Form FWP - Filing under Securities Act Rules 163/433 of free writing prospectuses
2024年7月30日 - 10:44PM
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 an International Equity Index Basket |
Issuer |
Canadian Imperial Bank of Commerce (“CIBC”) |
Principal Amount |
$10.00 per unit |
Term |
Approximately 3 years, if not called on the first two Observation Dates |
Market Measure |
An
international equity index basket comprised of the EURO STOXX 50® Index (Bloomberg symbol: “SX5E”), the
FTSE® 100 Index (Bloomberg symbol: “UKX”), the Nikkei Stock Average Index (Bloomberg symbol: “NKY”),
the Swiss Market Index® (Bloomberg symbol: “SMI”), the S&P®/ASX 200 Index (Bloomberg
symbol: “AS51”), and the FTSE® China 50 Index (Bloomberg symbol: “XIN0I”) (each, a “Basket
Component”). The EURO STOXX 50® Index will be given an initial weight of 40.00%, each of the FTSE®
100 Index and the Nikkei Stock Average Index will be given an initial weight of 20.00%, each of the Swiss Market Index®
and the S&P®/ASX 200 Index will be given an initial weight of 7.50%, and the FTSE® China
50 Index will be given an initial weight of 5.00%. |
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 value of the Market Measure on any Observation Date |
Observation Dates |
Approximately one, two and three years after the pricing date |
Call Level |
100% of the Starting Value |
Call Amounts (per Unit) |
[$10.85 to $10.95] if called on the first Observation Date, [$11.70 to $11.90] if called on the second Observation Date, and [$12.55 to $12.85] 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, with up to 100% of the principal amount at risk |
Threshold Value |
100% 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 the return on their investment will be capped at the applicable Call Premium, take full downside risk and forgo interim interest payments. |
Preliminary
Offering Documents |
https://www.sec.gov/Archives/edgar/data/1045520/000110465924083661/tm2418636d30_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, you will lose up to 100% of the principal amount. |
· | Your
investment return is limited to the return represented by the applicable Call Premium and may be less than a comparable investment directly
in the stocks included in the Basket Components. |
· | Changes
in the level of one of the Basket Components may be offset by changes in the levels of the other Basket Components. |
· | 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 Basket Components, and you will not be entitled
to receive securities, dividends or other distributions by the issuers of those securities. |
· | Your
return on the notes may be adversely affected by factors affecting the international securities markets, specifically markets in the
countries represented by the Basket Components. In addition, you will not obtain the benefit of any increase in the value of the currencies
in which the securities included in the Basket Components trade against the U.S. dollar, which you would have received if you had owned
the securities included in the Basket Components during the term of your notes, although the value of the Market Measure may be adversely
affected by general exchange rate movements in the market. |
· | Recent
executive orders could adversely affect your investment in the notes. |
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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