Information and analysis earlier than you hear about it on CNBC and others. Declare your 1-week free trial to StreetInsider Premium right here.
Filed Pursuant to Rule 424(b)(2)
Registration No. 333-257113
| PRICING SUPPLEMENT dated November 1, 2022 | |
| (To Fairness Index Underlying Complement dated September 2, 2021, | |
| Prospectus Complement dated September 2, 2021 and | |
| Prospectus dated September 2, 2021) |
|
Canadian Imperial Financial institution of Commerce $126,837,000 Senior World Medium-Time period Notes Digital S&P 500® |
The notes don’t bear curiosity. The quantity
that you can be paid in your notes on the acknowledged maturity date (November 5, 2024, topic to adjustment) is predicated on the efficiency
of the S&P 500® Index (the “underlier”) as measured from the commerce date to and together with the willpower
date (November 1, 2024, topic to adjustment). If the ultimate underlier stage on the willpower date is larger than or
equal to 80.00% of the preliminary underlier stage (3,856.10, which was the closing stage of the underlier on the commerce date), you
will obtain the utmost settlement quantity ($1,197.50 for every $1,000 principal quantity of your notes). If the ultimate underlier stage
declines by greater than 20.00% from the preliminary underlier stage, the return in your notes shall be unfavorable. You could possibly lose your total funding
within the notes.
To find out your cost at maturity, we’ll
calculate the underlier return, which is the share improve or lower within the ultimate underlier stage from the preliminary underlier stage.
On the acknowledged maturity date, for every $1,000 principal quantity of your notes, you’ll obtain an quantity in money equal to:
| ● | if the underlier return is larger than or equal to -20.00% (i.e. the ultimate underlier stage is larger than or equal to 80.00% of the preliminary underlier stage), the utmost settlement quantity; or |
| ● | if the underlier return is lower than -20.00% (i.e. the ultimate underlier stage is lower than 80.00% of the preliminary underlier stage), the sum of (i) $1,000 plus (ii) the product of (a) 1.25 occasions (b) the sum of the underlier return plus 20.00% occasions (c) $1,000. This quantity shall be lower than $1,000 and could also be zero. |
The notes have complicated options and investing
within the notes entails dangers not related to an funding in standard debt securities. See “Extra Danger Elements Particular
to Your Notes” starting on web page PRS-8 of this Pricing Complement and “Danger Elements” starting on web page S-1
of the accompanying Underlying Complement.
Our estimated worth of the notes on the commerce date,
based mostly on our inner pricing fashions, is $982.20 per word. The estimated worth is lower than the preliminary concern worth of the notes. See
“The Financial institution’s Estimated Worth of the Notes” on this Pricing Complement.
| Preliminary Difficulty Worth | Worth to Public | Agent’s Fee | Proceeds to Issuer | |
| Per Observe | $1,000.00 | 100.00% | 1.47% | 98.53% |
| Complete | $126,837,000.00 | $126,837,000.00 | $1,864,503.90 | $124,972,496.10 |
The notes are unsecured obligations of Canadian
Imperial Financial institution of Commerce and all funds on the notes are topic to the credit score threat of Canadian Imperial Financial institution of Commerce. The notes
is not going to represent deposits insured by the Canada Deposit Insurance coverage Company, the U.S. Federal Deposit Insurance coverage Company or any
different authorities company or instrumentality of Canada, the US or another jurisdiction. The notes should not bail-inable debt
securities (as outlined on web page 6 of the Prospectus). The notes is not going to be listed on any U.S. securities alternate.
Neither the US Securities and Alternate
Fee (the “SEC”) nor any state or provincial securities fee has accepted or disapproved of those securities or
decided if this Pricing Complement or the accompanying Underlying Complement, Prospectus Complement or Prospectus is truthful or full.
Any illustration on the contrary is a legal offense.
The problem worth, agent’s fee and internet
proceeds listed above relate to the notes we’ll promote initially. We could determine to promote extra notes after the commerce date, at concern
costs and with agent’s commissions and internet proceeds that differ from the quantities set forth above. The return (whether or not constructive
or unfavorable) in your funding will rely partially on the problem worth you pay to your notes.
CIBC World Markets Corp. or considered one of our different
associates could use this Pricing Complement in a market-making transaction in a word after its preliminary sale. Except we or our agent informs
the purchaser in any other case within the affirmation of sale, this Pricing Complement is being utilized in a market-making transaction.
We are going to ship the notes in book-entry kind
by means of the amenities of The Depository Belief Firm (“DTC”) on November 8, 2022 in opposition to cost in instantly obtainable
funds.
CIBC Capital Markets
Digital S&P 500®
Index-Linked Notes due November 5, 2024
ABOUT THIS PRICING SUPPLEMENT
It’s best to learn this Pricing Complement collectively
with the Prospectus dated September 2, 2021 (the “Prospectus”), the Prospectus Complement dated September 2, 2021
(the “Prospectus Complement”) and the Fairness Index Underlying Complement dated September 2, 2021 (the “Underlying
Complement”), every regarding our Senior World Medium-Time period Notes, for extra details about the notes. Data on this
Pricing Complement supersedes info within the accompanying Underlying Complement, Prospectus Complement and Prospectus to the extent
it’s totally different from that info. Sure outlined phrases used however not outlined herein have the meanings set forth within the accompanying
Underlying Complement, Prospectus Complement or Prospectus.
It’s best to rely solely on the data contained
in or included by reference on this Pricing Complement and the accompanying Underlying Complement, Prospectus Complement and Prospectus.
This Pricing Complement could also be used just for the aim for which it has been ready. Nobody is permitted to provide info different
than that contained on this Pricing Complement and the accompanying Underlying Complement, Prospectus Complement and Prospectus, and in
the paperwork referred to in these paperwork and that are made obtainable to the general public. We now have not, and CIBC World Markets Corp. (“CIBCWM”)
has not, approved another particular person to give you totally different or extra info. If anybody offers you with totally different or
extra info, you shouldn’t depend on it.
We’re not, and CIBCWM will not be, making a suggestion
to promote the notes in any jurisdiction the place the provide or sale will not be permitted. You shouldn’t assume that the data contained in
or included by reference on this Pricing Complement or the accompanying Underlying Complement, Prospectus Complement or Prospectus
is correct as of any date apart from the date of the relevant doc. Our enterprise, monetary situation, outcomes of operations and
prospects could have modified since that date. Neither this Pricing Complement nor the accompanying Underlying Complement, Prospectus Complement
or Prospectus constitutes a suggestion, or an invite on our behalf or on behalf of CIBCWM, to subscribe for and buy any of the notes
and will not be used for or in reference to a suggestion or solicitation by anybody in any jurisdiction during which such a suggestion or solicitation
will not be approved or to any particular person to whom it’s illegal to make such a suggestion or solicitation.
References to “CIBC,” “the Issuer,”
“the Financial institution,” “we,” “us” and “our” on this Pricing Complement are references to Canadian
Imperial Financial institution of Commerce and to not any of our subsidiaries, except we state in any other case or the context in any other case requires.
It’s possible you’ll entry the accompanying Underlying Complement,
Prospectus Complement and Prospectus on the SEC web site www.sec.gov as follows (or if such handle has modified, by reviewing our submitting
for the related date on the SEC web site):
| ● | Underlying Complement dated September 2, 2021: |
https://www.sec.gov/Archives/edgar/knowledge/1045520/000110465921112442/tm2123981d23_424b5.htm
| ● | Prospectus Complement dated September 2, 2021: |
https://www.sec.gov/Archives/edgar/knowledge/1045520/000110465921112440/tm2123981d29_424b5.htm
| ● | Prospectus dated September 2, 2021: |
https://www.sec.gov/Archives/edgar/knowledge/1045520/000110465921112558/tm2123981d24_424b3.htm
Digital S&P 500®
Index-Linked Notes due November 5, 2024
SUMMARY INFORMATION
| We seek advice from the notes we’re providing by this Pricing Complement because the “provided notes” or the “notes”. Every of the provided notes has the phrases described under. Phrases used however not outlined on this Pricing Complement have the meanings set forth within the accompanying Underlying Complement, Prospectus Complement or Prospectus. This part is supposed as a abstract and needs to be learn together with the accompanying Prospectus, Prospectus Complement and Underlying Complement. This Pricing Complement supersedes any conflicting provisions of the paperwork listed above. |
Key Phrases
Issuer:
Canadian Imperial Financial institution of Commerce
Underlier:
The S&P 500® Index (Bloomberg image, “SPX Index”), as printed by S&P Dow Jones Indices LLC
Specified forex:
U.S. {dollars} (“$”)
Principal quantity:
Every word may have a principal quantity of $1,000; $126,837,000 within the mixture for all of the provided notes; the combination principal quantity
of the provided notes could also be elevated if the Issuer, at its sole possibility, decides to promote a further quantity of the provided notes on
a date subsequent to the commerce date.
Minimal funding:
$1,000 (one word)
Denominations:
$1,000 and integral multiples of $1,000 in extra thereof
Buy at quantity
apart from principal quantity: The quantity we pays you on the acknowledged maturity date to your notes is not going to be adjusted based mostly
on the problem worth you pay to your notes, so when you purchase notes at a premium (or a reduction) to principal quantity and maintain them to the
acknowledged maturity date, it may have an effect on your funding in numerous methods. The return in your funding in such notes shall be decrease (or
greater) than it could have been had you bought the notes at principal quantity. Additionally, the acknowledged threshold stage wouldn’t provide the
identical measure of safety to your funding as could be the case when you had bought the notes at principal quantity. Moreover, the
cap stage could be triggered at a decrease (or greater) share return than indicated under, relative to your preliminary funding. See “Extra
Danger Elements Particular to Your Notes — If You Buy Your Notes at a Premium to Principal Quantity, the Return on Your Funding
Will Be Decrease Than the Return on Notes Bought at Principal Quantity and the Affect of Sure Key Phrases of the Notes Will Be Negatively
Affected” on this Pricing Complement.
Money settlement
quantity (on the acknowledged maturity date): For every $1,000 principal quantity of your notes, we pays you on the acknowledged maturity
date an quantity in money equal to:
| ● | if the ultimate underlier stage is larger than or equal to the brink stage, the brink settlement quantity; or |
| ● | if the ultimate underlier stage is lower than the brink stage, the sum of (i) $1,000 plus (ii) the product of (a) the buffer charge occasions (b) the sum of the underlier return plus the brink quantity occasions (c) $1,000. On this case, the money settlement quantity shall be lower than the principal quantity of the notes, and you’ll lose some or all the principal quantity. |
Threshold stage:
80.00% of the preliminary underlier stage
Threshold settlement
quantity: $1,197.50 per word
Cap stage:
119.75% of the preliminary underlier stage
Most settlement
quantity: The brink settlement quantity
Threshold quantity:
20.00%
Buffer charge:
The quotient of the preliminary underlier stage divided by the brink stage, which equals 125.00%
Preliminary underlier
stage: 3,856.10, which was the closing stage of the underlier on the commerce date
Remaining underlier
stage: The closing stage of the underlier on the willpower date
Underlier return:
The quotient of (1) the ultimate underlier stage minus the preliminary underlier stage divided by (2) the preliminary
underlier stage, expressed as a constructive or unfavorable share
Commerce date:
November 1, 2022
Authentic concern
date (settlement date): November 8, 2022
Dedication
date: November 1, 2024, topic to adjustment as described beneath “Sure Phrases of the Notes—Valuation Dates”
within the accompanying Underlying Complement.
Digital S&P 500®
Index-Linked Notes due November 5, 2024
Acknowledged maturity
date: November 5, 2024, topic to adjustment as described beneath “Sure Phrases of the Notes—Curiosity Fee
Dates, Coupon Fee Dates, Name Fee Dates and Maturity Date” within the accompanying Underlying Complement.
Market disruption
occasion: With respect to any given buying and selling day, any of the next shall be a market disruption occasion with respect to the underlier:
| ● | a suspension, absence or materials limitation of buying and selling in underlier shares (as outlined under) constituting 20% or extra, by weight, of the underlier on their respective main markets, in every case for greater than two consecutive hours of buying and selling or in the course of the one-half hour earlier than the shut of buying and selling in that market, as decided by the calculation agent in its sole discretion, |
| ● | a suspension, absence or materials limitation of buying and selling in possibility or futures contracts, if obtainable, regarding the underlier or to underlier shares constituting 20% or extra, by weight, of the underlier of their respective main markets for these contracts, in every case for greater than two consecutive hours of buying and selling or in the course of the one-half hour earlier than the shut of buying and selling in that market, as decided by the calculation agent in its sole discretion, or |
| ● | underlier shares constituting 20% or extra, by weight, of the underlier, or possibility or futures contracts, if obtainable, regarding the underlier or to underlier shares constituting 20% or extra, by weight, of the underlier don’t commerce on what had been the respective main markets for these underlier shares or contracts, as decided by the calculation agent in its sole discretion, |
and, within the case of any of those occasions, the calculation
agent determines in its sole discretion that the occasion may materially intrude with the power of us or any of our associates or a
equally located celebration to unwind all or a fabric portion of a hedge that might be effected with respect to the notes. For extra info
about hedging by us and/or any of our associates, see “Use of Proceeds and Hedging” within the accompanying Underlying Complement.
The next occasions is not going to be market disruption
occasions with respect to the underlier:
| ● | a limitation on the hours or numbers of days of buying and selling, however provided that the limitation outcomes from an introduced change within the common enterprise hours of the related market, and |
| ● | a call to completely discontinue buying and selling within the possibility or futures contracts regarding the underlier or to any underlier inventory. |
For this objective, an “absence of buying and selling”
within the main securities market on which an underlier inventory, or on which possibility or futures contracts, if obtainable, regarding the underlier
or to any underlier inventory are traded is not going to embrace any time when that market is itself closed for buying and selling beneath bizarre circumstances.
In distinction, a suspension or limitation of buying and selling in an underlier inventory or in possibility or futures contracts, if obtainable, regarding
the underlier or to any underlier inventory within the main marketplace for that inventory or these contracts, by cause of:
| ● | a worth change exceeding limits set by that market, |
| ● | an imbalance of orders regarding that underlier inventory or these contracts, or |
| ● | a disparity in bid and ask quotes regarding that underlier inventory or these contracts, |
will represent a suspension or materials limitation
of buying and selling in that underlier inventory or these contracts in that market.
Closing stage:
As described beneath “Sure Phrases of the Notes –– Sure Definitions –– Closing Stage” within the accompanying
Underlying Complement
No itemizing:
The provided notes is not going to be listed on any securities alternate
Calculation agent:
Canadian Imperial Financial institution of Commerce. We could appoint a distinct calculation agent with out your consent and with out notifying you
CUSIP / ISIN:
13607XCN5 / US13607XCN57
Digital S&P 500®
Index-Linked Notes due November 5, 2024
SUPPLEMENTAL TERMS OF THE NOTES
For functions of the notes provided by this Pricing
Complement, all references to every of the next phrases used within the accompanying Underlying Complement shall be deemed to seek advice from the
corresponding time period used on this Pricing Complement, as set forth within the desk under:
| Underlying Complement Time period |
Pricing Complement Time period |
| Remaining Valuation Date | willpower date |
| maturity date | acknowledged maturity date |
| Reference Asset | underlier |
| Index Sponsor | underlier sponsor |
Digital S&P 500®
Index-Linked Notes due November 5, 2024
HYPOTHETICAL EXAMPLES
The next desk and chart are offered for
functions of illustration solely. They shouldn’t be taken as a sign or prediction of future funding outcomes and merely are meant
for instance the affect that the assorted hypothetical ultimate underlier ranges on the willpower date may have on the money settlement
quantity at maturity assuming all different variables stay fixed.
The examples under are based mostly on a spread of ultimate
underlier ranges which can be completely hypothetical; the underlier stage on any day all through the lifetime of the notes, together with the ultimate
underlier stage on the willpower date, can’t be predicted. The underlier has been extremely risky previously — which means that
the underlier stage has modified significantly in comparatively brief intervals — and its efficiency can’t be predicted for any future
interval.
The knowledge within the following examples displays
hypothetical charges of return on the provided notes assuming that they’re bought on the unique concern date on the principal quantity
and held to the acknowledged maturity date. In the event you promote your notes in a secondary market previous to the acknowledged maturity date, your return will
rely upon the market worth of your notes on the time of sale, which can be affected by numerous elements that aren’t mirrored in
the desk under, akin to rates of interest, the volatility of the underlier and the creditworthiness of CIBC. As well as, the estimated
worth of your notes on the time the phrases of your notes had been set on the commerce date (as decided by reference to pricing fashions used
by CIBC) is lower than the unique concern worth of your notes. For extra info on the estimated worth of your notes, see “Extra
Danger Elements Particular to Your Notes — The Financial institution’s Estimated Worth of the Notes Is Decrease Than the Authentic Difficulty Worth (Worth
to Public) of the Notes” on this Pricing Complement and “The Financial institution’s Estimated Worth of the Notes” on this Pricing
Complement. The knowledge within the following hypothetical examples additionally displays the important thing phrases and assumptions within the field under.
| Key Phrases and Assumptions |
|
| Principal quantity | $1,000 |
| Threshold settlement quantity | $1,197.50 per word |
| Threshold stage | 80.00% of the preliminary underlier stage |
| Cap stage | 119.75% of the preliminary underlier stage |
| Most settlement quantity | $1,197.50 per word |
| Buffer charge | 125.00% |
| Threshold quantity | 20.00% |
|
Neither a market disruption occasion nor a non-trading day happens on the
No change in or affecting any of the underlier
Notes bought on unique concern date on the principal |
The precise efficiency of the underlier over the
lifetime of your notes, in addition to the money settlement quantity payable at maturity, if any, could bear little relation to the hypothetical examples
proven under or to the historic underlier ranges proven elsewhere on this Pricing Complement. For details about the historic ranges
of the underlier throughout current intervals, see “The Underlier — Historic Closing Ranges of the Underlier” under. Earlier than
investing within the provided notes, you need to seek the advice of publicly obtainable info to find out the degrees of the underlier between the
date of this Pricing Complement and the date of your buy of the provided notes.
Additionally, the hypothetical examples proven under do
not keep in mind the results of relevant taxes. Due to the U.S. tax remedy relevant to your notes, tax liabilities may
have an effect on the after-tax charge of return in your notes to a relatively larger extent than the after-tax return on the underlier shares.
The degrees within the left column of the desk under
characterize hypothetical ultimate underlier ranges and are expressed as percentages of the preliminary underlier stage. The quantities in the correct
column characterize the hypothetical money settlement quantities, based mostly on the corresponding hypothetical ultimate underlier stage, and are expressed
as percentages of the principal quantity of a word (rounded to the closest one-thousandth of a %). Thus, a hypothetical money settlement
quantity of 100.000% signifies that the worth of the money cost that we might ship for every $1,000 of the excellent principal quantity
of the provided notes on the acknowledged maturity date would equal 100.000% of the principal quantity of a word, based mostly on the corresponding hypothetical
ultimate underlier stage and the assumptions famous above.
Digital S&P 500®
Index-Linked Notes due November 5, 2024
|
Hypothetical Remaining Underlier Stage
(as Share of Preliminary Underlier Stage) |
Hypothetical Money Settlement Quantity
(as Share of Principal Quantity) |
| 150.000% | 119.750% |
| 125.000% | 119.750% |
| 100.000% | 119.750% |
| 93.000% | 119.750% |
| 86.000% | 119.750% |
| 80.000% | 119.750% |
| 79.000% | 98.750% |
| 75.000% | 93.750% |
| 50.000% | 62.500% |
| 25.000% | 31.250% |
| 0.000% | 0.000% |
If, for instance, the ultimate underlier stage had been
decided to be 25.000% of the preliminary underlier stage, the money settlement quantity that we might ship in your notes at maturity would
be 31.250% of the principal quantity of your notes, as proven within the desk above. Because of this, when you bought your notes on the unique
concern date on the principal quantity and held them to the acknowledged maturity date, you’ll lose 68.750% of your funding (when you bought
your notes at a premium to principal quantity you’ll lose a correspondingly greater share of your funding). If the ultimate underlier
stage had been decided to be 0.000% of the preliminary underlier stage, you’ll lose your total funding within the notes. As well as, if
the ultimate underlier stage had been decided to be 150.000% of the preliminary underlier stage, the money settlement quantity that we might ship
in your notes at maturity could be capped on the most settlement quantity, or 119.750% of every $1,000 principal quantity of your notes,
as proven within the desk above. Because of this, when you held your notes to the acknowledged maturity date, you wouldn’t profit from any ultimate underlier
stage that’s over 80.000% of the preliminary underlier stage.
The next chart exhibits a graphical illustration
of the hypothetical money settlement quantities that we might pay in your notes on the acknowledged maturity date, if the ultimate underlier stage
had been any of the hypothetical ranges proven on the horizontal axis. The hypothetical money settlement quantities within the chart are expressed
as percentages of the principal quantity of your notes and the hypothetical ultimate underlier ranges are expressed as percentages of the preliminary
underlier stage. The chart exhibits that any hypothetical ultimate underlier stage of lower than 80.000% (the part left of the 80.000% marker
on the horizontal axis) would lead to a hypothetical money settlement quantity of lower than 100.000% of the principal quantity of your notes
(the part under the 100.000% marker on the vertical axis) and, accordingly, in a lack of principal to the holder of the notes. The
chart additionally exhibits that any hypothetical ultimate underlier stage of larger than or equal to 80.000% (the part proper of the 80.000% marker
on the horizontal axis) would lead to a capped return in your funding.
Digital S&P 500®
Index-Linked Notes due November 5, 2024
|
|
The money settlement quantities at maturity proven above
are completely hypothetical; they’re based mostly on market costs for the underl
