Filed Pursuant to
Rule 433
Registration Statement
No. 333-272447
| AUTOCALLABLE STRATEGIC ACCELERATED REDEMPTION SECURITIES® (STARS®) |
| Autocallable
Strategic Accelerated Redemption Securities® Linked to the S&P 500® Index |
| Issuer |
Canadian Imperial Bank of Commerce (“CIBC”) |
| Principal Amount |
$10.00 per unit |
| Term |
Approximately six years, if not called on the first five Observation Dates |
| Market Measure |
The S&P 500® Index (Bloomberg symbol: "SPX") |
| 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, five and six years after the pricing date |
| Call Level |
100% of the Starting Value |
| Call Amounts (per Unit) |
[$10.60 to $10.70] if called on the first Observation Date, [$11.20 to $11.40] if called on the second Observation Date, [$11.80 to $12.10] if called on the third Observation Date, [$12.40 to $12.80] if called on the fourth Observation Date, [$13.00 to $13.50] if called on the fifth Observation Date, and [$13.60 to $14.20] if called on the final Observation Date, each to be determined on the pricing date |
| Payout Profile at Maturity |
· If not called but the Market Measure does not decline
by more than 15%, a return of principal
· 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 |
| 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 |
https://www.sec.gov/Archives/edgar/data/1045520/000110465925063977/tm2516701d49_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.
· As a noteholder, 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, dividends or other distributions
by the issuers of those securities.
|
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.
