Free Writing Prospectus - Filing Under Securities Act Rules 163/433 (fwp)
March 06 2023 - 4:54PM
Edgar (US Regulatory)
Filed Pursuant to
Rule 433
Registration Statement No. 333-257113
CAPPED
NOTES WITH ABSOLUTE RETURN BUFFER |
|
Capped
Notes With Absolute Return Buffer Linked to the Russell 2000® Index |
Issuer |
Canadian
Imperial Bank of Commerce (“CIBC”) |
Principal
Amount |
$10.00
per unit |
Term |
Approximately
14 months |
Market
Measure |
The
Russell 2000® Index (Bloomberg symbol: “RTY”) |
Payout
Profile at Maturity |
· 1-to-1
upside exposure to increases in the Market Measure, subject to the Capped Value
· A
positive return equal to the absolute value of the percentage decline in the level of the Market Measure only if the Market Measure
does not decline by more than 10.00% (e.g., if the negative return of the Market Measure is -5%, you will receive a positive return
of +5%)
· 1-to-1
downside exposure to decreases in the Market Measure beyond a 10.00% decline, with up to 90.00% of your principal at risk |
Capped
Value |
[$10.75
to $11.35] per unit, a [7.50% to 13.50%] return over the principal amount, to be determined on the pricing date. |
Participation
Rate |
100% |
Threshold
Value |
90.00%
of the Starting Value. |
Investment
Considerations |
This
investment is designed for investors who anticipate that the Market Measure will either increase moderately over the term of the
notes or decrease to a level which is not below the threshold, and are willing to accept a capped return, take downside risk below
a threshold and forgo interim interest payments. |
Preliminary
Offering Documents |
https://www.sec.gov/Archives/edgar/data/1045520/000110465923028977/tm238250d14_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 lose up to 90.00% of the principal
amount.
· Any
positive return on the notes is limited. The notes provide for a positive return if the level of the Market Measure increases or
does not decrease by more than 10.00%. However, any positive return on the notes based on the appreciation of the Market Measure
will be limited to the return represented by the Capped Value. In addition, the absolute value return feature applies only if the
Ending Value is less than the Starting Value but greater than or equal to the Threshold Value. Because the Threshold Value will be
90.00% of the Starting Value, any positive return due to the depreciation of the Market Measure will be limited to 10.00%. Any decline
in the Ending Value from the Starting Value by more than 10.00% will result in a loss, rather than a positive return, on the notes.
· Your
investment return may be less than a comparable investment directly in the stocks included in the Market Measure.
· 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.
· 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. |
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% |
$1.00 |
-90.00% |
-50.00% |
$6.00 |
-40.00% |
-30.00% |
$8.00 |
-20.00% |
-20.00% |
$9.00 |
-10.00% |
-10.00%(1) |
$11.00 |
10.00% |
-5.00% |
$10.50 |
5.00% |
-3.00% |
$10.30 |
3.00% |
0.00% |
$10.00 |
0.00% |
5.00% |
$10.50 |
5.00% |
10.00% |
$11.00 |
10.00% |
10.50% |
$11.05(2) |
10.50% |
40.00% |
$11.05 |
10.50% |
60.00% |
$11.05 |
10.50% |
80.00% |
$11.05 |
10.50% |
100.00% |
$11.05 |
10.50% |
| (1) | This
hypothetical percentage change corresponds to the Threshold Value. |
| (2) | Any
positive return based on the appreciation of the Market Measure cannot exceed the return
represented by 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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