain factual matters, all as stated in the opinion
letter of such counsel dated June 6, 2023, which has been filed as Exhibit 5.2 to the Bank’s Registration Statement on
Form F-3 filed with the SEC on June 6, 2023.
In the opinion of Mayer Brown LLP, when the Notes
have been duly completed in accordance with the indenture and issued and sold as contemplated by this pricing supplement and the accompanying
underlying supplement, prospectus supplement and prospectus, the Notes will constitute valid and binding obligations of the Bank, entitled
to the benefits of the indenture, subject to bankruptcy, insolvency, fraudulent transfer, reorganization, moratorium and similar laws
of general applicability relating to or affecting creditors’ rights and to general equity principles. This opinion is given as of
the date hereof and is limited to the laws of the State of New York. This opinion is subject to customary assumptions about the Trustee’s
authorization, execution and delivery of the indenture and such counsel’s reliance on the Bank and other sources as to certain factual
matters, all as stated in the legal opinion dated June 6, 2023, which has been filed as Exhibit 5.1 to the Bank’s Registration
Statement on Form F-3 filed with the SEC on June 6, 2023.
F-3
424B2
EX-FILING FEES
333-272447
0001045520
CANADIAN IMPERIAL BANK OF COMMERCE /CAN/
0001045520
2024-07-31
2024-07-31
iso4217:USD
xbrli:pure
xbrli:shares
Calculation of Filing Fee Tables
|
F-3
|
CANADIAN IMPERIAL BANK OF COMMERCE /CAN/
|
The maximum aggregate offering price of the securities to which the prospectus relates is $6,046,000.00. The prospectus is a final prospectus for the related offering.
|
|
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