[424B2] Canadian Imperial Bank of Commerce Prospectus Supplement
Canadian Imperial Bank of Commerce (CM) is offering two-year Capped Leveraged Buffered Notes linked to the S&P 500 Index (SPX). The unsecured senior notes provide 200 % upside participation in any increase of the Index, but gains are capped at a minimum 19.25 % (exact cap to be fixed on the Trade Date of 15 July 2025). The structure includes a 15 % downside buffer; investors begin to incur 1-for-1 losses once the Index falls more than 15 % from the Initial Level, exposing principal to a maximum loss of 85 %. No periodic coupons are paid.
For each US$1,000 face amount, the Payment at Maturity is:
- If Final Level > Initial: the lesser of (i) $1,000 + (200 % × Index gain) and (ii) $1,000 + (Maximum Return).
- If Final Level ≤ Initial but ≥ Buffer Level (85 % of Initial): $1,000.
- If Final Level < Buffer Level: $1,000 + [$1,000 × (Index return + 15 %)] – i.e., full downside beyond the 15 % cushion.
Key terms: Principal amount US$1,000; expected Issue Date 18 July 2025; Maturity 15 July 2027; CUSIP 13607XYC5. The initial estimated value is projected between $968.30 and $988.30, reflecting hedging and distribution costs and implying an immediate mark-to-market discount of up to 3.2 %. Up to 0.15 % ($1.50) per note will be paid as selling commission; certain fee-based advisory accounts may pay as low as 99.85 % of par.
The notes will not be listed on any exchange, and CIBC World Markets (an affiliated dealer) may—but is not obliged to—maintain a secondary market. Investors bear CIBC senior unsecured credit risk; the notes are not deposits, not CDIC/FDIC insured and not subject to Canadian bail-in regulations. The pricing supplement highlights typical structured-product risks: capped upside, potential large principal loss, lack of liquidity, valuation uncertainties, conflicts of interest in calculation/hedging and uncertain tax treatment. Suitability is aimed at investors seeking leveraged but capped exposure to moderate SPX appreciation, willing to forgo dividends, accept credit risk and hold to maturity.
La Canadian Imperial Bank of Commerce (CM) offre Note Capped Leveraged Buffered a due anni collegate all'indice S&P 500 (SPX). Le note senior non garantite offrono una partecipazione al rialzo del 200% sull'aumento dell'indice, con guadagni limitati a un minimo del 19,25% (il limite esatto sarà fissato il giorno di negoziazione, 15 luglio 2025). La struttura prevede un buffer al ribasso del 15%; gli investitori iniziano a subire perdite 1 a 1 se l'indice scende oltre il 15% rispetto al livello iniziale, esponendo il capitale a una perdita massima dell'85%. Non sono previsti pagamenti di cedole periodiche.
Per ogni importo nominale di 1.000 US$, il Pagamento a Scadenza è:
- Se il Livello Finale > Livello Iniziale: il minore tra (i) 1.000 $ + (200% × guadagno dell'indice) e (ii) 1.000 $ + (Rendimento Massimo).
- Se il Livello Finale ≤ Livello Iniziale ma ≥ Livello Buffer (85% del Livello Iniziale): 1.000 $.
- Se il Livello Finale < Livello Buffer: 1.000 $ + [1.000 $ × (rendimento dell'indice + 15%)] – cioè piena perdita oltre il 15% di protezione.
Termini chiave: importo nominale 1.000 US$; data di emissione prevista 18 luglio 2025; scadenza 15 luglio 2027; CUSIP 13607XYC5. Il valore stimato iniziale è previsto tra 968,30 $ e 988,30 $, riflettendo costi di copertura e distribuzione e implicando uno sconto immediato mark-to-market fino al 3,2%. Fino allo 0,15% (1,50 $) per nota sarà pagato come commissione di vendita; alcuni conti consulenziali a tariffa possono pagare fino al 99,85% del valore nominale.
Le note non saranno quotate su alcuna borsa, e CIBC World Markets (dealer affiliato) potrà – ma non è obbligata a – mantenere un mercato secondario. Gli investitori assumono il rischio di credito senior non garantito di CIBC; le note non sono depositi, non sono assicurate da CDIC/FDIC e non sono soggette alle normative canadesi sul bail-in. Il supplemento di prezzo evidenzia rischi tipici dei prodotti strutturati: rialzo limitato, potenziale perdita elevata del capitale, mancanza di liquidità, incertezze nella valutazione, conflitti di interesse nel calcolo/copertura e trattamento fiscale incerto. La soluzione è adatta a investitori che cercano un'esposizione leva ma limitata a un apprezzamento moderato dell'SPX, disposti a rinunciare ai dividendi, accettare il rischio di credito e mantenere fino a scadenza.
Canadian Imperial Bank of Commerce (CM) ofrece Notas Capped Leveraged Buffered a dos años vinculadas al índice S&P 500 (SPX). Las notas senior no garantizadas proporcionan una participación al alza del 200% en cualquier aumento del índice, pero las ganancias están limitadas a un mínimo del 19,25% (el límite exacto se fijará en la fecha de negociación, 15 de julio de 2025). La estructura incluye un amortiguador a la baja del 15%; los inversores comienzan a incurrir en pérdidas 1 a 1 si el índice cae más del 15% desde el nivel inicial, exponiendo el capital a una pérdida máxima del 85%. No se pagan cupones periódicos.
Por cada monto nominal de 1.000 US$, el Pago al Vencimiento es:
- Si el Nivel Final > Nivel Inicial: el menor entre (i) 1.000 $ + (200% × ganancia del índice) y (ii) 1.000 $ + (Retorno Máximo).
- Si el Nivel Final ≤ Nivel Inicial pero ≥ Nivel Amortiguador (85% del Nivel Inicial): 1.000 $.
- Si el Nivel Final < Nivel Amortiguador: 1.000 $ + [1.000 $ × (retorno del índice + 15%)] – es decir, pérdida completa más allá del 15% de protección.
Términos clave: monto nominal 1.000 US$; fecha de emisión estimada 18 de julio de 2025; vencimiento 15 de julio de 2027; CUSIP 13607XYC5. El valor estimado inicial se proyecta entre 968,30 $ y 988,30 $, reflejando costos de cobertura y distribución e implicando un descuento inmediato mark-to-market de hasta 3,2%. Hasta un 0,15% (1,50 $) por nota se pagará como comisión de venta; algunas cuentas de asesoría basadas en honorarios pueden pagar hasta el 99,85% del valor nominal.
Las notas no estarán listadas en ninguna bolsa, y CIBC World Markets (un distribuidor afiliado) podrá – pero no está obligado a – mantener un mercado secundario. Los inversores asumen el riesgo crediticio senior no garantizado de CIBC; las notas no son depósitos, no están aseguradas por CDIC/FDIC y no están sujetas a regulaciones canadienses de rescate financiero. El suplemento de precios destaca riesgos típicos de productos estructurados: techo en ganancias, posible pérdida significativa de capital, falta de liquidez, incertidumbres en la valoración, conflictos de interés en el cálculo/cobertura y tratamiento fiscal incierto. Es adecuado para inversores que buscan exposición apalancada pero limitada a una apreciación moderada del SPX, dispuestos a renunciar a dividendos, aceptar riesgo crediticio y mantener hasta el vencimiento.
캐나다 임페리얼 뱅크 오브 커머스(CM)가 S&P 500 지수(SPX)에 연동된 2년 만기 캡드 레버리지 버퍼드 노트를 제공합니다. 이 무담보 선순위 노트는 지수 상승 시 200%의 상승 참여율을 제공하지만, 수익은 최소 19.25%로 상한이 설정됩니다(정확한 상한은 2025년 7월 15일 거래일에 확정). 구조에는 15% 하락 버퍼가 포함되어 있으며, 지수가 초기 수준에서 15% 이상 하락하면 투자자는 1대1 비율로 손실을 입기 시작해 원금 최대 85% 손실에 노출됩니다. 주기적인 이자 지급은 없습니다.
미화 1,000달러 액면가당 만기 시 지급금은 다음과 같습니다:
- 최종 지수 수준이 초기 수준보다 클 경우: (i) 1,000달러 + (200% × 지수 상승분)과 (ii) 1,000달러 + (최대 수익) 중 더 낮은 금액.
- 최종 지수 수준이 초기 수준 이하이지만 버퍼 수준(초기의 85%) 이상일 경우: 1,000달러.
- 최종 지수 수준이 버퍼 수준 미만일 경우: 1,000달러 + [1,000달러 × (지수 수익률 + 15%)] 즉, 15% 보호 범위를 초과하는 손실 전액.
주요 조건: 원금 1,000달러; 예상 발행일 2025년 7월 18일; 만기 2027년 7월 15일; CUSIP 13607XYC5. 초기 예상 가치는 헤지 및 배포 비용을 반영하여 968.30달러에서 988.30달러 사이로 추정되며, 즉시 시장가치 대비 최대 3.2% 할인됨을 의미합니다. 판매 수수료로 노트당 최대 0.15%(1.50달러)가 지급되며, 일부 수수료 기반 자문 계좌는 액면가의 99.85%까지 지불할 수 있습니다.
이 노트는 어떤 거래소에도 상장되지 않으며, CIBC 월드 마켓(계열 딜러)은 2차 시장을 유지할 수 있으나 의무는 아닙니다. 투자자는 CIBC의 무담보 선순위 신용 위험을 부담하며, 이 노트는 예금이 아니고 CDIC/FDIC 보험 적용 대상이 아니며 캐나다 구제금융 규정의 적용을 받지 않습니다. 가격 보충 자료는 전형적인 구조화 상품 위험을 강조합니다: 상한이 있는 수익, 큰 원금 손실 가능성, 유동성 부족, 평가 불확실성, 계산/헤지에서의 이해 상충, 불확실한 세금 처리. 적합성은 레버리지 있지만 상한이 있는 SPX의 중간 정도 상승 노출을 원하는 투자자, 배당 포기, 신용 위험 수용 및 만기 보유 의사가 있는 투자자에 맞춰져 있습니다.
La Canadian Imperial Bank of Commerce (CM) propose des Notes Capped Leveraged Buffered d'une durée de deux ans liées à l'indice S&P 500 (SPX). Ces notes senior non garanties offrent une participation à la hausse de 200% en cas d'augmentation de l'indice, mais les gains sont plafonnés à un minimum de 19,25% (le plafond exact sera fixé à la date de transaction, le 15 juillet 2025). La structure comprend un buffer de baisse de 15% ; les investisseurs commencent à subir des pertes au taux de 1 pour 1 dès que l'indice chute de plus de 15% par rapport au niveau initial, exposant le capital à une perte maximale de 85%. Aucun coupon périodique n'est versé.
Pour chaque montant nominal de 1 000 $ US, le paiement à l'échéance est :
- Si le niveau final > niveau initial : le moindre entre (i) 1 000 $ + (200 % × gain de l'indice) et (ii) 1 000 $ + (rendement maximal).
- Si le niveau final ≤ niveau initial mais ≥ niveau de buffer (85 % du niveau initial) : 1 000 $.
- Si le niveau final < niveau de buffer : 1 000 $ + [1 000 $ × (rendement de l'indice + 15 %)] – c'est-à-dire la perte totale au-delà de la protection de 15%.
Termes clés : montant principal 1 000 $ US ; date d'émission prévue le 18 juillet 2025 ; échéance le 15 juillet 2027 ; CUSIP 13607XYC5. La valeur estimée initiale est projetée entre 968,30 $ et 988,30 $, reflétant les coûts de couverture et de distribution et impliquant une décote immédiate mark-to-market pouvant aller jusqu'à 3,2 %. Une commission de vente allant jusqu'à 0,15 % (1,50 $) par note sera versée ; certains comptes de conseil facturés à honoraires peuvent payer jusqu'à 99,85 % de la valeur nominale.
Les notes ne seront pas cotées sur une quelconque bourse, et CIBC World Markets (un distributeur affilié) peut – mais n'est pas obligé de – maintenir un marché secondaire. Les investisseurs supportent le risque de crédit senior non garanti de CIBC ; les notes ne sont pas des dépôts, ne sont pas assurées par la CDIC/FDIC et ne sont pas soumises aux réglementations canadiennes sur le renflouement. Le supplément de prix met en évidence les risques typiques des produits structurés : plafond de gain, perte potentielle importante du capital, manque de liquidité, incertitudes d'évaluation, conflits d'intérêts dans le calcul/la couverture et traitement fiscal incertain. Ce produit convient aux investisseurs recherchant une exposition à effet de levier mais plafonnée à une appréciation modérée du SPX, prêts à renoncer aux dividendes, à accepter le risque de crédit et à conserver jusqu'à l'échéance.
Die Canadian Imperial Bank of Commerce (CM) bietet zweijährige Capped Leveraged Buffered Notes, die an den S&P 500 Index (SPX) gekoppelt sind. Die unbesicherten Senior Notes bieten eine 200%ige Aufwärtsbeteiligung an jeglichem Anstieg des Index, jedoch sind die Gewinne auf mindestens 19,25% begrenzt (die genaue Obergrenze wird am Handelstag, dem 15. Juli 2025, festgelegt). Die Struktur beinhaltet einen 15%igen Abwärtspuffer; Anleger erleiden Verluste im Verhältnis 1:1, sobald der Index mehr als 15% unter den Anfangswert fällt, wodurch das Kapital einem maximalen Verlust von 85% ausgesetzt ist. Es werden keine periodischen Kupons gezahlt.
Für jeden US$ 1.000 Nennwert beträgt die Zahlung bei Fälligkeit:
- Wenn der Endstand > Anfangswert ist: der geringere Wert von (i) 1.000 $ + (200 % × Indexgewinn) und (ii) 1.000 $ + (Maximale Rendite).
- Wenn der Endstand ≤ Anfangswert aber ≥ Pufferlevel (85 % des Anfangswerts) ist: 1.000 $.
- Wenn der Endstand < Pufferlevel ist: 1.000 $ + [1.000 $ × (Indexrendite + 15 %)] – also der volle Verlust über den 15% Schutz hinaus.
Wichtige Bedingungen: Nennbetrag 1.000 US$; erwartetes Ausgabedatum 18. Juli 2025; Fälligkeit 15. Juli 2027; CUSIP 13607XYC5. Der anfängliche geschätzte Wert wird zwischen 968,30 $ und 988,30 $ prognostiziert, was Absicherungs- und Vertriebskosten widerspiegelt und einen sofortigen Mark-to-Market-Abschlag von bis zu 3,2 % impliziert. Bis zu 0,15 % (1,50 $) pro Note werden als Verkaufsprovision gezahlt; bestimmte gebührenbasierte Beratungskonten können bis zu 99,85 % des Nennwerts zahlen.
Die Notes werden nicht an einer Börse gelistet sein, und CIBC World Markets (ein verbundenes Händlerunternehmen) kann, ist aber nicht verpflichtet, einen Sekundärmarkt aufrechtzuerhalten. Anleger tragen das unbesicherte Senior-Kreditrisiko von CIBC; die Notes sind keine Einlagen, nicht durch CDIC/FDIC versichert und unterliegen nicht den kanadischen Bail-in-Vorschriften. Das Preiszusatzblatt hebt typische Risiken strukturierter Produkte hervor: begrenztes Aufwärtspotenzial, potenziell hoher Kapitalverlust, mangelnde Liquidität, Bewertungsunsicherheiten, Interessenkonflikte bei Berechnung/Absicherung und unsichere steuerliche Behandlung. Geeignet ist das Produkt für Anleger, die eine gehebelte, aber begrenzte Beteiligung an moderaten SPX-Steigerungen suchen, bereit sind, auf Dividenden zu verzichten, Kreditrisiken einzugehen und bis zur Fälligkeit zu halten.
- 200 % upside participation up to the cap allows leveraged exposure to moderate S&P 500 gains.
- 15 % downside buffer shields principal from the first 15 % of Index decline.
- Short two-year tenor limits credit-spread and market-volatility exposure relative to longer structured notes.
- Maximum Return capped at ≥19.25 %, forfeiting further upside even if the Index rallies strongly.
- Potential loss of up to 85 % of principal once the Index falls more than 15 %.
- No periodic interest or dividends; total return depends solely on final payoff.
- Initial estimated value 1.2-3.2 % below issue price, creating immediate negative carry for holders.
- No exchange listing and limited secondary market, resulting in liquidity and pricing risks.
Insights
TL;DR – 2-year SPX note offers 2× upside to 19.25 % cap, 15 % buffer, but 85 % downside risk and liquidity/valuation drag.
Assessment: The design is classic retail structured product: limited term, simple payoff grid and modest buffer. A 19.25 % cap equates to breakeven SPX appreciation of roughly 9.625 %—achievable, but investors surrender any additional upside. The embedded option package costs ~1.5–3.2 % up-front (difference between price and estimated value), meaning negative carry from day one. Credit risk is low given CIBC’s high-grade profile, yet not negligible over two years. Lack of listing means exit pricing will depend on the issuer’s affiliate and will include bid/ask spreads plus model-based markdowns, especially within the first three months.
Net impact: Neutral overall. Attractive to investors with a moderately bullish two-year SPX view who prize the 15 % buffer more than uncapped equity exposure, but unsuitable for those requiring liquidity, dividends, or full principal protection.
TL;DR – Notes shift tail risk to investor; modest buffer, tight cap, minimal fee income—structurally risk-skewed.
The product’s asymmetry is stark: investors cap potential gain at ~19 % yet face 85 % maximum loss. From a portfolio-construction lens, the payoff mimics a covered-call strategy with a 15 % put spread, executed at institutional option prices favorable to the dealer. The credit component adds spread risk absent in listed options. Discount to estimated value embeds roughly 120–320 bp of frictional cost, reducing expected return versus a delta-hedged equity alternative. Illiquidity further penalizes mark-to-market flexibility. Given current volatility and rate backdrop, comparable two-year collar structures could be replicated in the listed market at similar or better economics without credit exposure.
Conclusion: Not impactful for CIBC’s financials but risk-heavy for retail buyers; neutral to slightly negative on investor attractiveness.
La Canadian Imperial Bank of Commerce (CM) offre Note Capped Leveraged Buffered a due anni collegate all'indice S&P 500 (SPX). Le note senior non garantite offrono una partecipazione al rialzo del 200% sull'aumento dell'indice, con guadagni limitati a un minimo del 19,25% (il limite esatto sarà fissato il giorno di negoziazione, 15 luglio 2025). La struttura prevede un buffer al ribasso del 15%; gli investitori iniziano a subire perdite 1 a 1 se l'indice scende oltre il 15% rispetto al livello iniziale, esponendo il capitale a una perdita massima dell'85%. Non sono previsti pagamenti di cedole periodiche.
Per ogni importo nominale di 1.000 US$, il Pagamento a Scadenza è:
- Se il Livello Finale > Livello Iniziale: il minore tra (i) 1.000 $ + (200% × guadagno dell'indice) e (ii) 1.000 $ + (Rendimento Massimo).
- Se il Livello Finale ≤ Livello Iniziale ma ≥ Livello Buffer (85% del Livello Iniziale): 1.000 $.
- Se il Livello Finale < Livello Buffer: 1.000 $ + [1.000 $ × (rendimento dell'indice + 15%)] – cioè piena perdita oltre il 15% di protezione.
Termini chiave: importo nominale 1.000 US$; data di emissione prevista 18 luglio 2025; scadenza 15 luglio 2027; CUSIP 13607XYC5. Il valore stimato iniziale è previsto tra 968,30 $ e 988,30 $, riflettendo costi di copertura e distribuzione e implicando uno sconto immediato mark-to-market fino al 3,2%. Fino allo 0,15% (1,50 $) per nota sarà pagato come commissione di vendita; alcuni conti consulenziali a tariffa possono pagare fino al 99,85% del valore nominale.
Le note non saranno quotate su alcuna borsa, e CIBC World Markets (dealer affiliato) potrà – ma non è obbligata a – mantenere un mercato secondario. Gli investitori assumono il rischio di credito senior non garantito di CIBC; le note non sono depositi, non sono assicurate da CDIC/FDIC e non sono soggette alle normative canadesi sul bail-in. Il supplemento di prezzo evidenzia rischi tipici dei prodotti strutturati: rialzo limitato, potenziale perdita elevata del capitale, mancanza di liquidità, incertezze nella valutazione, conflitti di interesse nel calcolo/copertura e trattamento fiscale incerto. La soluzione è adatta a investitori che cercano un'esposizione leva ma limitata a un apprezzamento moderato dell'SPX, disposti a rinunciare ai dividendi, accettare il rischio di credito e mantenere fino a scadenza.
Canadian Imperial Bank of Commerce (CM) ofrece Notas Capped Leveraged Buffered a dos años vinculadas al índice S&P 500 (SPX). Las notas senior no garantizadas proporcionan una participación al alza del 200% en cualquier aumento del índice, pero las ganancias están limitadas a un mínimo del 19,25% (el límite exacto se fijará en la fecha de negociación, 15 de julio de 2025). La estructura incluye un amortiguador a la baja del 15%; los inversores comienzan a incurrir en pérdidas 1 a 1 si el índice cae más del 15% desde el nivel inicial, exponiendo el capital a una pérdida máxima del 85%. No se pagan cupones periódicos.
Por cada monto nominal de 1.000 US$, el Pago al Vencimiento es:
- Si el Nivel Final > Nivel Inicial: el menor entre (i) 1.000 $ + (200% × ganancia del índice) y (ii) 1.000 $ + (Retorno Máximo).
- Si el Nivel Final ≤ Nivel Inicial pero ≥ Nivel Amortiguador (85% del Nivel Inicial): 1.000 $.
- Si el Nivel Final < Nivel Amortiguador: 1.000 $ + [1.000 $ × (retorno del índice + 15%)] – es decir, pérdida completa más allá del 15% de protección.
Términos clave: monto nominal 1.000 US$; fecha de emisión estimada 18 de julio de 2025; vencimiento 15 de julio de 2027; CUSIP 13607XYC5. El valor estimado inicial se proyecta entre 968,30 $ y 988,30 $, reflejando costos de cobertura y distribución e implicando un descuento inmediato mark-to-market de hasta 3,2%. Hasta un 0,15% (1,50 $) por nota se pagará como comisión de venta; algunas cuentas de asesoría basadas en honorarios pueden pagar hasta el 99,85% del valor nominal.
Las notas no estarán listadas en ninguna bolsa, y CIBC World Markets (un distribuidor afiliado) podrá – pero no está obligado a – mantener un mercado secundario. Los inversores asumen el riesgo crediticio senior no garantizado de CIBC; las notas no son depósitos, no están aseguradas por CDIC/FDIC y no están sujetas a regulaciones canadienses de rescate financiero. El suplemento de precios destaca riesgos típicos de productos estructurados: techo en ganancias, posible pérdida significativa de capital, falta de liquidez, incertidumbres en la valoración, conflictos de interés en el cálculo/cobertura y tratamiento fiscal incierto. Es adecuado para inversores que buscan exposición apalancada pero limitada a una apreciación moderada del SPX, dispuestos a renunciar a dividendos, aceptar riesgo crediticio y mantener hasta el vencimiento.
캐나다 임페리얼 뱅크 오브 커머스(CM)가 S&P 500 지수(SPX)에 연동된 2년 만기 캡드 레버리지 버퍼드 노트를 제공합니다. 이 무담보 선순위 노트는 지수 상승 시 200%의 상승 참여율을 제공하지만, 수익은 최소 19.25%로 상한이 설정됩니다(정확한 상한은 2025년 7월 15일 거래일에 확정). 구조에는 15% 하락 버퍼가 포함되어 있으며, 지수가 초기 수준에서 15% 이상 하락하면 투자자는 1대1 비율로 손실을 입기 시작해 원금 최대 85% 손실에 노출됩니다. 주기적인 이자 지급은 없습니다.
미화 1,000달러 액면가당 만기 시 지급금은 다음과 같습니다:
- 최종 지수 수준이 초기 수준보다 클 경우: (i) 1,000달러 + (200% × 지수 상승분)과 (ii) 1,000달러 + (최대 수익) 중 더 낮은 금액.
- 최종 지수 수준이 초기 수준 이하이지만 버퍼 수준(초기의 85%) 이상일 경우: 1,000달러.
- 최종 지수 수준이 버퍼 수준 미만일 경우: 1,000달러 + [1,000달러 × (지수 수익률 + 15%)] 즉, 15% 보호 범위를 초과하는 손실 전액.
주요 조건: 원금 1,000달러; 예상 발행일 2025년 7월 18일; 만기 2027년 7월 15일; CUSIP 13607XYC5. 초기 예상 가치는 헤지 및 배포 비용을 반영하여 968.30달러에서 988.30달러 사이로 추정되며, 즉시 시장가치 대비 최대 3.2% 할인됨을 의미합니다. 판매 수수료로 노트당 최대 0.15%(1.50달러)가 지급되며, 일부 수수료 기반 자문 계좌는 액면가의 99.85%까지 지불할 수 있습니다.
이 노트는 어떤 거래소에도 상장되지 않으며, CIBC 월드 마켓(계열 딜러)은 2차 시장을 유지할 수 있으나 의무는 아닙니다. 투자자는 CIBC의 무담보 선순위 신용 위험을 부담하며, 이 노트는 예금이 아니고 CDIC/FDIC 보험 적용 대상이 아니며 캐나다 구제금융 규정의 적용을 받지 않습니다. 가격 보충 자료는 전형적인 구조화 상품 위험을 강조합니다: 상한이 있는 수익, 큰 원금 손실 가능성, 유동성 부족, 평가 불확실성, 계산/헤지에서의 이해 상충, 불확실한 세금 처리. 적합성은 레버리지 있지만 상한이 있는 SPX의 중간 정도 상승 노출을 원하는 투자자, 배당 포기, 신용 위험 수용 및 만기 보유 의사가 있는 투자자에 맞춰져 있습니다.
La Canadian Imperial Bank of Commerce (CM) propose des Notes Capped Leveraged Buffered d'une durée de deux ans liées à l'indice S&P 500 (SPX). Ces notes senior non garanties offrent une participation à la hausse de 200% en cas d'augmentation de l'indice, mais les gains sont plafonnés à un minimum de 19,25% (le plafond exact sera fixé à la date de transaction, le 15 juillet 2025). La structure comprend un buffer de baisse de 15% ; les investisseurs commencent à subir des pertes au taux de 1 pour 1 dès que l'indice chute de plus de 15% par rapport au niveau initial, exposant le capital à une perte maximale de 85%. Aucun coupon périodique n'est versé.
Pour chaque montant nominal de 1 000 $ US, le paiement à l'échéance est :
- Si le niveau final > niveau initial : le moindre entre (i) 1 000 $ + (200 % × gain de l'indice) et (ii) 1 000 $ + (rendement maximal).
- Si le niveau final ≤ niveau initial mais ≥ niveau de buffer (85 % du niveau initial) : 1 000 $.
- Si le niveau final < niveau de buffer : 1 000 $ + [1 000 $ × (rendement de l'indice + 15 %)] – c'est-à-dire la perte totale au-delà de la protection de 15%.
Termes clés : montant principal 1 000 $ US ; date d'émission prévue le 18 juillet 2025 ; échéance le 15 juillet 2027 ; CUSIP 13607XYC5. La valeur estimée initiale est projetée entre 968,30 $ et 988,30 $, reflétant les coûts de couverture et de distribution et impliquant une décote immédiate mark-to-market pouvant aller jusqu'à 3,2 %. Une commission de vente allant jusqu'à 0,15 % (1,50 $) par note sera versée ; certains comptes de conseil facturés à honoraires peuvent payer jusqu'à 99,85 % de la valeur nominale.
Les notes ne seront pas cotées sur une quelconque bourse, et CIBC World Markets (un distributeur affilié) peut – mais n'est pas obligé de – maintenir un marché secondaire. Les investisseurs supportent le risque de crédit senior non garanti de CIBC ; les notes ne sont pas des dépôts, ne sont pas assurées par la CDIC/FDIC et ne sont pas soumises aux réglementations canadiennes sur le renflouement. Le supplément de prix met en évidence les risques typiques des produits structurés : plafond de gain, perte potentielle importante du capital, manque de liquidité, incertitudes d'évaluation, conflits d'intérêts dans le calcul/la couverture et traitement fiscal incertain. Ce produit convient aux investisseurs recherchant une exposition à effet de levier mais plafonnée à une appréciation modérée du SPX, prêts à renoncer aux dividendes, à accepter le risque de crédit et à conserver jusqu'à l'échéance.
Die Canadian Imperial Bank of Commerce (CM) bietet zweijährige Capped Leveraged Buffered Notes, die an den S&P 500 Index (SPX) gekoppelt sind. Die unbesicherten Senior Notes bieten eine 200%ige Aufwärtsbeteiligung an jeglichem Anstieg des Index, jedoch sind die Gewinne auf mindestens 19,25% begrenzt (die genaue Obergrenze wird am Handelstag, dem 15. Juli 2025, festgelegt). Die Struktur beinhaltet einen 15%igen Abwärtspuffer; Anleger erleiden Verluste im Verhältnis 1:1, sobald der Index mehr als 15% unter den Anfangswert fällt, wodurch das Kapital einem maximalen Verlust von 85% ausgesetzt ist. Es werden keine periodischen Kupons gezahlt.
Für jeden US$ 1.000 Nennwert beträgt die Zahlung bei Fälligkeit:
- Wenn der Endstand > Anfangswert ist: der geringere Wert von (i) 1.000 $ + (200 % × Indexgewinn) und (ii) 1.000 $ + (Maximale Rendite).
- Wenn der Endstand ≤ Anfangswert aber ≥ Pufferlevel (85 % des Anfangswerts) ist: 1.000 $.
- Wenn der Endstand < Pufferlevel ist: 1.000 $ + [1.000 $ × (Indexrendite + 15 %)] – also der volle Verlust über den 15% Schutz hinaus.
Wichtige Bedingungen: Nennbetrag 1.000 US$; erwartetes Ausgabedatum 18. Juli 2025; Fälligkeit 15. Juli 2027; CUSIP 13607XYC5. Der anfängliche geschätzte Wert wird zwischen 968,30 $ und 988,30 $ prognostiziert, was Absicherungs- und Vertriebskosten widerspiegelt und einen sofortigen Mark-to-Market-Abschlag von bis zu 3,2 % impliziert. Bis zu 0,15 % (1,50 $) pro Note werden als Verkaufsprovision gezahlt; bestimmte gebührenbasierte Beratungskonten können bis zu 99,85 % des Nennwerts zahlen.
Die Notes werden nicht an einer Börse gelistet sein, und CIBC World Markets (ein verbundenes Händlerunternehmen) kann, ist aber nicht verpflichtet, einen Sekundärmarkt aufrechtzuerhalten. Anleger tragen das unbesicherte Senior-Kreditrisiko von CIBC; die Notes sind keine Einlagen, nicht durch CDIC/FDIC versichert und unterliegen nicht den kanadischen Bail-in-Vorschriften. Das Preiszusatzblatt hebt typische Risiken strukturierter Produkte hervor: begrenztes Aufwärtspotenzial, potenziell hoher Kapitalverlust, mangelnde Liquidität, Bewertungsunsicherheiten, Interessenkonflikte bei Berechnung/Absicherung und unsichere steuerliche Behandlung. Geeignet ist das Produkt für Anleger, die eine gehebelte, aber begrenzte Beteiligung an moderaten SPX-Steigerungen suchen, bereit sind, auf Dividenden zu verzichten, Kreditrisiken einzugehen und bis zur Fälligkeit zu halten.
Filed Pursuant to Rule 424(b)(2)
Registration No. 333-272447
The information in this preliminary pricing supplement is not complete and may be changed. This preliminary pricing supplement and the accompanying underlying supplement, prospectus supplement and prospectus are not an offer to sell these securities and we are not soliciting an offer to buy these securities in any jurisdiction where the offer or sale is not permitted.
| Subject to Completion, Dated July 9, 2025 |  |
| Pricing Supplement dated , 2025 | |
| (To Equity Index Underlying Supplement dated September 5, 2023, | |
| Prospectus Supplement dated September 5, 2023, and Prospectus dated September 5, 2023) | |
Canadian Imperial Bank of Commerce
Senior Global Medium-Term Notes
$ Capped Leveraged Buffered Notes Linked to the S&P 500® Index due July 15, 2027
| ● | The Capped Leveraged Buffered Notes (the “notes”) provide a 2-to-1 upside exposure to any increases in the S&P 500® Index (the “Index”), subject to a Maximum Return of at least 19.25% (to be determined on the Trade Date). If the level of the Index decreases, investors will be subject to 1-to-1 downside exposure to any decrease in the level of the Index beyond a 15% decline. Accordingly, you may lose up to 85% of the principal amount. |
| ● | For each $1,000 in principal amount of the notes, the Payment at Maturity will be a cash amount equal to: |
| o | If the Final Level is greater than the Initial Level, the lesser of: |
(1) $1,000 + ($1,000 × Percentage Change × 200%); and
(2) $1,000 + ($1,000 × Maximum Return)
| o | If the Final Level is equal to or less than the Initial Level but greater than or equal to the Buffer Level: |
$1,000
| o | If the Final Level is less than the Buffer Level: |
$1,000 + [$1,000 × (Percentage Change + 15%)]
| ● | The notes do not pay interest. |
| ● | The notes will not be listed on any securities exchange. |
| ● | The notes will be issued in minimum denominations of $1,000 and integral multiples of $1,000 in excess thereof. |
The notes are unsecured obligations of the Bank and any payment on the notes is subject to the credit risk of the Bank. The notes will not constitute deposits insured by the Canada Deposit Insurance Corporation, the U.S. Federal Deposit Insurance Corporation, or any other government agency or instrumentality of Canada, the United States or any other jurisdiction. The notes are not bail-inable debt securities (as defined on page 6 of the prospectus).
Neither the Securities and Exchange Commission (the “SEC”) nor any state or provincial securities commission has approved or disapproved of these notes or determined if this pricing supplement or the accompanying underlying supplement, prospectus supplement or prospectus is truthful or complete. Any representation to the contrary is a criminal offense.
Investing in the notes involves risks not associated with an investment in ordinary debt securities. See “Additional Risk Factors” beginning on page PS-7 of this pricing supplement, and “Risk Factors” beginning on page S-1 of the accompanying underlying supplement, page S-1 of the prospectus supplement and page 1 of the prospectus.
| | Price to Public (Initial Issue Price)(1) | Underwriting Discount (1)(2) | Proceeds to Issuer |
| Per Note | $1,000.00 | Up to $1.50 | At least $998.50 |
| Total | $ | $ | $ |
| (1) | Because certain dealers who purchase the notes for sale to certain fee-based advisory accounts may forgo some or all of their commissions or selling concessions, the price to public for investors purchasing the notes in these accounts may be between $998.50 and $1,000.00 per note. |
| (2) | CIBC World Markets Corp. (“CIBCWM”), acting as agent for the Bank, will receive a commission of up to $1.50 (0.15%) per $1,000 principal amount of the notes. CIBCWM may use a portion or all of its commission to allow selling concessions to other dealers in connection with the distribution of the notes. The other dealers may forgo, in their sole discretion, some or all of their selling concessions. See “Supplemental Plan of Distribution (Conflicts of Interest)” on page PS-13 of this pricing supplement. |
The initial estimated value of the notes on the Trade Date as determined by the Bank is expected to be between $968.30 and $988.30 per $1,000 principal amount of the notes, which is expected to be less than the price to public. See “The Bank’s Estimated Value of the Notes” in this pricing supplement.
We will deliver the notes in book-entry form through the facilities of The Depository Trust Company (“DTC”) on or about July 18, 2025 against payment in immediately available funds.
CIBC Capital Markets
ADDITIONAL TERMS OF THE NOTES
You should read this pricing supplement together with the prospectus dated September 5, 2023 (the “prospectus”), the prospectus supplement dated September 5, 2023 (the “prospectus supplement”) and the Equity Index Underlying Supplement dated September 5, 2023 (the “underlying supplement”). Information in this pricing supplement supersedes information in the underlying supplement, the prospectus supplement and the prospectus to the extent it is different from that information. Certain terms used but not defined herein will have the meanings set forth in the underlying supplement, the prospectus supplement or the prospectus.
You should rely only on the information contained in or incorporated by reference in this pricing supplement and the accompanying underlying supplement, the prospectus supplement and the prospectus. This pricing supplement may be used only for the purpose for which it has been prepared. No one is authorized to give information other than that contained in this pricing supplement and the accompanying underlying supplement, the prospectus supplement and the prospectus, and in the documents referred to in those documents and which are made available to the public. We, CIBCWM and our other affiliates have not authorized any other person to provide you with different or additional information. If anyone provides you with different or additional information, you should not rely on it.
We and CIBCWM are not making an offer to sell the notes in any jurisdiction where the offer or sale is not permitted. You should not assume that the information contained in or incorporated by reference in this pricing supplement or the accompanying underlying supplement, the prospectus supplement or the prospectus is accurate as of any date other than the date of the applicable document. Our business, financial condition, results of operations and prospects may have changed since that date. Neither this pricing supplement nor the accompanying underlying supplement, the prospectus supplement or the prospectus constitutes an offer, or an invitation on behalf of us or CIBCWM, to subscribe for and purchase any of the notes and may not be used for or in connection with an offer or solicitation by anyone in any jurisdiction in which such an offer or solicitation is not authorized or to any person to whom it is unlawful to make such an offer or solicitation.
References to “CIBC,” “the Issuer,” “the Bank,” “we,” “us” and “our” in this pricing supplement are references to Canadian Imperial Bank of Commerce and not to any of our subsidiaries, unless we state otherwise or the context otherwise requires.
You may access the underlying supplement, the prospectus supplement and the prospectus on the SEC website www.sec.gov as follows (or if such address has changed, by reviewing our filing for the relevant date on the SEC website):
| | ● | Underlying supplement dated September 5, 2023: |
| | | https://www.sec.gov/Archives/edgar/data/1045520/000110465923098170/tm2322483d89_424b5.htm |
| | ● | Prospectus supplement dated September 5, 2023: |
| | | https://www.sec.gov/Archives/edgar/data/1045520/000110465923098166/tm2322483d94_424b5.htm |
| | ● | Prospectus dated September 5, 2023: |
| | | https://www.sec.gov/Archives/edgar/data/1045520/000110465923098163/tm2325339d10_424b3.htm |
| | PS-1 | |
SUMMARY
The information in this “Summary” section is qualified by the more detailed information set forth in the underlying supplement, the prospectus supplement and the prospectus. See “Additional Terms of the Notes” in this pricing supplement.
| Issuer: | Canadian Imperial Bank of Commerce | |
| Reference Asset: | The S&P 500® Index (Bloomberg ticker: SPX) | |
| Principal Amount: | $1,000 per note | |
| Aggregate Principal Amount: | $ | |
| Term: | Approximately two years | |
| Trade Date: | Expected to be July 15, 2025 | |
| Original Issue Date: | Expected to be July 18, 2025 (to be determined on the Trade Date and expected to be the third scheduled Business Day after the Trade Date) | |
| Final Valuation Date: | Expected to be July 12, 2027, subject to postponement as described under “Certain Terms of the Notes—Valuation Dates—For Notes Where the Reference Asset Is a Single Index” in the underlying supplement. | |
| Maturity Date: | Expected to be July 15, 2027, subject to postponement as described under “Certain Terms of the Notes— Interest Payment Dates, Coupon Payment Dates, Call Payment Dates and Maturity Date” in the underlying supplement. | |
| Payment at Maturity: | For each $1,000 in principal amount of the notes, the Payment at Maturity will be a cash amount equal to: | |
| | ● | If the Final Level is greater than the Initial Level, the lesser of: |
| | | (1) $1,000 + ($1,000 × Percentage Change × Upside Participation Rate); and |
| | | (2) $1,000 + ($1,000 × Maximum Return) |
| | ● | If the Final Level is equal to or less than the Initial Level but greater than or equal to the Buffer Level: |
| | | $1,000 |
| | ● | If the Final Level is less than the Buffer Level: |
| | | $1,000 + [$1,000 × (Percentage Change + Buffer Amount)] |
| | | In this case, you will lose 1% of the principal amount for each 1% decrease in the level of the Index by more than 15%. Accordingly, you may lose up to 85% of the principal amount. |
| Upside Participation Rate: | 200% | |
| Maximum Return: | At least 19.25% (to be determined on the Trade Date) | |
| Buffer Amount: | 15% | |
| | PS-2 | |
| Buffer Level: | 85% of the Initial Level. |
| Percentage Change: |
Final Level – Initial Level, expressed as a percentage. Initial Level |
| Initial Level: | The Closing Level of the Index on the Trade Date. |
| Final Level: | The Closing Level of the Index on the Final Valuation Date. |
| Calculation Agent: | Canadian Imperial Bank of Commerce. |
| CUSIP/ISIN: | 13607XYC5/ US13607XYC54 |
| Fees and Expenses: | The price at which you purchase the notes includes costs that the Bank or its affiliates expect to incur and profits that the Bank or its affiliates expect to realize in connection with hedging activities related to the notes. |
The Trade Date and the other dates set forth above are subject to change, and will be set forth in the final pricing supplement relating to the notes.
| | PS-3 | |
HYPOTHETICAL PAYMENT AT MATURITY
The following table and examples are provided for illustrative purposes only and are hypothetical. They do not purport to be representative of every possible scenario concerning increases or decreases in the Final Level relative to the Initial Level. We cannot predict the Closing Level of the Index at any time during the term of the notes, including the Final Valuation Date. The assumptions we have made in connection with the illustrations set forth below may not reflect actual events. You should not take this illustration or these examples as an indication or assurance of the expected performance of the Index or return on the notes. The numbers appearing in the table below and following examples have been rounded for ease of analysis.
The table below illustrates the Payment at Maturity on a $1,000 investment in the notes for a hypothetical range of Percentage Changes of the Index from -100% to +100%. The following results are based solely on the assumptions outlined below. The “Hypothetical Return on the Notes” as used below is the number, expressed as a percentage, that results from comparing the Payment at Maturity per $1,000 principal amount to $1,000. The potential returns described below assume that the notes are held to maturity. The following table and examples assume the following:
| Principal Amount: | $1,000 |
| Upside Participation Rate: | 200% |
| Hypothetical Maximum Return: | 19.25% (The actual Maximum Return will be at least 19.25%, to be determined on the Trade Date) |
| Buffer Amount: | 15% |
| Hypothetical Initial Level: | 1,000 |
| Hypothetical Buffer Level: | 850 (85% of the Initial Level) |
| Hypothetical Final Level |
Hypothetical Percentage Change |
Hypothetical Payment at Maturity |
Hypothetical Return on the Notes |
| 2,000.00 | 100.00% | $1,192.50 | 19.25% |
| 1,750.00 | 75.00% | $1,192.50 | 19.25% |
| 1,500.00 | 50.00% | $1,192.50 | 19.25% |
| 1,200.00 | 20.00% | $1,192.50 | 19.25% |
| 1,096.30 | 9.63% | $1,192.50 | 19.25%(1) |
| 1,050.00 | 5.00% | $1,100.00 | 10.00% |
| 1,020.00 | 2.00% | $1,040.00 | 4.00% |
| 1,000.00(2) | 0.00% | $1,000.00 | 0.00% |
| 950.00 | -5.00% | $1,000.00 | 0.00% |
| 930.00 | -7.00% | $1,000.00 | 0.00% |
| 850.00(3) | -15.00% | $1,000.00 | 0.00% |
| 840.00 | -16.00% | $990.00 | -1.00% |
| 700.00 | -30.00% | $850.00 | -15.00% |
| 500.00 | -50.00% | $650.00 | -35.00% |
| 200.00 | -80.00% | $350.00 | -65.00% |
| 0.00 | -100.00% | $150.00 | -85.00% |
| (1) | The return on the notes cannot exceed the Maximum Return. |
| (2) | The hypothetical Initial Level of 1,000 used in these examples has been chosen for illustrative purposes only, and does not represent a likely actual Initial Level. |
| (3) | This is the hypothetical Buffer Level. |
| | PS-4 | |
The following examples indicate how the Payment at Maturity would be calculated with respect to a hypothetical $1,000 investment in the notes.
Example 1: The Percentage Change Is 50.00%.
The Final Level is 1,500.00, resulting in a Percentage Change of 50.00%. In this example, the Final Level is greater than the Initial Level, and the positive Percentage Change multiplied by the Upside Participation Rate of 200% exceeds the hypothetical Maximum Return of 19.25%, the Payment at Maturity would be $1,192.50 per $1,000 principal amount, calculated as follows:
$1,000 + ($1,000 × Maximum Return)
= $1,000 + ($1,000 × 19.25%)
= $1,192.50
Example 1 shows that the return on the notes will not exceed the Maximum Return, regardless of the extent to which the level of the Index increases.
Example 2: The Percentage Change Is 2.00%.
The Final Level is 1,020.00, resulting in a Percentage Change of 2.00%. In this example, the Final Level is greater than the Initial Level, and the positive Percentage Change multiplied by the Upside Participation Rate of 200% does not exceed the hypothetical Maximum Return of 19.25%, the Payment at Maturity would be $1,040.00 per $1,000 principal amount, calculated as follows:
$1,000 + ($1,000 × Percentage Change × Upside Participation Rate)
= $1,000 + ($1,000 × 2.00% × 200%)
= $1,040.00
Example 2 shows that the notes provide a leveraged return if the positive Percentage Change multiplied by the Upside Participation Rate does not exceed the Maximum Return.
Example 3: The Percentage Change Is -5.00%.
The Final Level is 950.00, resulting in a Percentage Change of -5.00%. In this example, the Final Level is equal to or less than the Initial Level but greater than or equal to the Buffer Level.
Payment at Maturity = $1,000
Example 3 shows that the Payment at Maturity will equal the principal amount if the Final Level is at or below the Initial Level but at or above the Buffer Level, although the level of the Index has decreased moderately.
Example 4: The Percentage Change Is -80.00%.
The Final Level is 250.00, resulting in a Percentage Change of -80.00%. Because the Final Level is less than the Buffer Level, the Payment at Maturity would be $350.00 per $1,000 principal amount, calculated as follows:
$1,000 + [$1,000 × (Percentage Change + Buffer Amount)]
= $1,000 + [$1,000 × (-80.00% + 15.00%)]
= $350.00
Example 4 shows that you are exposed on a 1-to-1 basis to any decrease in the level of the Index from the Initial Level by more than the Buffer Amount. You may lose up to 85% of the principal amount.
| | PS-5 | |
INVESTOR CONSIDERATIONS
The notes are not appropriate for all investors. The notes may be an appropriate investment for you if:
| ● | You believe that the level of the Index will increase moderately from the Initial Level to the Final Level. |
| ● | You are willing to make an investment that is exposed to the negative performance of the Index on a 1-to-1 basis for each percentage point that the Final Level is less than the Buffer Level. |
| ● | You are willing to accept that the return on the notes will be limited to the Maximum Return. |
| ● | You do not seek current income over the term of the notes. |
| ● | You are willing to forgo dividends or other distributions paid on the securities included in the Index. |
| ● | You are willing to hold the notes to maturity and you do not seek an investment for which there will be an active secondary market. |
| ● | You are willing to assume the credit risk of the Bank for any payment under the notes. |
The notes may not be an appropriate investment for you if:
| ● | You believe that the level of the Index will decrease from the Initial Level to the Final Level or that it will not increase sufficiently to provide you with your desired return. |
| ● | You are unwilling to make an investment that is exposed to the negative performance of the Index on a 1-to-1 basis for each percentage point that the Final Level is less than the Buffer Level. |
| ● | You seek full payment of the principal amount of the notes at maturity. |
| ● | You seek an uncapped return on your investment. |
| ● | You seek current income over the term of the notes. |
| ● | You want to receive dividends or other distributions paid on the securities included in the Index. |
| ● | You are unable or unwilling to hold the notes to maturity or you seek an investment for which there will be an active secondary market. |
| ● | You are not willing to assume the credit risk of the Bank for any payment under the notes. |
The investor suitability considerations identified above are not exhaustive. Whether or not the notes are a suitable investment for you will depend on your individual circumstances and you should reach an investment decision only after you and your investment, legal, tax, accounting and other advisors have carefully considered the suitability of an investment in the notes in light of your particular circumstances. You should also review ‘‘Additional Risk Factors’’ below for risks related to the notes.
| | PS-6 | |
ADDITIONAL RISK FACTORS
An investment in the notes involves significant risks. In addition to the following risks included in this pricing supplement, we urge you to read “Risk Factors” beginning on page S-1 of the accompanying underlying supplement, page S-1 of the prospectus supplement and page 1 of the prospectus.
You should understand the risks of investing in the notes and should reach an investment decision only after careful consideration, with your advisers, of the suitability of the notes in light of your particular financial circumstances and the information set forth in this pricing supplement and the accompanying underlying supplement, the prospectus supplement and the prospectus.
Structure Risks
You may lose some or a substantial portion of the principal amount of your notes.
The notes do not guarantee full return of principal. The repayment of any principal on the notes at maturity depends on the Final Level of the Index. The Bank will only repay you the full principal amount of your notes if the Final Level is equal to or greater than the Buffer Level. If the Final Level is less than the Buffer Level, you will be exposed on a 1-to-1 basis to any decrease in the level of the Index by more than 15%. You may lose up to 85% of your principal amount.
The potential return on your notes will be limited by the Maximum Return.
Your ability to participate in any increase in the level of the Index will be limited because of the Maximum Return. The Maximum Return will limit the payment you may receive at maturity, no matter how much the level of the Index may rise by more than 9.625% of the Initial Level over the term of the notes (assuming a Maximum Return of 19.25%).
The payment on the notes is not linked to the level of the Index at any time other than the Final Valuation Date.
The payment on the notes will be based on the Closing Level of the Index on the Final Valuation Date. Therefore, if the Closing Level of the Index declined as of the Final Valuation Date below the Buffer Level, the Payment at Maturity may be significantly less than it would otherwise have been had the Payment at Maturity been linked to the Closing Level of the Index on a date other than the Final Valuation Date. Although the actual level of the Index at other times during the term of the notes may be higher than its Closing Level on the Final Valuation Date, the payment on the notes will not benefit from the Closing Level of the Index at any time other than the Final Valuation Date.
The notes do not bear interest, and the return on the notes may be less than the return on a conventional debt security of comparable maturity.
You will not receive any interest payments on the notes. As a result, even if the Payment at Maturity exceeds the principal amount of your notes, the overall return on your notes may be less than you would have earned by investing in a conventional debt security of comparable maturity that bears interest at a prevailing market rate.
Conflicts of Interest
Certain business, trading and hedging activities of us, the agent, and our other affiliates may create conflicts with your interests and could potentially adversely affect the value of the notes.
We, the agent, and our other affiliates may engage in trading and other business activities related to the Index or any securities included in the Index that are not for your account or on your behalf. We, the agent, and our other affiliates also may issue or underwrite other financial instruments with returns based upon the Index. These activities may present a conflict of interest between your interest in the notes and the interests that we, the agent, and our other affiliates may have in our or their proprietary accounts, in facilitating transactions, including block trades, for our or their other customers, and in accounts under our or their management. These trading and other business activities, if they adversely affect the level of the Index or secondary trading in your notes, could be adverse to your interests as a beneficial owner of the notes.
Moreover, we, the agent and our other affiliates play a variety of roles in connection with the issuance of the notes, including hedging our obligations under the notes and making the assumptions and inputs used to determine the
PS-7
pricing of the notes and the initial estimated value of the notes when the terms of the notes are set. We expect to hedge our obligations under the notes through the agent, one of our other affiliates, and/or another unaffiliated counterparty, which may include any dealer from which you purchase the notes. Any of these hedging activities may adversely affect the level of the Index and therefore the market value of the notes and the amount you will receive, if any, on the notes. In connection with such activities, the economic interests of us, the agent, and our other affiliates may be adverse to your interests as an investor in the notes. Any of these activities may adversely affect the value of the notes. In addition, because hedging our obligations entails risk and may be influenced by market forces beyond our control, this hedging activity may result in a profit that is more or less than expected, or it may result in a loss. We, the agent, one or more of our other affiliates or any unaffiliated counterparty will retain any profits realized in hedging our obligations under the notes even if investors do not receive a favorable investment return under the terms of the notes or in any secondary market transaction. Any profit in connection with such hedging activities will be in addition to any other compensation that we, the agent, our other affiliates or any unaffiliated counterparty receive for the sale of the notes, which creates an additional incentive to sell the notes to you. We, the agent, our other affiliates or any unaffiliated counterparty will have no obligation to take, refrain from taking or cease taking any action with respect to these transactions based on the potential effect on an investor in the notes.
There are potential conflicts of interest between you and the calculation agent.
The calculation agent will determine, among other things, the amount of payment on the notes. The calculation agent will exercise its judgment when performing its functions. For example, the calculation agent will determine whether a Market Disruption Event has occurred on the scheduled Final Valuation Date, and make a good faith estimate in its sole discretion of the Final Level if the Final Valuation Date is postponed to the last possible day. See “Certain Terms of the Notes—Valuation Dates— For Notes Where the Reference Asset Is a Single Index” in the underlying supplement. This determination may, in turn, depend on the calculation agent’s judgment as to whether the event has materially interfered with our ability or the ability of one of our affiliates to unwind our hedge positions. The calculation agent will be required to carry out its duties in good faith and use its reasonable judgment. However, because we will be the calculation agent, potential conflicts of interest could arise. None of us, CIBCWM or any of our other affiliates will have any obligation to consider your interests as a holder of the notes in taking any action that might affect the value of your notes.
Tax Risks
The tax treatment of the notes is uncertain.
Significant aspects of the tax treatment of the notes are uncertain. You should consult your tax advisor about your own tax situation. See “United States Federal Income Tax Considerations” and “Certain Canadian Federal Income Tax Considerations” in this pricing supplement, “Material U.S. Federal Income Tax Consequences” in the underlying supplement and “Material Income Tax Consequences – Canadian Taxation” in the prospectus.
General Risks
Payment on the notes is subject to our credit risk, and actual or perceived changes in our creditworthiness are expected to affect the value of the notes.
The notes are our senior unsecured debt obligations and are not, either directly or indirectly, an obligation of any third party. As further described in the accompanying prospectus and prospectus supplement, the notes will rank on par with all of our other unsecured and unsubordinated debt obligations, except such obligations as may be preferred by operation of law. Any payment to be made on the notes depends on our ability to satisfy our obligations as they come due. As a result, the actual and perceived creditworthiness of us may affect the market value of the notes and, in the event we were to default on our obligations, you may not receive the amounts owed to you under the terms of the notes. If we default on our obligations under the notes, your investment would be at risk and you could lose some or all of your investment. See “Description of Senior Debt Securities—Events of Default” in the accompanying prospectus.
The Bank’s initial estimated value of the notes will be lower than the initial issue price (price to public) of the notes.
The initial issue price of the notes will exceed the Bank’s initial estimated value because costs associated with selling and structuring the notes, as well as hedging the notes, are included in the initial issue price of the notes. See “The Bank’s Estimated Value of the Notes” in this pricing supplement.
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The Bank’s initial estimated value does not represent future values of the notes and may differ from others’ estimates.
The Bank’s initial estimated value of the notes is only an estimate, which will be determined by reference to the Bank’s internal pricing models when the terms of the notes are set. This estimated value will be based on market conditions and other relevant factors existing at that time, the Bank’s internal funding rate on the Trade Date and the Bank’s assumptions about market parameters, which can include volatility, dividend rates, interest rates and other factors. Different pricing models and assumptions could provide valuations for the notes that are greater or less than the Bank’s initial estimated value. In addition, market conditions and other relevant factors in the future may change, and any assumptions may prove to be incorrect. On future dates, the market value of the notes could change significantly based on, among other things, changes in market conditions, including the level of the Index, the Bank’s creditworthiness, interest rate movements and other relevant factors, which may impact the price at which the agent or any other party would be willing to buy the notes from you in any secondary market transactions. The Bank’s initial estimated value does not represent a minimum price at which the agent or any other party would be willing to buy the notes in any secondary market (if any exists) at any time. See “The Bank’s Estimated Value of the Notes” in this pricing supplement.
The Bank’s initial estimated value of the notes will not be determined by reference to credit spreads for our conventional fixed-rate debt.
The internal funding rate to be used in the determination of the Bank’s initial estimated value of the notes generally represents a discount from the credit spreads for our conventional fixed-rate debt. The discount is based on, among other things, our view of the funding value of the notes as well as the higher issuance, operational and ongoing liability management costs of the notes in comparison to those costs for our conventional fixed-rate debt. If the Bank were to use the interest rate implied by our conventional fixed-rate debt, we would expect the economic terms of the notes to be more favorable to you. Consequently, our use of an internal funding rate for market-linked notes would have an adverse effect on the economic terms of the notes, the initial estimated value of the notes on the Trade Date, and any secondary market prices of the notes. See “The Bank’s Estimated Value of the Notes” in this pricing supplement.
The notes will not be listed on any securities exchange and we do not expect a trading market for the notes to develop.
The notes will not be listed on any securities exchange. Although CIBCWM and/or its affiliates may purchase the notes from holders, they are not obligated to do so and are not required to make a market for the notes. There can be no assurance that a secondary market will develop for the notes. Because we do not expect that any market makers will participate in a secondary market for the notes, the price at which you may be able to sell your notes is likely to depend on the price, if any, at which CIBCWM and/or its affiliates are willing to buy your notes.
If a secondary market does exist, it may be limited. Accordingly, there may be a limited number of buyers if you decide to sell your notes prior to maturity. This may affect the price you receive upon such sale. Consequently, you should be willing to hold the notes to maturity.
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INFORMATION REGARDING THE INDEX
The information below is a brief description of the Index. We have derived the following information from publicly available documents. We have not independently verified the accuracy or completeness of the following information.
The Index is calculated, maintained and published by S&P Dow Jones Indices LLC. The Index consists of stocks of 500 companies selected to provide a performance benchmark for the U.S. equity markets. See “Index Descriptions—The S&P U.S. Indices” beginning on page S-43 of the accompanying underlying supplement for additional information about the Index.
In addition, information about the Index may be obtained from other sources, including, but not limited to, the Index sponsor’s website (including information regarding the Index’s sector weightings). We are not incorporating by reference into this pricing supplement the website or any material it includes. None of us, CIBCWM or any of our other affiliates makes any representation that such publicly available information regarding the Index is accurate or complete.
Historical Performance of the Index
The following graph sets forth daily Closing Levels of the Index for the period from January 1, 2020 to July 7, 2025. On July 7, 2025, the Closing Level of the Index was 6,229.98. We obtained the Closing Levels below from Bloomberg L.P. (“Bloomberg”) without independent verification. The historical performance of the Index should not be taken as an indication of its future performance, and no assurances can be given as to the level of the Index at any time during the term of the notes, including the Final Valuation Date. We cannot give you assurance that the performance of the Index will result in the return of any of your investment.
Historical Performance of the Index
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UNITED STATES FEDERAL INCOME TAX CONSIDERATIONS
The following discussion is a brief summary of the material U.S. federal income tax considerations relating to an investment in the notes. The following summary is not complete and is both qualified and supplemented by (although to the extent inconsistent supersedes) the discussion entitled “Material U.S. Federal Income Tax Consequences” in the underlying supplement, which you should carefully review prior to investing in the notes.
The U.S. federal income tax considerations of your investment in the notes are uncertain. No statutory, judicial or administrative authority directly discusses how the notes should be treated for U.S. federal income tax purposes. In the opinion of our tax counsel, Mayer Brown LLP, it would generally be reasonable to treat the notes as prepaid cash-settled derivative contracts. Pursuant to the terms of the notes, you agree to treat the notes in this manner for all U.S. federal income tax purposes. If this treatment is respected, you should generally recognize capital gain or loss upon the sale, exchange or payment upon maturity in an amount equal to the difference between the amount you receive in such transaction and the amount that you paid for your notes. Such gain or loss should generally be treated as long-term capital gain or loss if you have held your notes for more than one year.
The expected characterization of the notes is not binding on the U.S. Internal Revenue Service (the “IRS”) or the courts. It is possible that the IRS would seek to characterize the notes in a manner that results in tax consequences to you that are different from those described above or in the accompanying underlying supplement. Such alternate treatments could include a requirement that a holder accrue ordinary income over the life of the notes or treat all gain or loss at maturity as ordinary gain or loss. For a more detailed discussion of certain alternative characterizations with respect to the notes and certain other considerations with respect to an investment in the notes, you should consider the discussion set forth in “Material U.S. Federal Income Tax Consequences” of the underlying supplement. We are not responsible for any adverse consequences that you may experience as a result of any alternative characterization of the notes for U.S. federal income tax or other tax purposes.
With respect to the discussion in the underlying supplement regarding “dividend equivalent” payments, the IRS has issued a notice that provides that withholding on dividend equivalent payments will not apply to specified ELIs that are not delta-one instruments and that are issued before January 1, 2027.
You should consult your tax advisor as to the tax consequences of such characterization and any possible alternative characterizations of the notes for U.S. federal income tax purposes. You should also consult your tax advisor concerning the U.S. federal income tax and other tax consequences of your investment in the notes in your particular circumstances, including the application of state, local or other tax laws and the possible effects of changes in federal or other tax laws.
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CERTAIN CANADIAN FEDERAL INCOME TAX CONSIDERATIONS
In the opinion of Blake, Cassels & Graydon LLP, our Canadian tax counsel, the following summary describes the principal Canadian federal income tax considerations under the Income Tax Act (Canada) and the regulations thereto (the “Canadian Tax Act”) generally applicable at the date hereof to a purchaser who acquires beneficial ownership of a note pursuant to this pricing supplement and who for the purposes of the Canadian Tax Act and at all relevant times: (a) is neither resident nor deemed to be resident in Canada; (b) deals at arm’s length with the Issuer and any transferee resident (or deemed to be resident) in Canada to whom the purchaser disposes of the note; (c) does not use or hold and is not deemed to use or hold the note in, or in the course of, carrying on a business in Canada; (d) is entitled to receive all payments (including any interest and principal) made on the note; (e) is not a, and deals at arm’s length with any, “specified shareholder” of the Issuer for purposes of the thin capitalization rules in the Canadian Tax Act; and (f) is not an entity in respect of which the Issuer or any transferee resident (or deemed to be resident) in Canada to whom the purchaser disposes of, loans or otherwise transfers the note is a “specified entity”, and is not a “specified entity” in respect of such a transferee, in each case, for purposes of the Hybrid Mismatch Rules, as defined below (a “Non-Resident Holder”). Special rules which apply to non-resident insurers carrying on business in Canada and elsewhere are not discussed in this summary.
This summary assumes that no amount paid or payable to a holder described herein will be the deduction component of a “hybrid mismatch arrangement” under which the payment arises within the meaning of the rules in the Canadian Tax Act with respect to “hybrid mismatch arrangements” (the “Hybrid Mismatch Rules”). Investors should note that the Hybrid Mismatch Rules are highly complex and there remains significant uncertainty as to their interpretation and application.
This summary is supplemental to and should be read together with the description of material Canadian federal income tax considerations relevant to a Non-Resident Holder owning notes under “Material Income Tax Consequences—Canadian Taxation” in the accompanying prospectus and a Non-Resident Holder should carefully read that description as well.
This summary is of a general nature only and is not intended to be, nor should it be construed to be, legal or tax advice to any particular Non-Resident Holder. Non-Resident Holders are advised to consult with their own tax advisors with respect to their particular circumstances.
Based on Canadian tax counsel’s understanding of the Canada Revenue Agency’s administrative policies, and having regard to the terms of the notes, interest payable on the notes should not be considered to be “participating debt interest” as defined in the Canadian Tax Act and accordingly, a Non-Resident Holder should not be subject to Canadian non-resident withholding tax in respect of amounts paid or credited or deemed to have been paid or credited by the Issuer on a note as, on account of or in lieu of payment of, or in satisfaction of, interest.
Non-Resident Holders should consult their own advisors regarding the consequences to them of a disposition of notes to a person with whom they are not dealing at arm’s length for purposes of the Canadian Tax Act.
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SUPPLEMENTAL PLAN OF DISTRIBUTION (CONFLICTS OF INTEREST)
CIBCWM will purchase the notes from CIBC at the price to public less the underwriting discount set forth on the cover page of this pricing supplement for distribution to other registered broker-dealers, or will offer the notes directly to investors. CIBCWM or other registered broker-dealers will offer the notes at the price to public set forth on the cover page of this pricing supplement. CIBCWM may receive a commission of up to $1.50 (0.15%) per $1,000 principal amount of the notes and may use a portion or all of that commission to allow selling concessions to other dealers in connection with the distribution of the notes. The other dealers may forgo, in their sole discretion, some or all of their selling concessions. The price to public for notes purchased by certain fee-based advisory accounts may vary between 99.85% and 100.00% of the principal amount of the notes. Any sale of a note to a fee-based advisory account at a price to public below 100.00% of the principal amount will reduce the agent’s commission specified on the cover page of this pricing supplement with respect to such note. The price to public paid by any fee-based advisory account will be reduced by the amount of any fees assessed by the dealers involved in the sale of the notes to such advisory account but not by more than 0.15% of the principal amount of the notes.
CIBCWM is our affiliate, and is deemed to have a conflict of interest under FINRA Rule 5121. In accordance with FINRA Rule 5121, CIBCWM may not make sales in this offering to any of its discretionary accounts without the prior written approval of the customer.
We expect to deliver the notes against payment therefor in New York, New York on a date that is more than one business day following the Trade Date. Under Rule 15c6-1 of the Securities Exchange Act of 1934, trades in the secondary market generally are required to settle in one business day, unless the parties to any such trade expressly agree otherwise. Accordingly, purchasers who wish to trade the notes on any date prior to one business day before delivery will be required to specify alternative settlement arrangements to prevent a failed settlement.
The Bank may use this pricing supplement in the initial sale of the notes. In addition, CIBCWM or another of the Bank’s affiliates may use this pricing supplement in market-making transactions in any notes after their initial sale. Unless CIBCWM or we inform you otherwise in the confirmation of sale, this pricing supplement is being used by CIBCWM in a market-making transaction.
While CIBCWM may make markets in the notes, it is under no obligation to do so and may discontinue any market-making activities at any time without notice. The price that it makes available from time to time after the Original Issue Date at which it would be willing to repurchase the notes will generally reflect its estimate of their value. That estimated value will be based upon a variety of factors, including then prevailing market conditions, our creditworthiness and transaction costs. However, for a period of approximately three months after the Trade Date, the price at which CIBCWM may repurchase the notes is expected to be higher than their estimated value at that time. This is because, at the beginning of this period, that price will not include certain costs that were included in the initial issue price, particularly our hedging costs and profits. As the period continues, these costs are expected to be gradually included in the price that CIBCWM would be willing to pay, and the difference between that price and CIBCWM’s estimate of the value of the notes will decrease over time until the end of this period. After this period, if CIBCWM continues to make a market in the notes, the prices that it would pay for them are expected to reflect its estimated value, as well as customary bid-ask spreads for similar trades. In addition, the value of the notes shown on your account statement may not be identical to the price at which CIBCWM would be willing to purchase the notes at that time, and could be lower than CIBCWM’s price. See the section titled “Supplemental Plan of Distribution (Conflicts of Interest)” in the accompanying prospectus supplement.
The price at which you purchase the notes includes costs that the Bank or its affiliates expect to incur and profits that the Bank or its affiliates expect to realize in connection with hedging activities related to the notes. These costs and profits will likely reduce the secondary market price, if any secondary market develops, for the notes. As a result, you may experience an immediate and substantial decline in the market value of your notes on the Original Issue Date.
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THE BANK’S ESTIMATED VALUE OF THE NOTES
The Bank’s initial estimated value of the notes set forth on the cover of this pricing supplement is equal to the sum of the values of the following hypothetical components: (1) a fixed-income debt component with the same maturity as the notes, valued using our internal funding rate for structured debt described below, and (2) the derivative or derivatives underlying the economic terms of the notes. The Bank’s initial estimated value does not represent a minimum price at which CIBCWM or any other person would be willing to buy your notes in any secondary market (if any exists) at any time. The internal funding rate used in the determination of the Bank’s initial estimated value generally represents a discount from the credit spreads for our conventional fixed-rate debt. The discount is based on, among other things, our view of the funding value of the notes as well as the higher issuance, operational and ongoing liability management costs of the notes in comparison to those costs for our conventional fixed-rate debt. For additional information, see “Additional Risk Factors—The Bank’s initial estimated value of the notes will not be determined by reference to credit spreads for our conventional fixed-rate debt” in this pricing supplement. The value of the derivative or derivatives underlying the economic terms of the notes is derived from the Bank’s or a third party hedge provider’s internal pricing models. These models are dependent on inputs such as the traded market prices of comparable derivative instruments and on various other inputs, some of which are market-observable, and which can include volatility, dividend rates, interest rates and other factors, as well as assumptions about future market events and/or environments. Accordingly, the Bank’s initial estimated value of the notes will be determined when the terms of the notes are set based on market conditions and other relevant factors and assumptions existing at that time. See “Additional Risk Factors—The Bank’s initial estimated value does not represent future values of the notes and may differ from others’ estimates” in this pricing supplement.
The Bank’s initial estimated value of the notes will be lower than the initial issue price of the notes because costs associated with selling, structuring and hedging the notes are included in the initial issue price of the notes. These costs include the selling commissions paid to CIBCWM and other affiliated or unaffiliated dealers, the projected profits that our hedge counterparties, which may include our affiliates, expect to realize for assuming risks inherent in hedging our obligations under the notes and the estimated cost of hedging our obligations under the notes. Because hedging our obligations entails risk and may be influenced by market forces beyond our control, this hedging may result in a profit that is more or less than expected, or it may result in a loss. We or one or more of our affiliates will retain any profits realized in hedging our obligations under the notes. See “Additional Risk Factors—The Bank’s initial estimated value of the notes will be lower than the initial issue price (price to public) of the notes” in this pricing supplement.
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FAQ
When do the CIBC Capped Leveraged Buffered Notes (CM) mature?
What is the upside cap (Maximum Return) on CM's 424B2 notes?
How much downside protection do the notes provide?
Are the notes insured or bail-in eligible?
What is the initial estimated value versus the issue price?
Will the notes pay periodic interest or dividends?
