Free Writing Prospectus - Filing Under Securities Act Rules 163/433 (fwp)
March 21 2023 - 1:16PM
Edgar (US Regulatory)
Filed Pursuant to Rule 433
Registration Statement No. 333-257113
LEVERAGED INDEX RETURN NOTES® (LIRNs®) |
|
Leveraged Index Return Notes® Linked
to an International Equity Index Basket
Issuer |
Canadian
Imperial Bank of Commerce (“CIBC”) |
Principal
Amount |
$10.00
per unit |
Term |
Approximately
five years |
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%. |
Payout
Profile at Maturity |
·
[210.00% to 220.00%] leveraged upside exposure to increases in the Market Measure
·
1-to-1 downside exposure to decreases in the Market Measure, with up to 100.00% of the principal amount at risk |
Participation
Rate |
[210.00%
to 220.00%], to be determined on the pricing date. |
Threshold
Value |
100%
of the Starting Value |
Investment
Considerations |
This
investment is designed for investors who anticipate that the Market Measure will increase over the term of the notes, and are willing
to take full downside risk and forgo interim interest payments. |
Preliminary
Offering Documents |
https://www.sec.gov/Archives/edgar/data/1045520/000110465923034869/tm238250d49_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 100% of the principal amount. |
| · | 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. |
| · | Changes
in the level of one of the Basket Components may be offset by changes in the levels of the
other Basket Components. |
| · | 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 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 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. |
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(1) |
Hypothetical
Total Rate of
Return on the Notes |
-100.00% |
$0.00 |
-100.00% |
-50.00% |
$5.00 |
-50.00% |
-25.00% |
$7.50 |
-25.00% |
-20.00% |
$8.00 |
-20.00% |
-10.00% |
$9.00 |
-10.00% |
-5.00% |
$9.50 |
-5.00% |
0.00%(2) |
$10.00 |
0.00% |
10.00% |
$12.15 |
21.50% |
20.00% |
$14.30 |
43.00% |
30.00% |
$16.45 |
64.50% |
40.00% |
$18.60 |
86.00% |
50.00% |
$20.75 |
107.50% |
60.00% |
$22.90 |
129.00% |
| (1) | The
Redemption Amount per unit is based on the hypothetical Participation Rate of 215%. |
| (2) | This
hypothetical percentage change corresponds to the Threshold 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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