Free Writing Prospectus - Filing Under Securities Act Rules 163/433 (fwp)
June 29 2023 - 6:01AM
Edgar (US Regulatory)
Filed Pursuant to Rule 433
Registration Statement No. 333-257113
AUTOCALLABLE STRATEGIC
ACCELERATED REDEMPTION SECURITIES® (STARS®) |
Autocallable
Strategic Accelerated Redemption Securities® Linked
to the EURO STOXX 50® 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
EURO STOXX 50® Index (Bloomberg symbol: "SX5E") |
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 Amounts (per Unit) |
[$10.75 to $10.85] if called on the first Observation Date, [$11.50 to $11.70] if called on the second Observation Date, [$12.25 to $12.55] if called on the third Observation Date, [$13.00 to $13.40] if called on the fourth Observation Date, and [$13.75 to $14.25] 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 |
Call Level |
100% of the Starting Value |
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 |
www.sec.gov/Archives/edgar/data/1045520/000110465923075815/tm2317535d105_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. |
| · | 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 or dividends or other distributions by the issuers of those
securities. |
| · | Your return on the notes may be affected by factors affecting
the international securities markets, specifically changes within the Eurozone. The Eurozone is and has been undergoing severe financial
stress and the political, legal, and regulatory ramifications are impossible to predict. Changes within the Eurozone could adversely
affect the performance of the Market Measure and, consequently, the value of the notes. In addition, you will not obtain the benefit
of any increase in the value of the euro against the U.S. dollar, which you would have received if you had owned the securities in the
Market Measure during the term of your notes, although the level of the Market Measure may be adversely affected by general exchange
rate movements in the market. |
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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