Form FWP - Filing under Securities Act Rules 163/433 of free writing prospectuses
30 Octubre 2024 - 9:41AM
Edgar (US Regulatory)
 |
Filed Pursuant to Rule 433
Registration No. 333-272447
Free Writing Prospectus dated October 30, 2024 to
Preliminary Pricing Supplement dated October 30,
2024 |
Buffered PLUS Based on the Value of the EURO STOXX 50®
Index due June 3, 2027
Buffered Performance Leveraged Upside SecuritiesSM
Principal at Risk Securities
This
document provides a summary of the terms of the Buffered PLUS. Investors must carefully review the accompanying preliminary pricing supplement
referenced below, underlying supplement and prospectus, and the “Risk Considerations” on the following page, prior to making
an investment decision.
| SUMMARY TERMS |
| Issuer: |
Canadian Imperial Bank of Commerce |
| Underlying Index: |
The EURO STOXX 50® Index ((Bloomberg symbol: SX5E) |
| Stated Principal Amount: |
$1,000.00 per Buffered PLUS |
| Issue Price: |
$1,000.00 per Buffered PLUS |
| Pricing Date |
November 15, 2024 |
| Original Issue Date: |
November 20, 2024 (3 Business Days after the Pricing Date) |
| Valuation Date: |
May 31, 2027, subject to postponement for non-Trading Days and certain Market Disruption Events |
| Maturity Date: |
June 3, 2027 |
| Payment at Maturity per Buffered PLUS: |
· If the Final Index Value is greater than the Initial Index Value:
$1,000 + Leveraged Upside Payment
In no event will the Payment at Maturity
exceed the Maximum Payment at Maturity.
· If the Final Index Value is less than or equal to the Initial Index Value but has decreased from the Initial Index Value by an amount
less than or equal to the Buffer Amount of 15%: $1,000
· If the Final Index Value is less than the Initial Index Value and has decreased from the Initial Index Value by an amount greater than
the Buffer Amount of 15%:
($1,000 × Index Performance Factor) +
$150.00
Under these circumstances, the Payment at
Maturity will be less than the Stated Principal Amount of $1,000.
However, under no circumstances will the Buffered PLUS pay less
than $150.00 per Buffered PLUS at maturity. |
| Leveraged Upside Payment: |
$1,000.00 × Leverage Factor × Index Percent Increase |
| Leverage Factor: |
200% |
| Maximum Payment at Maturity: |
At least $1,367.00 per Buffered PLUS (at least 136.70% of the Stated Principal Amount, to be determined on the Pricing Date) |
| Minimum Payment at Maturity: |
$150.00 per Buffered PLUS (15% of the Stated Principal Amount) |
| Index Percent Increase: |
(Final Index Value – Initial Index Value) / Initial Index Value |
| Index Performance Factor: |
Final Index Value / Initial Index Value |
| Buffer Amount: |
15%. As a result of the Buffer Amount of 15%, the value at or above which the Underlying Index must close on the Valuation Date so that investors do not suffer a loss on their initial investment in the Buffered PLUS is 85% of the Initial Index Value. |
| Initial Index Value: |
The Closing Level of the Underlying Index on the Pricing Date |
| Final Index Value: |
The Closing Level of the Underlying Index on the Valuation Date |
| CUSIP/ISIN: |
13607XU54 / US13607XU544 |
| Initial Estimated Value: |
Between $933.70 and $953.70 per Buffered PLUS, which is expected to be less than the price to public |
| Preliminary Terms: |
https://www.sec.gov/Archives/edgar/data/1045520/000110465924112469/tm2425297d53_424b2.htm |
Percentage Change in Underlying
Index |
Return on Buffered PLUS |
| 50.00% |
36.70% |
| 40.00% |
36.70% |
| 30.00% |
36.70% |
| 20.00% |
36.70% |
| 18.35% |
36.70% |
| 10.00% |
20.00% |
| 5.00% |
10.00% |
| 0.00% |
0.00% |
| -5.00% |
0.00% |
| -10.00% |
0.00% |
| -15.00% |
0.00% |
| -16.00% |
-1.00% |
| -30.00% |
-15.00% |
| -40.00% |
-25.00% |
| -50.00% |
-35.00% |
| -100.00% |
-85.00% |
We have filed
a registration statement (including an underlying supplement, a prospectus supplement and a prospectus) with the SEC for the offering
to which this document relates. Before you invest, you should read these documents and other documents that we have filed with the SEC
for more complete information about us and this offering. You may get these documents without cost by visiting EDGAR on the SEC website
at www.sec.gov. Alternatively, we, any agent or any dealer participating in this offering will arrange to send you these documents if
you so request by calling toll-free at 1-833-931-0275.
Underlying Index
For more information about the Underlying Index,
including historical performance information, see the accompanying preliminary pricing supplement.
Risk Considerations
The risks set forth below are discussed
in more detail in the “Risk Factors” section in the accompanying preliminary pricing supplement. Please review those risk
factors carefully prior to making an investment decision.
Risks Relating to the Structure of the Buffered
PLUS
| · | The Buffered PLUS do not pay
interest and provide a Minimum Payment at Maturity of only 10% of your principal. |
| · | The appreciation potential of
the Buffered PLUS is limited by the Maximum Payment at Maturity. |
| · | The amount payable on the Buffered
PLUS is not linked to the Closing Level of the Underlying Index at any time other than the Valuation Date. |
Risks Relating
to the Underlying Index
| · | An Investment in the Buffered
PLUS is subject to risks associated with foreign securities markets. |
| · | Governmental regulatory actions,
such as sanctions, could adversely affect your investment in the Buffered PLUS. |
| · | Adjustments to the Underlying
Index could adversely affect the value of the Buffered PLUS. |
Conflicts of Interest
| · | Certain business, trading and
hedging activities of us and our affiliates may create conflicts with your interests and could potentially adversely affect the value
of the Buffered PLUS. |
| · | There are potential conflicts
of interest between you and the calculation agent. |
General Risks
| · | Payments on the Buffered PLUS
are subject to our credit risk, and actual or perceived changes in our creditworthiness are expected to affect the value of the Buffered
PLUS. |
| · | The Bank’s initial estimated
value of the Buffered PLUS will be lower than the initial issue price (price to public) of the Buffered PLUS. |
| · | The Bank’s initial estimated
value does not represent future values of the Buffered PLUS and may differ from others’ estimates. |
| · | The Bank’s initial estimated
value of the Buffered PLUS will not be determined by reference to credit spreads for our conventional fixed-rate debt. |
| · | If CIBCWM were to repurchase
your Buffered PLUS after the Original Issue Date, the price may be higher than the then-current estimated value of the Buffered PLUS for
a limited time period. |
| · | Economic and market factors
may adversely affect the terms and market price of the Buffered PLUS prior to maturity. |
| · | The Buffered PLUS will not be
listed on any securities exchange and we do not expect a trading market for the Buffered PLUS to develop. |
Tax Considerations
You should review carefully the discussion in
“Additional Information About the Buffered PLUS — United States Federal Income Tax Considerations” and “—
Certain Canadian Federal Income Tax Considerations” in the accompanying pricing supplement, “Material U.S. Federal Income
Tax Consequences” in the underlying supplement and “Material Income Tax Consequences—Canadian Taxation” in the
prospectus concerning the U.S. and the Canadian federal income tax consequences of an investment in the Buffered PLUS, and you should
consult your tax adviser.
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