Free Writing Prospectus - Filing Under Securities Act Rules 163/433 (fwp)
June 30 2023 - 8:13AM
Edgar (US Regulatory)
Filed Pursuant to Rule 433
Registration Statement No. 333-257113
CAPPED
MARKET INDEX TARGET-TERM SECURITIES® (MITTS®) |
|
Capped
Market Index Target-Term Securities® Linked to the Bloomberg Commodities IndexSM |
Issuer |
Canadian
Imperial Bank of Commerce (“CIBC”) |
Principal
Amount |
$10.00
per unit |
Term |
Approximately
3 years |
Market
Measure |
The
Bloomberg Commodity IndexSM (Bloomberg symbol: “BCOM”) |
Payout
Profile at Maturity |
·
100% participation in increases in the Market Measure,
subject to the Capped Value
·
If the Market Measure is flat or decreases, the
payment at maturity will be the Minimum Redemption Amount |
Capped
Value |
[$14.50
to 15.50] per unit, a [45.00% to 55.00] return over the principal amount, to be determined on the pricing date. |
Participation
Rate |
100.00% |
Minimum
Redemption Amount |
$10.00
per unit |
Investment
Considerations |
This
investment is designed for investors who anticipate that the Market Measure will increase moderately over the term of the notes,
are seeking full principal amount at maturity, and are willing to accept a capped return and forgo interim interest payments. |
Preliminary
Offering Documents |
https://www.sec.gov/Archives/edgar/data/1045520/000110465923076403/tm2317535d116_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:
| · | Depending
on the performance of the Market Measure as measured shortly before the maturity date, you
may not receive a positive return on your investment. |
| · | Your
investment return is limited to the return represented by the Capped Value and may be less
than a comparable investment directly in the Market Measure or any related futures contract. |
| · | 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. |
| · | Ownership
of the notes will not entitle you to any rights with respect to any commodities or futures
contracts represented by or included in the Market Measure. |
| · | The
prices of commodities or futures contracts represented by or included in the Market Measure
may change unpredictably, affecting the value of your notes in unforeseeable ways. |
| · | The
notes will not be regulated by the U.S. Commodity Futures Trading Commission. |
| · | The
Market Measure includes futures contracts traded on foreign exchanges, which may be less
regulated than U.S. markets and may involve different and greater risks than trading on U.S.
exchanges. |
| · | The
Market Measure tracks commodity futures contracts and does not track the spot prices of the
Index Commodities |
| · | Higher
future prices of the components of the Market Measure relative to their current prices may
have a negative effect on the level of the Market Measure, and therefore the value of 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.
The
graph above and the table below reflect the hypothetical return on the notes, based on the terms contained in the table to the left (using
the mid-point for any range(s)). The graph and the table have been prepared for purposes of illustration only and do not take
into account any tax consequences from investing in the notes.
Hypothetical
Percentage Change
from the Starting
Value to the Ending Value |
Hypothetical
Redemption Amount
per Unit |
Hypothetical
Total Rate of
Return on the Notes |
-100.00% |
$10.00(1) |
0.00% |
-50.00% |
$10.00 |
0.00% |
-25.00% |
$10.00 |
0.00% |
-20.00% |
$10.00 |
0.00% |
-10.00% |
$10.00 |
0.00% |
-5.00% |
$10.00 |
0.00% |
0.00% |
$10.00 |
0.00% |
10.00% |
$11.00 |
10.00% |
20.00% |
$12.00 |
20.00% |
45.00% |
$14.50 |
45.00% |
50.00% |
$15.00
(2) |
50.00% |
60.00% |
$15.00 |
50.00% |
80.00% |
$15.00 |
50.00% |
| (1) | The
Redemption Amount per unit cannot be less than the Minimum Redemption Amount. |
| (2) | The
Redemption Amount per unit cannot exceed the hypothetical Capped Value. |
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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