Form FWP - Filing under Securities Act Rules 163/433 of free writing prospectuses
27 July 2024 - 4:18AM
Edgar (US Regulatory)
Filed Pursuant to
Rule 433
Registration Statement No. 333-272447
AUTOCALLABLE STRATEGIC ACCELERATED
REDEMPTION SECURITIES® (STARS®) |
Autocallable
Strategic Accelerated Redemption Securities® Linked
to the Russell 2000® Index |
Issuer |
Canadian
Imperial Bank of Commerce (“CIBC”) |
Principal
Amount |
$10.00
per unit |
Term |
Approximately
5 years, if not called on the first four Observation Dates |
Market
Measure |
The
Russell 2000® Index (Bloomberg symbol: "RTY") |
Automatic
Call |
Automatic
call if the Observation Level of the Market Measure on any of the Observation Dates is equal to or greater than the Call Level |
Observation
Level |
The
closing level of the Market Measure on any Observation Date |
Observation
Dates |
Approximately
one, two, three, four and five years after the pricing date |
Call
Level |
100%
of the Starting Value |
Call
Amounts (per Unit) |
[$10.725 to $10.825] if called
on the first Observation Date, [$11.450 to $11.650] if called on the second Observation Date, [$12.175 to $12.475] if called on the
third Observation Date, [$12.900 to $13.300] if called on the fourth Observation Date, and [$13.625 to $14.125] if called on the
final Observation Date, each to be determined on the pricing date |
Payout
Profile at Maturity |
If not called, 1-to-1 downside
exposure to decreases in the Market Measure beyond a 15% decline, with up to 85% of the principal amount at risk |
Threshold
Value |
85%
of the Starting Value |
Investment
Considerations |
This
investment is designed for investors who anticipate that the Observation Level on at least one of the Observation Dates will be equal
to or greater than the Call Level and, in that case, accept an early exit from the investment, and are willing to accept that their
return on their investment will be capped at the applicable Call Premium, take downside risk below a threshold and forgo interim
interest payments. |
Preliminary
Offering Documents |
https://www.sec.gov/Archives/edgar/data/1045520/000110465924082954/tm2418636d26_fwp.htm |
Exchange
Listing |
No |
You
should read the relevant Preliminary Offering Documents before you invest. Click on the Preliminary Offering Documents hyperlink above
or call your Financial Advisor for a hard copy.
Risk Factors
Please
see the Preliminary Offering Documents for a description of certain risks related to this investment, including, but not limited to,
the following:
| · | If
the notes are not called, depending on the performance of the Market Measure as measured
shortly before the maturity date, you may lose up to 85% of the principal amount. |
| · | Your
investment return is limited to the return represented by the applicable Call Premium. |
| · | Payments
on the notes, including any repayment of principal, are subject to the credit risk of CIBC,
and actual or perceived changes in the creditworthiness of CIBC are expected to affect the
value of the notes. If CIBC becomes insolvent or is unable to pay its obligations, you may
lose your entire investment. |
| · | The
initial estimated value of the notes on the pricing date will be less than their public offering
price. |
| · | If
you attempt to sell the notes prior to maturity, their market value may be lower than both
the public offering price and the initial estimated value of the notes on the pricing date. |
| · | As
a noteholder, you will have no rights of a holder of the securities represented by the Market
Measure, and you will not be entitled to receive securities, dividends or other distributions
by the issuers of those securities. |
| · | The
notes are subject to risks associated with small-size capitalization companies.
Final terms will be set on the pricing date within the given range for the specified Market-Linked
Investment. Please see the Preliminary Offering Documents for complete product disclosure,
including related risks and tax disclosure. |
Final terms will be set on the pricing date within the given
range for the specified Market-Linked Investment. Please see the Preliminary Offering Documents for complete product disclosure, including
related risks and tax disclosure.
Canadian Imperial Bank of Commerce (CIBC) has filed a registration statement (including a product
supplement, a prospectus supplement, and a prospectus) with the U.S. Securities and Exchange Commission (SEC) for the offering to which
this document relates. Before you invest, you should carefully read these documents and other documents that CIBC has filed with the
SEC for more complete information about CIBC and this offering. You may get these documents without cost by visiting EDGAR on the SEC
Website at www.sec.gov. CIBC's Central Index Key, or ClK, on the SEC website is 1045520. Alternatively, MLPF&S or BofAS will arrange
to send you these documents if you so request by calling toll-free at 1-800-294-1322.
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