| |
|
Filed
Pursuant to Rule 424(b)(2)
Registration Statement No. 333-272447
(To Prospectus dated September 5, 2023,
Prospectus Supplement dated September 5, 2023 and
Product Supplement EQUITY LIRN-1 dated September 5, 2023) |
|
656,044 Units
$10
principal amount per unit
CUSIP No. 13608R562
 |
Pricing
Date
Settlement Date
Maturity Date |
December 19, 2024
December 30, 2024
December 28, 2026 |
|
| |
|
|
|
|
Capped Leveraged Index Return Notes® Linked
to the MSCI Emerging Markets Index
§ Maturity of approximately two years
§ 2-to-1
upside exposure to increases in the Index, subject to a capped return of 31.40%
§ 1-to-1 downside exposure to decreases in the Index, with up to 100% of your principal at risk
§ All payments occur at maturity and are subject to the credit risk of Canadian Imperial Bank of Commerce
§ No periodic interest payments
§ In addition to the underwriting discount set forth below, the notes include a hedging-related charge
of $0.05 per unit. See “Structuring the Notes”
§ Limited secondary market liquidity, with no exchange listing
§ The notes are unsecured debt securities and are not savings accounts or insured deposits of a bank.
The notes are not insured or guaranteed by the Canada Deposit Insurance Corporation, the U.S. Federal Deposit Insurance Corporation or
any other governmental agency of the United States, Canada, or any other jurisdiction
|
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| |
|
|
|
|
|
The
notes are being issued by Canadian Imperial Bank of Commerce (“CIBC”). There are important differences between the notes and
a conventional debt security, including different investment risks and certain additional costs. See “Risk Factors” and “Additional
Risk Factors” beginning on page TS-6 of this term sheet and “Risk Factors” beginning on page PS-7 of product
supplement EQUITY LIRN-1.
The
initial estimated value of the notes as of the pricing date is $9.548 per unit, which is less than
the public offering price listed below. See “Summary” on the following page, “Risk Factors”
beginning on page TS-6 of this term sheet and “Structuring the Notes” on page TS-14 of this term sheet for additional information.
The actual value of your notes at any time will reflect many factors and cannot be predicted with accuracy.
_________________________
None of the Securities and Exchange Commission (the “SEC”),
any state securities commission, or any other regulatory body has approved or disapproved of these securities or determined if this Note
Prospectus (as defined below) is truthful or complete. Any representation to the contrary is a criminal offense.
_________________________
| |
Per Unit |
Total |
| Public offering price |
$ 10.00 |
$6,560,440.00 |
| Underwriting discount |
$ 0.20 |
$ 131,208.80 |
| Proceeds, before expenses, to CIBC |
$ 9.80 |
$6,429,231.20 |
The notes:
| Are Not FDIC Insured |
Are Not Bank Guaranteed |
May Lose Value |
BofA
Securities
December
19, 2024
|
Capped Leveraged Index Return Notes®
Linked to the MSCI Emerging Markets Index, due December
28, 2026 |
Summary
The Capped Leveraged Index Return Notes® Linked to the
MSCI Emerging Markets Index, due December 28, 2026 (the “notes”) are our senior unsecured debt securities. The notes are not
guaranteed or insured by the Canada Deposit Insurance Corporation, the U.S. Federal Deposit Insurance Corporation or any other governmental
agency of the United States, Canada or any other jurisdiction or secured by collateral. The notes are not bail-inable debt securities
(as defined on page 6 of the prospectus). The notes will rank equally with all of our other unsecured and unsubordinated debt. Any
payments due on the notes, including any repayment of principal, will be subject to the credit risk of CIBC. The notes provide you
a leveraged return, subject to a cap, if the Ending Value of the Market Measure, which is the MSCI Emerging Markets Index (the “Index”),
is greater than the Starting Value. If the Ending Value is less than the Starting Value, you will lose all or a portion of the principal
amount of your notes. Any payments on the notes will be calculated based on the $10 principal amount per unit and will depend on the performance
of the Index, subject to our credit risk. See “Terms of the Notes” below.
The economic terms of the notes (including the Capped Value) are based
on our internal funding rate, which is the rate we would pay to borrow funds through the issuance of market-linked notes, and the economic
terms of certain related hedging arrangements. Our internal funding rate is typically lower than the rate we would pay when we issue conventional
fixed rate debt securities. This difference in funding rate, as well as the underwriting discount and the hedging-related charge and certain
service fee described below, reduced the economic terms of the notes to you and the initial estimated value of the notes on the pricing
date. Due to these factors, the public offering price you pay to purchase the notes is greater than the initial estimated value of the
notes.
On the cover
page of this term sheet, we have provided the initial estimated value for the notes. This initial estimated value was determined based
on our pricing models, and was based on our internal funding rate on the pricing date, market conditions and other relevant factors existing
at that time, and our assumptions about market parameters. For more information about the initial estimated value and the structuring
of the notes, see “Structuring the Notes” on page TS-14.
| Terms of the Notes |
Redemption Amount Determination |
| Issuer: |
Canadian Imperial Bank of Commerce (“CIBC ”) |
On the maturity date, you will receive a cash payment per unit determined as follows: |
| Principal Amount: |
$10.00 per unit |
 |
| Term: |
Approximately two years |
| Market Measure: |
The MSCI Emerging Markets Index (Bloomberg symbol: “MXEF”), a price return index |
| Starting Value: |
1,081.76 |
| Ending Value: |
The average of the closing levels of the Market Measure on each calculation day occurring during the Maturity Valuation Period. The scheduled calculation days are subject to postponement in the event of Market Disruption Events, as described beginning on page PS-24 of product supplement EQUITY LIRN-1. |
| Threshold Value: |
1,081.76 (100.00% of the Starting Value) |
| Participation Rate: |
200% |
| Capped Value: |
$13.14 per unit, which represents a return of 31.40% over the principal amount. |
| Maturity Valuation Period: |
December 15, 2026, December 16, 2026, December 17, 2026, December 18, 2026 and December 21, 2026 |
| Fees and Charges: |
The underwriting discount of $0.20 per unit listed on the cover page and the hedging-related charge of $0.05 per unit described in “Structuring the Notes” on page TS-14. |
| Calculation Agent: |
BofA Securities, Inc. (“BofAS”). |
| Capped Leveraged Index Return Notes® | TS-2 |
|
Capped Leveraged Index Return Notes®
Linked to the MSCI Emerging Markets Index, due December
28, 2026 |
The terms and risks of the notes are contained in this term sheet and
in the following:
| § | Prospectus supplement dated September 5, 2023: |
https://www.sec.gov/Archives/edgar/data/1045520/000110465923098166/tm2322483d94_424b5.htm
These documents (together, the “Note Prospectus”) have been
filed as part of a registration statement with the SEC, which may, without cost, be accessed on the SEC website as indicated above or
obtained from Merrill Lynch, Pierce, Fenner & Smith Incorporated (“MLPF&S”) or BofAS by calling 1-800-294-1322. Before
you invest, you should read the Note Prospectus, including this term sheet, for information about us and this offering. Any prior or contemporaneous
oral statements and any other written materials you may have received are superseded by the Note Prospectus.
Capitalized terms used but not defined in this term sheet have the meanings set forth in product supplement EQUITY LIRN-1. To the extent
the terms described in this term sheet are inconsistent with those described in the accompanying product supplement EQUITY LIRN-1, prospectus
supplement or prospectus, the terms described in this term sheet shall control. Unless otherwise indicated or unless the context requires
otherwise, all references in this document to “we,” “us,” “our,” or similar references are to CIBC.
Investor Considerations
You may wish to consider an investment in the notes if:
| § |
You anticipate that the Index will increase
moderately from the Starting Value to the Ending Value. |
| § |
You are willing to risk a loss of principal
if the Index decreases from the Starting Value to the Ending Value. |
| § |
You accept that the return on the notes will
be capped. |
| § |
You are willing to forgo the interest payments
that are paid on conventional interest bearing debt securities. |
| § |
You are willing to forgo dividends or other
benefits of owning the stocks included in the Index. |
| § |
You are willing to accept a limited or no
market for sales prior to maturity, and understand that the market prices for the notes, if any, will be affected by various factors,
including our actual and perceived creditworthiness, our internal funding rate and fees and charges on the notes. |
| § |
You are willing to assume our credit risk, as issuer of the notes, for
all payments under the notes, including the Redemption Amount. |
The notes may not be an appropriate investment for you if:
| § | You
believe that the Index will decrease from the Starting Value to the Ending Value or that
it will not increase sufficiently over the term of the notes to provide you with your desired
return. |
| § | You
seek principal repayment or preservation of capital. |
| § | You
seek an uncapped return on your investment. |
| § | You
seek interest payments or other current income on your investment. |
| § | You
want to receive dividends or other distributions paid on the stocks included in the Index. |
| § | You
seek an investment for which there will be a liquid secondary market. |
|
§ |
You are unwilling or are unable to take market risk on the notes or to
take our credit risk as issuer of the notes. |
We urge you to consult your investment, legal, tax, accounting, and other
advisors before you invest in the notes.
| Capped Leveraged Index Return Notes® | TS-3 |
|
Capped Leveraged Index Return Notes®
Linked to the MSCI Emerging Markets Index, due December
28, 2026 |
Hypothetical Payout Profile and Examples of Payments
at Maturity
|
Capped Leveraged Index Return Notes®
|
This graph reflects the returns on the notes,
based on the Participation Rate of 200%, the Threshold Value of 100% of the Starting Value and the Capped Value of $13.14 per unit. The
green line reflects the returns on the notes, while the dotted gray line reflects the returns of a direct investment in the stocks included
in the Index, excluding dividends.
This graph has been prepared for purposes
of illustration only. |
The
following table and examples are for purposes of illustration only. They are based on hypothetical values and show hypothetical
returns on the notes. They illustrate the calculation of the Redemption Amount and total rate of return based on a hypothetical
Starting Value of 100.00, a hypothetical Threshold Value of 100.00, the Participation Rate of 200%, the Capped Value of $13.14 per unit
and a range of hypothetical Ending Values. The actual amount you receive and the resulting total rate of return will depend on the
actual Starting Value, Threshold Value and Ending Value, and whether you hold the notes to maturity. The following examples do not
take into account any tax consequences from investing in the notes.
For recent actual levels of the Market Measure, see “The Index”
section below. The Index is a price return index and as such the Ending Value will not include any income generated by dividends paid
on the stocks included in the Index, which you would otherwise be entitled to receive if you invested in those stocks directly. In addition,
all payments on the notes are subject to issuer credit risk.
|
Ending Value |
Percentage Change
from the
Starting Value to the Ending Value |
Redemption Amount
per Unit |
Total Rate of
Return on the
Notes |
| 0.00 |
-100.00% |
$0.00 |
-100.00% |
| 50.00 |
-50.00% |
$5.00 |
-50.00% |
| 80.00 |
-20.00% |
$8.00 |
-20.00% |
| 90.00 |
-10.00% |
$9.00 |
-10.00% |
| 95.00 |
-5.00% |
$9.50 |
-5.00% |
| 97.00 |
-3.00% |
$9.70 |
-3.00% |
| 100.00(1)(2) |
0.00% |
$10.00 |
0.00% |
| 102.00 |
2.00% |
$10.40 |
4.00% |
| 105.00 |
5.00% |
$11.00 |
10.00% |
| 110.00 |
10.00% |
$12.00 |
20.00% |
| 115.70 |
15.70% |
$13.14(3) |
31.40% |
| 150.00 |
50.00% |
$13.14 |
31.40% |
| 200.00 |
100.00% |
$13.14 |
31.40% |
| (1) | This is the hypothetical Threshold Value. |
| (2) | The hypothetical Starting Value of 100.00 used in these examples has been chosen for illustrative purposes only. The actual
Starting Value is 1,081.76, which was the closing level of the Market Measure on the pricing date. |
| (3) | The Redemption Amount per unit cannot exceed the Capped Value. |
| Capped Leveraged Index Return Notes® | TS-4 |
|
Capped Leveraged Index Return Notes®
Linked to the MSCI Emerging Markets Index, due December
28, 2026 |
Redemption Amount Calculation Examples
| Example 1 |
| The Ending Value is 50.00, or 50.00% of the Starting Value: |
| Starting Value: |
100.00 |
| Threshold Value: |
100.00 |
| Ending Value: |
50.00 |
 |
Redemption Amount per unit |
| Example
2 |
| The
Ending Value is 102.00, or 102.00% of the Starting Value: |
| Starting Value: |
100.00 |
| Ending Value: |
102.00 |
 |
=
$10.40 Redemption Amount per unit |
Example
3 |
| The
Ending Value is 130.00, or 130.00% of the Starting Value: |
| Starting Value: |
100.00 |
| Ending Value: |
130.00 |
 |
=
$16.00, however, because the Redemption Amount for the notes cannot exceed the Capped Value, the Redemption Amount will be $13.14
per unit |
| Capped Leveraged Index Return Notes® | TS-5 |
|
Capped Leveraged Index Return Notes®
Linked to the MSCI Emerging Markets Index, due December
28, 2026 |
Risk Factors
There are important differences between the notes and a conventional
debt security. An investment in the notes involves significant risks, including those listed below. You should carefully review the more
detailed explanation of risks relating to the notes in the “Risk Factors” sections beginning on page PS-7 of product supplement
EQUITY LIRN-1, page S-1 of the prospectus supplement, and page 1 of the prospectus identified above. We also urge you to consult your
investment, legal, tax, accounting, and other advisors before you invest in the notes.
Structure-related Risks
| § | Depending on the performance of the Index as measured shortly before the maturity date, you may lose up to 100% of the principal amount. |
| § | Your investment return is limited to the return represented by the Capped Value and may be less than a comparable investment directly
in the stocks included in the Index. |
| § | Your return on the notes may be less than the yield you could earn by owning a conventional fixed or floating rate debt security of
comparable maturity. |
| § | 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. If we become insolvent or are unable to pay our obligations, you may lose your entire investment. |
Valuation- and Market-related Risks
| § | Our initial estimated value of the notes is lower than the public offering price of the notes. The public offering price of the notes
exceeds our initial estimated value because costs associated with selling and structuring the notes, as well as hedging the notes, all
as further described in “Structuring the Notes” on page TS-14, are included in the public offering price of the notes. |
| § | Our initial estimated value does not represent future values of the notes and may differ from others’ estimates. Our initial
estimated value is only an estimate, which was determined by reference to our 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, our internal funding rate on
the pricing date and our assumptions about market parameters, which can include volatility, dividend rates, interest rates and other factors.
Different pricing models and assumptions could provide valuations for the notes that are greater or less than our 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 level of the Index, our creditworthiness, interest rate movements and other relevant factors, which may impact the price at which
MLPF&S, BofAS or any other party would be willing to buy notes from you in any secondary market transactions. Our estimated value
does not represent a minimum price at which MLPF&S, BofAS or any other party would be willing to buy your notes in any secondary market
(if any exists) at any time. |
| § | Our initial estimated value of the notes was not determined by reference to credit spreads for our conventional fixed-rate debt. The
internal funding rate that was used in the determination of our 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 we 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 pricing date, and could
have an adverse effect on any secondary market prices of the notes. |
| § | A trading market is not expected to develop for the notes. None of us, MLPF&S or BofAS is obligated to make a market for, or to
repurchase, the notes. There is no assurance that any party will be willing to purchase your notes at any price in any secondary market. |
Conflict-related Risks
| § | Our business, hedging and trading activities, and those of MLPF&S, BofAS and our respective affiliates (including trades in shares
of companies included in the Index), and any hedging and trading activities we, MLPF&S, BofAS or our respective affiliates engage
in for our clients’ accounts, may affect the market value and return of the notes and may create conflicts of interest with you. |
| § | There may be potential conflicts of interest involving the calculation agent, which is BofAS. We have the right to appoint and remove
the calculation agent. |
Market Measure-related Risks
| § | The Index sponsor may adjust the Index in a way that affects its level, and has no obligation to consider your interests. |
| § | As a noteholder, you will have no rights of a holder of the securities represented by the Index, and you will not be entitled to receive
securities, dividends or other distributions by the issuers of those securities. |
| § | While we, MLPF&S, BofAS or our respective affiliates may from time to time own securities of companies included in the Index,
we, MLPF&S, BofAS and our respective affiliates do not control any company included in the Index, and have not verified any disclosure
made by any other company. |
| Capped Leveraged Index Return Notes® | TS-6 |
|
Capped Leveraged Index Return Notes®
Linked to the MSCI Emerging Markets Index, due December
28, 2026 |
| § | The value of, and your return on, the notes may be affected by factors affecting the international securities markets, specifically
changes in the countries represented by the Index. |
| § | Exchange rate movements may adversely impact the value of the notes. |
Tax-related Risks
| § | The U.S. federal income tax consequences of the notes are uncertain, and may be adverse to a holder of the notes. See “Summary
of U.S. Federal Income Tax Consequences” below and “U.S. Federal Income Tax Summary” beginning on page PS-39 of product
supplement EQUITY LIRN-1. For a discussion of the Canadian federal income tax consequences of investing in the notes, see “Material
Income Tax Consequences—Canadian Taxation” in the prospectus, as supplemented by the discussion under “Summary of Canadian
Federal Income Tax Considerations” herein. |
Additional Risk Factors
There
are risks associated with emerging markets. An investment in the notes will involve risks that are associated with investments
that are linked to the equity securities of issuers from emerging markets. Many of the issuers included in the Index are based in nations
that are undergoing rapid institutional change, including the restructuring of economic, political, financial and legal systems. The regulatory
and tax environments in these nations may be subject to change without review or appeal and many emerging markets suffer from underdevelopment
of their capital markets and their tax systems. In addition, in some of these nations, issuers of the relevant securities face the threat
of expropriation of their assets and/or nationalization of their businesses. It may be more difficult for an investor in these markets
to monitor investments in these companies, because these companies may be subject to fewer disclosure requirements than companies in developed
markets, and economic and financial data about some of these countries may be unreliable.
Recent
executive orders could adversely affect your investment in the notes. Pursuant to recent executive orders, U.S. persons are
prohibited from engaging in transactions in publicly traded securities of certain companies that are determined to be linked to the military,
intelligence and security apparatus of the People’s Republic of China. The prohibition also covers any securities that are derivative
of, or are designed to provide investment exposure to, such securities. In response to this, the Index sponsor announced that it removed
a small number of companies from the Index. If in the future any existing constituent of the Index is designated as such a prohibited
company, the value of such constituent may be adversely affected, perhaps significantly, which would adversely affect the performance
of the Index. In addition, under these circumstances, the Index sponsor has publicly announced that it intends to remove any such constituent
from the Index. Any changes to the composition of the Index in response to the executive orders described above may adversely affect the
performance of the Index and the notes.
Other Terms of the Notes
Market Measure Business Day
The
following definition shall supersede and replace the definition of a “Market Measure Business Day” set forth in product supplement
EQUITY LIRN-1.
A “Market Measure Business Day” means
a day on which:
| (A) | each of the London Stock Exchange,
the Hong Kong Stock Exchange, the São Paulo Stock Exchange, the Korea Stock Exchange and the Shanghai Stock Exchange (or any successor
to the foregoing exchanges) are open for trading; and |
| (B) | the Index or any successor thereto
is calculated and published. |
| Capped Leveraged Index Return Notes® | TS-7 |
|
Capped Leveraged Index Return Notes®
Linked to the MSCI Emerging Markets Index, due December
28, 2026 |
The Index
All
disclosures contained in this term sheet regarding the Index, including, without limitation, its make-up, method of calculation,
and changes in its components, have been derived from publicly available sources, which we have not independently verified. The information
reflects the policies of, and is subject to change by, MSCI Inc. (“MSCI” or the “Index sponsor”). The Index sponsor,
which licenses the copyright and all other rights to the Index, has no obligation to continue to publish, and may discontinue publication
of, the Index. The consequences of the Index sponsor discontinuing publication of the Index are discussed in the section entitled “Description
of LIRNs—Discontinuance of an Index” beginning on page PS-26 of product supplement EQUITY LIRN-1. None of us, the calculation
agent, MLPF&S or BofAS accepts any responsibility for the calculation, maintenance or publication of the Index or any successor index.
The
Index is a free float-adjusted, capitalization-weighted index that is designed to measure the performance of the large- and mid-cap
segments of emerging markets. As of May 31, 2024, the Index consisted of companies from the following developing countries: Brazil, Chile,
China, Colombia, Czech Republic, Egypt, Greece, Hungary, India, Indonesia, Korea, Kuwait, Malaysia, Mexico, Peru, Philippines, Poland,
Qatar, Saudi Arabia, South Africa, Taiwan, Thailand, Turkey and United Arab Emirates. The Index covers approximately 85% of the free float-adjusted
market capitalization in each country. The Index is part of the MSCI Market Cap Weighted Indexes series and is an MSCI Global Investable
Market Index. The Index is reported by Bloomberg under the symbol “MXEF.”
The MSCI Indices
MSCI provides global equity indices that are designed
to measure equity performance in international markets. In constructing these indices, MSCI applies its index construction and maintenance
methodology across developed, emerging and frontier markets.
MSCI enhanced the methodology used in its international
equity indices. The MSCI Standard and MSCI Small Cap Indices, along with the other MSCI equity indices based on them, transitioned to
the Global Investable Market Indexes methodology described below. The transition was completed at the end of May 2008. The MSCI Standard
Indices are composed of the MSCI Large Cap and Mid Cap Indices. The MSCI Global Small Cap Index transitioned to the MSCI Small Cap Index
resulting from the Global Investable Market Indices methodology and contains no overlap with constituents of the transitioned MSCI Standard
Indices. Together, the relevant MSCI Large Cap, Mid Cap, and Small Cap Indices make up the MSCI investable market index for each country,
composite, sector, and style index that MSCI offers.
Index Construction
The MSCI Global Investable Market Indices are constructed
and maintained at an individual market level. MSCI undertakes an index construction process for the MSCI Global Investable Market Indexes,
which involves:
·
defining the equity universe;
·
determining the market investable equity universe for each market;
·
determining market capitalization size-segments for each market;
·
applying index continuity rules for the MSCI Standard Index; and
·
classifying securities under the Global Industry Classification Standard (“GICS®”).
Defining
the Equity Universe. The equity universe is defined by:
| · | Identifying Eligible Equity Securities: all listed equity securities, including Real Estate Investment
Trusts (“REITs”) and certain income trusts listed in Canada are eligible for inclusion in the equity universe. Limited partnerships,
limited liability companies, and business trusts, which are listed in the United States and are not structured to be taxed as limited
partnerships, are likewise eligible for inclusion in the equity universe. Conversely, mutual funds, ETFs, equity derivatives, and most
investment trusts are not eligible for inclusion in the equity universe. |
| · | Classifying Eligible Securities into the Appropriate Country: each company and its securities (i.e., share
classes) are classified in only one country. Countries will be classified as Developed Markets (“DM”), Emerging Markets (“EM”)
or Frontier Markets (“FM”). |
Determining
the Market Investable Equity Universes. A market investable equity universe for a market is derived by identifying eligible
listings for each security in the equity universe and applying investability screens to individual companies and securities in the equity
universe that are classified in that market. A market is equivalent to a single country, except in DM Europe, where all DM countries in
Europe are aggregated into a single market for index construction purposes. Subsequently, individual DM Europe country indices within
the MSCI Europe Index are derived from the constituents of the MSCI Europe Index under the Global Investable Market Indexes methodology.
In identifying eligible listings, a security may have
a listing in the country where it is classified (i.e. “local listing”) and/or in a different country (i.e. “foreign
listing”). Securities may be represented by either a local listing or a foreign listing (including a depositary receipt) in the
equity universe. A security may be represented by a foreign listing only if the following conditions are met:
| Capped Leveraged Index Return Notes® | TS-8 |
|
Capped Leveraged Index Return Notes®
Linked to the MSCI Emerging Markets Index, due December
28, 2026 |
| · | The security is classified in a country that meets the Foreign Listing Materiality Requirement, and |
| · | The security’s foreign listing is traded on an eligible stock exchange of: (a) a DM country if the
security is classified in a DM country; (b) a DM or an EM country if the security is classified in an EM country; or (c) a DM, EM or FM
country if the security is classified in an FM country. |
The investability screens used to determine the investable
equity universe in each market are as follows:
| · | Equity Universe Minimum Size Requirement: this investability screen is applied at the company level. In
order to be included in a market investable equity universe, a company must have the required minimum full market capitalization. |
| · | Equity Universe Minimum Free Float-Adjusted Market Capitalization Requirement: this investability screen
is applied at the individual security level. To be eligible for inclusion in a market investable equity universe, a security must have
a free float-adjusted market capitalization equal to or higher than 50% of the equity universe minimum size requirement. |
| · | DM and EM Minimum Liquidity Requirement: this investability screen is applied at the individual security
level. To be eligible for inclusion in a market investable equity universe, a security must have adequate liquidity. The twelve-month
and three-month Annual Traded Value Ratio, a measure that screens out extreme daily trading volumes and takes into account the free float-adjusted
market capitalization of securities, together with the three-month frequency of trading are used to measure liquidity. Only one listing
per security may be included in the market investable equity universe. In instances when a security has two or more eligible listings
that meet the above liquidity requirements, then the following priority rules are used to determine which listing will be used for potential
inclusion of the security in the market investable equity universe: (i) local listing; (ii) foreign listing in the same geographical region;
and (iii) foreign listing in a different geographical region. |
| · | Global Minimum Foreign Inclusion Factor Requirement: this investability screen is applied at the individual security level. To be
eligible for inclusion in a market investable equity universe, a security’s Foreign Inclusion Factor (“FIF”) must reach
a certain threshold. The FIF of a security is defined as the proportion of shares outstanding that is available for purchase in the public
equity markets by international investors. This proportion accounts for the available free float of and/or the foreign ownership limits
applicable to a specific security (or company). In general, a security must have an FIF equal to or larger than 0.15 to be eligible for
inclusion in a market investable equity universe. |
| · | Minimum Length of Trading Requirement: this investability screen is applied at the individual security
level. For an IPO to be eligible for inclusion in a market investable equity universe, the new issue must have started trading at least
three months before the implementation of a semi-annual index review. This requirement is applicable to small new issues in all markets.
Large IPOs are not subject to the minimum length of trading requirement and may be included in a market investable equity universe and
the MSCI Standard Index outside of a quarterly or semi-annual index review (as described below). |
| · | Minimum Foreign Room Requirement: this investability screen is applied at the individual security level.
For a security that is subject to a Foreign Ownership Limit to be eligible for inclusion in a market investable equity universe, the proportion
of shares still available to foreign investors relative to the maximum allowed (referred to as “foreign room”) must be at
least 15%. |
| · | Financial Reporting Requirement: for any companies classified as belonging to the United States, the company
must file a Form 10-K/10-Q to be eligible for inclusion in the USA investable equity universe. |
Defining
Market Capitalization Size Segments for Each Market. Once a market investable equity universe is defined, it is segmented
into the following size-based indices, with the following free float-adjusted market capitalization market coverage target ranges:
| · | Investable Market Index (Large + Mid + Small): 99%+1% or -0.5% |
| · | Standard Index (Large + Mid): 85% ± 5% |
| · | Large Cap Index: 70% ± 5% |
| · | Mid Cap Index: The Mid Cap Index market coverage in each market is derived as the difference between the market coverage of the Standard
Index and the Large Cap Index in that market. |
| · | Small Cap Index: The Small Cap Index market coverage in each market is derived as the difference between the free float-adjusted market
capitalization coverage of the Investable Market Index and the Standard Index in that market. |
Index
Continuity Rules for the Standard Indices. In order to achieve index continuity, as well as to provide some basic
level of diversification within a market index, and notwithstanding the effect of other index construction rules described in this section,
a minimum number of five constituents will be maintained for a DM Standard Index and a minimum number of three constituents will be maintained
for an EM Standard Index.
Classifying
Securities under the GICS®. All securities in the global investable equity universe are assigned
to the industry that best describes their business activities. To this end, MSCI has designed, in conjunction with Standard & Poor’s,
the GICS®. Under the GICS®, each company is assigned to one sub-industry according to its principal business
activity. Therefore, a company can belong to only one industry grouping at each of the four levels of the GICS®.
| Capped Leveraged Index Return Notes® | TS-9 |
|
Capped Leveraged Index Return Notes®
Linked to the MSCI Emerging Markets Index, due December
28, 2026 |
Index Maintenance
The MSCI Global Investable Market Indexes are maintained
with the objective of reflecting the evolution of the underlying equity markets and segments on a timely basis, while seeking to achieve
index continuity, continuous investability of constituents and replicability of the indices, index stability and low index turnover. In
particular, index maintenance involves:
(i) Semi-Annual Index Reviews (“SAIRs”)
in May and November of the Size Segment and Global Value and Growth Indices which include:
| · | Updating the indices on the basis of a fully refreshed equity universe; |
| · | Taking buffer rules into consideration for migration of securities across size and style segments; and |
| · | Updating FIFs and number of shares (“NOS”). |
(ii) Quarterly Index Reviews in February and
August of the Size Segment Indices aimed at:
| · | Including significant new eligible securities (such as IPOs that were not eligible for earlier inclusion) in the index; |
| · | Allowing for significant moves of companies within the Size Segment Indices, using wider buffers than in the SAIR; and |
| · | Reflecting the impact of significant market events on FIFs and updating NOS. |
(iii) Ongoing Event-Related Changes: changes
of this type are generally implemented in the indices as they occur. Significantly large IPOs are included in the indices after the close
of the company’s tenth day of trading.
Index Calculation
The MSCI Indices are calculated using the Laspeyres
formula. As a general principle, today’s index level is obtained by applying the change in the market performance to the previous
period index level.
| Capped Leveraged Index Return Notes® | TS-10 |
|
Capped Leveraged Index Return Notes®
Linked to the MSCI Emerging Markets Index, due December
28, 2026 |
The following graph shows the daily historical performance of the
Index in the period from January 1, 2014 through December 19, 2024. We obtained this historical data from Bloomberg L.P. We have not independently
verified the accuracy or completeness of the information obtained from Bloomberg L.P. On the pricing date, the closing level of the Index
was 1,081.76.
Historical Performance of the Index
This historical data on the Index is not necessarily indicative
of the future performance of the Index or what the value of the notes may be. Any historical upward or downward trend in the level of
the Index during any period set forth above is not an indication that the level of the Index is more or less likely to increase or decrease
at any time over the term of the notes.
Before investing in the notes, you should consult publicly available
sources for the levels of the Index.
License Agreement
CIBC or one of its affiliates has entered into a non-exclusive license
agreement with MSCI whereby CIBC and certain of its affiliates, in exchange for a fee, are permitted to use the Index in connection with
certain securities, including the notes. We are not affiliated with MSCI, and the only relationship between MSCI and us is any licensing
of the use of MSCI’s indices and trademarks relating to them.
The license agreement provides that the following language must be set
forth herein:
THE NOTES ARE NOT SPONSORED, ENDORSED,
SOLD OR PROMOTED BY MSCI, ANY AFFILIATE OF MSCI OR ANY OTHER PARTY INVOLVED IN, OR RELATED TO, MAKING OR COMPILING ANY MSCI INDEX. THE
MSCI INDEXES ARE THE EXCLUSIVE PROPERTY OF MSCI. MSCI AND THE MSCI INDEX NAMES ARE SERVICE MARK(S) OF MSCI OR ITS AFFILIATES AND HAVE
BEEN LICENSED FOR USE FOR CERTAIN PURPOSES BY CIBC. NEITHER MSCI, ANY OF ITS AFFILIATES NOR ANY OTHER PARTY INVOLVED IN, OR RELATED TO,
MAKING OR COMPILING ANY MSCI INDEX MAKES ANY REPRESENTATION OR WARRANTY, EXPRESS OR IMPLIED, TO THE OWNERS OF THE NOTES OR ANY MEMBER
OF THE PUBLIC REGARDING THE ADVISABILITY OF INVESTING IN THE NOTES GENERALLY OR IN THE NOTES PARTICULARLY OR THE ABILITY OF ANY MSCI INDEX
TO TRACK CORRESPONDING STOCK MARKET PERFORMANCE. MSCI OR ITS AFFILIATES ARE THE LICENSORS OF CERTAIN TRADEMARKS, SERVICE MARKS AND TRADE
NAMES AND OF THE MSCI INDEXES WHICH ARE DETERMINED, COMPOSED AND CALCULATED BY MSCI WITHOUT REGARD TO THE NOTES OR THE ISSUER OR OWNER
OF THE NOTES. NEITHER MSCI, ANY OF ITS AFFILIATES NOR ANY OTHER PARTY INVOLVED IN, OR RELATED TO, MAKING OR COMPILING ANY MSCI INDEX HAS
ANY OBLIGATION TO TAKE THE NEEDS OF THE ISSUERS OR OWNERS OF THE NOTES INTO CONSIDERATION IN DETERMINING, COMPOSING OR CALCULATING THE
MSCI INDEXES. NEITHER MSCI, ITS AFFILIATES NOR ANY OTHER PARTY INVOLVED IN, OR RELATED TO, MAKING OR COMPILING ANY MSCI INDEX IS RESPONSIBLE
FOR OR HAS PARTICIPATED IN THE DETERMINATION OF THE TIMING OF, PRICES AT, OR QUANTITIES OF THE NOTES TO BE ISSUED OR IN THE DETERMINATION
OR CALCULATION OF THE EQUATION BY WHICH THE NOTES ARE REDEEMABLE FOR CASH. NEITHER MSCI, ANY OF ITS AFFILIATES NOR ANY OTHER PARTY INVOLVED
IN, OR RELATED TO, THE MAKING OR COMPILING ANY MSCI INDEX HAS ANY OBLIGATION OR LIABILITY TO THE OWNERS OF THE NOTES IN CONNECTION WITH
THE ADMINISTRATION, MARKETING OR OFFERING OF THE NOTES.
| Capped Leveraged Index Return Notes® | TS-11 |
|
Capped Leveraged Index Return Notes®
Linked to the MSCI Emerging Markets Index, due December
28, 2026 |
ALTHOUGH MSCI SHALL OBTAIN INFORMATION
FOR INCLUSION IN OR FOR USE IN THE CALCULATION OF THE MSCI INDEXES FROM SOURCES WHICH MSCI CONSIDERS RELIABLE, NEITHER MSCI, ANY OF ITS
AFFILIATES NOR ANY OTHER PARTY INVOLVED IN, OR RELATED TO MAKING OR COMPILING ANY MSCI INDEX WARRANTS OR GUARANTEES THE ORIGINALITY, ACCURACY
AND/OR THE COMPLETENESS OF ANY MSCI INDEX OR ANY DATA INCLUDED THEREIN. NEITHER MSCI, ANY OF ITS AFFILIATES NOR ANY OTHER PARTY INVOLVED
IN, OR RELATED TO, MAKING OR COMPILING ANY MSCI INDEX MAKES ANY WARRANTY, EXPRESS OR IMPLIED, AS TO RESULTS TO BE OBTAINED BY A LICENSEE,
LICENSEE’S CUSTOMERS OR COUNTERPARTIES, ISSUERS OF THE NOTES, OWNERS OF THE NOTES, OR ANY OTHER PERSON OR ENTITY, FROM THE USE OF
ANY MSCI INDEX OR ANY DATA INCLUDED THEREIN IN CONNECTION WITH THE RIGHTS LICENSED HEREUNDER OR FOR ANY OTHER USE. NEITHER MSCI, ANY OF
ITS AFFILIATES NOR ANY OTHER PARTY INVOLVED IN, OR RELATED TO, MAKING OR COMPILING ANY MSCI INDEX SHALL HAVE ANY LIABILITY FOR ANY ERRORS,
OMISSIONS OR INTERRUPTIONS OF OR IN CONNECTION WITH ANY MSCI INDEX OR ANY DATA INCLUDED THEREIN. FURTHER, NEITHER MSCI, ANY OF ITS AFFILIATES
NOR ANY OTHER PARTY INVOLVED IN, OR RELATED TO, MAKING OR COMPILING ANY MSCI INDEX MAKES ANY EXPRESS OR IMPLIED WARRANTIES OF ANY KIND,
AND MSCI, ANY OF ITS AFFILIATES AND ANY OTHER PARTY INVOLVED IN, OR RELATED TO MAKING OR COMPILING ANY MSCI INDEX HEREBY EXPRESSLY DISCLAIM
ALL WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE, WITH RESPECT TO ANY MSCI INDEX AND ANY DATA INCLUDED THEREIN. WITHOUT
LIMITING ANY OF THE FOREGOING, IN NO EVENT SHALL MSCI, ANY OF ITS AFFILIATES OR ANY OTHER PARTY INVOLVED IN, OR RELATED TO, MAKING OR
COMPILING ANY MSCI INDEX HAVE ANY LIABILITY FOR ANY DIRECT, INDIRECT, SPECIAL, PUNITIVE, CONSEQUENTIAL OR ANY OTHER DAMAGES (INCLUDING
LOST PROFITS) EVEN IF NOTIFIED OF THE POSSIBILITY OF SUCH DAMAGES.
No purchaser, seller or holder of the notes, or any other person or
entity, should use or refer to any MSCI trade name, trademark or service mark to sponsor, endorse, market or promote the notes without
first contacting MSCI to determine whether MSCI’s permission is required. Under no circumstances may any person or entity claim
any affiliation with MSCI without the prior written permission of MSCI.
| Capped Leveraged Index Return Notes® | TS-12 |
|
Capped Leveraged Index Return Notes®
Linked to the MSCI Emerging Markets Index, due December
28, 2026 |
Supplement to the Plan of Distribution
Under
our distribution agreement with BofAS, BofAS will purchase the notes from us as principal at the public offering price indicated on the
cover of this term sheet, less the indicated underwriting discount. MLPF&S will in turn purchase the notes from BofAS for resale,
and it will receive a selling concession in connection with the sale of the notes in an amount up to the full amount of the underwriting
discount set forth on the cover of this term sheet.
We
will pay a fee to a broker dealer in which an affiliate of BofAS has an ownership interest for providing certain services with respect
to this offering, which will reduce the economic terms of the notes to you.
We
will deliver the notes against payment therefor in New York, New York on a date that is greater than one business day following the pricing
date. Under Rule 15c6-1 of the Securities Exchange Act of 1934, trades in the secondary market generally are required to settle in one
business day, unless the parties to any such trade expressly agree otherwise. Accordingly, purchasers who wish to trade the notes more
than one business day prior to the original issue date will be required to specify alternative settlement arrangements to prevent a failed
settlement.
The
notes will not be listed on any securities exchange. In the original offering of the notes, the notes will be sold in minimum investment
amounts of 100 units. If you place an order to purchase the notes, you are consenting to MLPF&S and/or one of its affiliates acting
as a principal in effecting the transaction for your account.
MLPF&S
and BofAS may repurchase and resell the notes, with repurchases and resales being made at prices related to then-prevailing market prices
or at negotiated prices, and these prices will include MLPF&S’s and BofAS’s trading commissions and mark-ups or mark-downs.
MLPF&S and BofAS may act as principal or agent in these market-making transactions; however, neither is obligated to engage in any
such transactions. At their discretion, for a short, undetermined initial period after the issuance of the notes, MLPF&S and BofAS
may offer to buy the notes in the secondary market at a price that may exceed the initial estimated value of the notes. Any price offered
by MLPF&S or BofAS for the notes will be based on then-prevailing market conditions and other considerations, including the performance
of the Index and the remaining term of the notes. However, none of us, MLPF&S, BofAS or any of our respective affiliates is obligated
to purchase your notes at any price or at any time, and we cannot assure you that we, MLPF&S, BofAS or any of our respective affiliates
will purchase your notes at a price that equals or exceeds the initial estimated value of the notes.
The
value of the notes shown on your account statement will be based on BofAS’s estimate of the value of the notes if BofAS or another
of its affiliates were to make a market in the notes, which it is not obligated to do. That estimate will be based upon the price that
BofAS may pay for the notes in light of then-prevailing market conditions, and other considerations, as mentioned above, and will include
transaction costs. At certain times, this price may be higher than or lower than the initial estimated value of the notes.
The
distribution of the Note Prospectus in connection with these offers or sales will be solely for the purpose of providing investors with
the description of the terms of the notes that was made available to investors in connection with their initial offering. Secondary market
investors should not, and will not be authorized to, rely on the Note Prospectus for information regarding CIBC or for any purpose other
than that described in the immediately preceding sentence.
| Capped Leveraged Index Return Notes® | TS-13 |
|
Capped Leveraged Index Return Notes®
Linked to the MSCI Emerging Markets Index, due December
28, 2026 |
Structuring the Notes
The notes are our debt securities, the return on which is linked to the
performance of the Index. As is the case for all of our debt securities, including our market-linked notes, the economic terms of the
notes reflect our actual or perceived creditworthiness at the time of pricing. The internal funding rate we use in pricing the market-linked
notes is typically lower than the rate we would pay when we issue conventional fixed-rate debt securities of comparable maturity. This
difference 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. This generally relatively
lower internal funding rate, which is reflected in the economic terms of the notes, along with the fees and charges associated with market-linked
notes, resulted in the initial estimated value of the notes on the pricing date being less than their public offering price.
At maturity, we are required to pay the Redemption Amount to holders
of the notes, which will be calculated based on the performance of the Index and the $10 per unit principal amount. In order to meet these
payment obligations, at the time we issue the notes, we may choose to enter into certain hedging arrangements (which may include call
options, put options or other derivatives) with BofAS or one of its affiliates. The terms of these hedging arrangements are determined
by seeking bids from market participants, including BofAS and its affiliates, and take into account a number of factors, including our
creditworthiness, interest rate movements, the volatility of the Index, the tenor of the notes and the tenor of the hedging arrangements.
The economic terms of the notes and their initial estimated value depend in part on the terms of these hedging arrangements.
BofAS has advised us that the hedging arrangements will include a hedging-related
charge of approximately $0.05 per unit, reflecting an estimated profit to be credited to BofAS from these transactions. Since hedging
entails risk and may be influenced by unpredictable market forces, additional profits and losses from these hedging arrangements may be
realized by BofAS or any third party hedge providers.
For further information, see “Risk Factors—Valuation- and
Market-related Risks” beginning on page PS-8 of product supplement EQUITY LIRN-1 and “Use of Proceeds” on page S-14
of prospectus supplement.
| Capped Leveraged Index Return Notes® | TS-14 |
|
Capped Leveraged Index Return Notes®
Linked to the MSCI Emerging Markets Index, due December
28, 2026 |
Summary of 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 term sheet 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 CIBC 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 CIBC for purposes of the thin capitalization
rules in the Canadian Tax Act; and (f) is not an entity in respect of which CIBC 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 CIBC 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.
| Capped Leveraged Index Return Notes® | TS-15 |
|
Capped Leveraged Index Return Notes®
Linked to the MSCI Emerging Markets Index, due December
28, 2026 |
Summary of U.S. Federal Income Tax Consequences
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, or in some cases supplements, the discussion entitled “U.S. Federal Income Tax Summary” in product supplement EQUITY LIRN-1,
which you should carefully review prior to investing in the notes.
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
cash-settled 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 on maturity in an amount equal to the difference between the amount you receive at such time and the amount that you paid for
your notes. Such gain or loss should generally be long-term capital gain or loss if you have held your notes for more than one year. Non-U.S.
holders should consult the section entitled “U.S. Federal Income Tax Summary – Non-U.S. Holders” in product supplement
EQUITY LIRN-1.
The expected characterization of the notes is not binding on the U.S.
Internal Revenue Service (the “IRS”) or the courts. Thus, it is possible that the IRS would seek to characterize your notes
in a manner that results in tax consequences to you that are different from those described above or in the accompanying product supplement.
Such alternate treatments could include a requirement that a holder accrue ordinary income over the life of the notes or treat all gain
or loss at maturity as ordinary gain or loss. For a more detailed discussion of certain alternative characterizations with respect to
your notes and certain other considerations with respect to your investment in the notes, you should consider the discussion set forth
in “U.S. Federal Income Tax Summary” of the product 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.
With respect
to the discussion in the product supplement regarding “dividend equivalent” payments, the IRS has issued a notice that 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.
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.
Validity of the Notes
In
the opinion of Blake, Cassels & Graydon LLP, as Canadian counsel to CIBC, the issue and sale of
the notes has been duly authorized by all necessary corporate action of CIBC 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 CIBC, 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 CIBC 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 CIBC’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 term sheet and the accompanying product supplement, prospectus supplement and prospectus,
the notes will constitute valid and binding obligations of CIBC, 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 CIBC 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 CIBC’s Registration Statement on Form F-3 filed with the SEC on June 6, 2023.
Where You Can Find More Information
We have filed a registration statement (including a product supplement,
a prospectus supplement, and a prospectus) with the SEC for the offering to which this term sheet relates. Before you invest, you should
read the Note Prospectus, including this term sheet, and the other documents that we have filed with the SEC, for more complete information
about us and this offering. You may get these documents without cost by visiting EDGAR on the SEC website at www.sec.gov. Alternatively,
we, any agent, or any dealer participating in this offering will arrange to send you these documents if you so request by calling MLPF&S
or BofAS toll-free at 1-800-294-1322.
| Capped Leveraged Index Return Notes® | TS-16 |
|
Capped Leveraged Index Return Notes®
Linked to the MSCI Emerging Markets Index, due December
28, 2026 |
“Leveraged Index Return Notes®” and “LIRNs®”
are registered service marks of Bank of America Corporation, the parent company of MLPF&S and BofAS.
| Capped Leveraged Index Return Notes® | TS-17 |
F-3
424B2
EX-FILING FEES
333-272447
0001045520
CANADIAN IMPERIAL BANK OF COMMERCE /CAN/
0001045520
2024-12-19
2024-12-19
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 $6,560,440. The prospectus is a final prospectus for the related offering.
|
|
|
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Canadian Imperial Bank o... (NYSE:CM)
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From Nov 2024 to Dec 2024
Canadian Imperial Bank o... (NYSE:CM)
Historical Stock Chart
From Dec 2023 to Dec 2024
