Form FWP - Filing under Securities Act Rules 163/433 of free writing prospectuses
2024年9月28日 - 4:11AM
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 S&P 500®
Index |
|
Issuer |
Canadian
Imperial Bank of Commerce (“CIBC”) |
Principal
Amount |
$10.00
per unit |
Term |
Approximately
six years, if not called on the first five Observation Dates |
Market
Measure |
The
S&P 500® Index (Bloomberg symbol: "SPX") |
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, five and six years after the pricing date |
Call
Level |
100%
of the Starting Value |
Call
Amounts (per Unit) |
[$10.55
to $10.65] if called on the first Observation Date, [$11.10 to $11.30] if called on the second Observation Date, [$11.65 to $11.95]
if called on the third Observation Date, [$12.20 to $12.60] if called on the fourth Observation Date, [$12.75 to $13.25] if called
on the fifth Observation Date, and [$13.30 to $13.90] 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/1045520/000110465924103624/tm2423152d50_424b2.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. |
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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