[FWP] Canadian Imperial Bank of Commerce Free Writing Prospectus
Canadian Imperial Bank of Commerce (CIBC) has filed a Free Writing Prospectus for Leveraged Index Return Notes (LIRNs) linked to the Dow Jones Industrial Average. Key features include:
- Principal amount of $10.00 per unit with approximately 6-year term
- Leveraged upside exposure of 101.00% to 121.00% to index increases
- Principal protection if index decreases by no more than 15%
- Downside risk exposure of up to 85% of principal if index falls beyond threshold
Notable risks include credit risk of CIBC, potential principal loss up to 85%, no dividend rights, and initial estimated value below offering price. The investment targets investors anticipating index growth who accept downside risk below threshold and no interim interest payments. Returns are illustrated through various scenarios, with maximum loss capped at 85% and upside leverage demonstrated up to 55.50% return for a 50% index gain.
La Canadian Imperial Bank of Commerce (CIBC) ha presentato un Free Writing Prospectus per le Leveraged Index Return Notes (LIRNs) collegate al Dow Jones Industrial Average. Le caratteristiche principali includono:
- Importo nominale di 10,00 $ per unità con una durata di circa 6 anni
- Esposizione al rialzo con leva finanziaria dal 101,00% al 121,00% rispetto all’aumento dell’indice
- Protezione del capitale se l’indice scende di non più del 15%
- Rischio di perdita fino al 85% del capitale se l’indice scende oltre la soglia
I rischi principali comprendono il rischio di credito legato a CIBC, la possibile perdita del capitale fino all’85%, l’assenza di diritti su dividendi e un valore stimato iniziale inferiore al prezzo di offerta. L’investimento è rivolto a investitori che prevedono una crescita dell’indice, accettano il rischio di ribasso sotto la soglia e la mancanza di pagamenti di interessi intermedi. I rendimenti sono illustrati attraverso vari scenari, con una perdita massima limitata all’85% e una leva al rialzo che mostra un rendimento fino al 55,50% per un aumento del 50% dell’indice.
El Canadian Imperial Bank of Commerce (CIBC) ha presentado un Free Writing Prospectus para las Notas de Retorno de Índice Apalancado (LIRNs) vinculadas al Dow Jones Industrial Average. Las características principales incluyen:
- Monto principal de 10,00 $ por unidad con un plazo aproximado de 6 años
- Exposición al alza apalancada del 101,00% al 121,00% respecto a los incrementos del índice
- Protección del principal si el índice disminuye no más del 15%
- Riesgo a la baja de hasta el 85% del principal si el índice cae más allá del umbral
Los riesgos destacados incluyen el riesgo crediticio de CIBC, posible pérdida del principal hasta el 85%, sin derechos a dividendos y un valor estimado inicial por debajo del precio de oferta. La inversión está dirigida a inversores que anticipan crecimiento del índice, aceptan el riesgo a la baja bajo el umbral y la ausencia de pagos de intereses intermedios. Los rendimientos se ilustran mediante varios escenarios, con una pérdida máxima limitada al 85% y un apalancamiento al alza que demuestra un retorno de hasta el 55,50% para una ganancia del 50% en el índice.
캐나다 임페리얼 은행(CIBC)은 다우 존스 산업평균지수에 연계된 레버리지 인덱스 수익 노트(LIRNs)에 대한 Free Writing Prospectus를 제출했습니다. 주요 특징은 다음과 같습니다:
- 단위당 10.00달러의 원금과 약 6년의 만기
- 지수 상승에 대해 101.00%에서 121.00%까지의 레버리지 상승 노출
- 지수가 15% 이상 하락하지 않을 경우 원금 보호
- 지수가 임계값을 넘어서 하락할 경우 원금의 최대 85%까지 하락 위험 노출
주요 위험으로는 CIBC의 신용 위험, 최대 85% 원금 손실 가능성, 배당 권리 없음, 최초 추정 가치가 공모가보다 낮다는 점이 있습니다. 이 투자는 지수 상승을 예상하고 임계값 이하의 하락 위험을 수용하며 중간 이자 지급이 없는 투자자를 대상으로 합니다. 수익률은 다양한 시나리오를 통해 설명되며, 최대 손실은 85%로 제한되고, 50% 지수 상승 시 최대 55.50% 수익률의 레버리지 상승 효과가 나타납니다.
La Canadian Imperial Bank of Commerce (CIBC) a déposé un Free Writing Prospectus pour des Notes de Rendement d’Indice à Effet de Levier (LIRNs) liées au Dow Jones Industrial Average. Les principales caractéristiques comprennent :
- Montant principal de 10,00 $ par unité avec une durée d’environ 6 ans
- Exposition à la hausse avec effet de levier de 101,00 % à 121,00 % des augmentations de l’indice
- Protection du capital si l’indice baisse de pas plus de 15 %
- Risque à la baisse pouvant atteindre 85 % du principal si l’indice chute au-delà du seuil
Les risques notables incluent le risque de crédit de CIBC, une perte potentielle du principal jusqu’à 85 %, l’absence de droits aux dividendes et une valeur estimée initiale inférieure au prix d’offre. Cet investissement s’adresse aux investisseurs anticipant une croissance de l’indice, acceptant un risque à la baisse sous le seuil et l’absence de paiements d’intérêts intermédiaires. Les rendements sont illustrés à travers divers scénarios, avec une perte maximale plafonnée à 85 % et un effet de levier à la hausse démontrant un rendement allant jusqu’à 55,50 % pour une hausse de 50 % de l’indice.
Die Canadian Imperial Bank of Commerce (CIBC) hat einen Free Writing Prospectus für Leveraged Index Return Notes (LIRNs) eingereicht, die an den Dow Jones Industrial Average gekoppelt sind. Die wichtigsten Merkmale sind:
- Nominalbetrag von 10,00 $ pro Einheit mit einer Laufzeit von etwa 6 Jahren
- Hebelwirkung bei Kurssteigerungen des Index von 101,00% bis 121,00%
- Kapitalschutz, wenn der Index um nicht mehr als 15% fällt
- Abwärtsrisiko von bis zu 85% des Kapitals, falls der Index die Schwelle unterschreitet
Zu den wesentlichen Risiken zählen das Kreditrisiko von CIBC, ein möglicher Kapitalverlust von bis zu 85%, keine Dividendenrechte und ein anfänglicher geschätzter Wert unter dem Ausgabepreis. Die Anlage richtet sich an Anleger, die ein Wachstum des Index erwarten, das Abwärtsrisiko unterhalb der Schwelle akzeptieren und keine Zwischenzinszahlungen erhalten. Die Renditen werden anhand verschiedener Szenarien dargestellt, wobei der maximale Verlust auf 85% begrenzt ist und eine Hebelwirkung bis zu 55,50% Rendite bei einem 50%igen Indexanstieg gezeigt wird.
- Offers leveraged upside exposure of 101-121% to increases in the Dow Jones Industrial Average, enhancing potential returns
- Principal protection feature if the index decreases by no more than 15%, providing downside buffer
- Maximum potential return is uncapped, allowing for significant upside participation
- Investors could lose up to 85% of principal if index declines significantly below threshold value
- No interim interest payments or dividends, reducing income potential
- Credit risk exposure to CIBC could result in total loss if issuer defaults
- Initial estimated value will be less than the public offering price, indicating immediate paper loss
La Canadian Imperial Bank of Commerce (CIBC) ha presentato un Free Writing Prospectus per le Leveraged Index Return Notes (LIRNs) collegate al Dow Jones Industrial Average. Le caratteristiche principali includono:
- Importo nominale di 10,00 $ per unità con una durata di circa 6 anni
- Esposizione al rialzo con leva finanziaria dal 101,00% al 121,00% rispetto all’aumento dell’indice
- Protezione del capitale se l’indice scende di non più del 15%
- Rischio di perdita fino al 85% del capitale se l’indice scende oltre la soglia
I rischi principali comprendono il rischio di credito legato a CIBC, la possibile perdita del capitale fino all’85%, l’assenza di diritti su dividendi e un valore stimato iniziale inferiore al prezzo di offerta. L’investimento è rivolto a investitori che prevedono una crescita dell’indice, accettano il rischio di ribasso sotto la soglia e la mancanza di pagamenti di interessi intermedi. I rendimenti sono illustrati attraverso vari scenari, con una perdita massima limitata all’85% e una leva al rialzo che mostra un rendimento fino al 55,50% per un aumento del 50% dell’indice.
El Canadian Imperial Bank of Commerce (CIBC) ha presentado un Free Writing Prospectus para las Notas de Retorno de Índice Apalancado (LIRNs) vinculadas al Dow Jones Industrial Average. Las características principales incluyen:
- Monto principal de 10,00 $ por unidad con un plazo aproximado de 6 años
- Exposición al alza apalancada del 101,00% al 121,00% respecto a los incrementos del índice
- Protección del principal si el índice disminuye no más del 15%
- Riesgo a la baja de hasta el 85% del principal si el índice cae más allá del umbral
Los riesgos destacados incluyen el riesgo crediticio de CIBC, posible pérdida del principal hasta el 85%, sin derechos a dividendos y un valor estimado inicial por debajo del precio de oferta. La inversión está dirigida a inversores que anticipan crecimiento del índice, aceptan el riesgo a la baja bajo el umbral y la ausencia de pagos de intereses intermedios. Los rendimientos se ilustran mediante varios escenarios, con una pérdida máxima limitada al 85% y un apalancamiento al alza que demuestra un retorno de hasta el 55,50% para una ganancia del 50% en el índice.
캐나다 임페리얼 은행(CIBC)은 다우 존스 산업평균지수에 연계된 레버리지 인덱스 수익 노트(LIRNs)에 대한 Free Writing Prospectus를 제출했습니다. 주요 특징은 다음과 같습니다:
- 단위당 10.00달러의 원금과 약 6년의 만기
- 지수 상승에 대해 101.00%에서 121.00%까지의 레버리지 상승 노출
- 지수가 15% 이상 하락하지 않을 경우 원금 보호
- 지수가 임계값을 넘어서 하락할 경우 원금의 최대 85%까지 하락 위험 노출
주요 위험으로는 CIBC의 신용 위험, 최대 85% 원금 손실 가능성, 배당 권리 없음, 최초 추정 가치가 공모가보다 낮다는 점이 있습니다. 이 투자는 지수 상승을 예상하고 임계값 이하의 하락 위험을 수용하며 중간 이자 지급이 없는 투자자를 대상으로 합니다. 수익률은 다양한 시나리오를 통해 설명되며, 최대 손실은 85%로 제한되고, 50% 지수 상승 시 최대 55.50% 수익률의 레버리지 상승 효과가 나타납니다.
La Canadian Imperial Bank of Commerce (CIBC) a déposé un Free Writing Prospectus pour des Notes de Rendement d’Indice à Effet de Levier (LIRNs) liées au Dow Jones Industrial Average. Les principales caractéristiques comprennent :
- Montant principal de 10,00 $ par unité avec une durée d’environ 6 ans
- Exposition à la hausse avec effet de levier de 101,00 % à 121,00 % des augmentations de l’indice
- Protection du capital si l’indice baisse de pas plus de 15 %
- Risque à la baisse pouvant atteindre 85 % du principal si l’indice chute au-delà du seuil
Les risques notables incluent le risque de crédit de CIBC, une perte potentielle du principal jusqu’à 85 %, l’absence de droits aux dividendes et une valeur estimée initiale inférieure au prix d’offre. Cet investissement s’adresse aux investisseurs anticipant une croissance de l’indice, acceptant un risque à la baisse sous le seuil et l’absence de paiements d’intérêts intermédiaires. Les rendements sont illustrés à travers divers scénarios, avec une perte maximale plafonnée à 85 % et un effet de levier à la hausse démontrant un rendement allant jusqu’à 55,50 % pour une hausse de 50 % de l’indice.
Die Canadian Imperial Bank of Commerce (CIBC) hat einen Free Writing Prospectus für Leveraged Index Return Notes (LIRNs) eingereicht, die an den Dow Jones Industrial Average gekoppelt sind. Die wichtigsten Merkmale sind:
- Nominalbetrag von 10,00 $ pro Einheit mit einer Laufzeit von etwa 6 Jahren
- Hebelwirkung bei Kurssteigerungen des Index von 101,00% bis 121,00%
- Kapitalschutz, wenn der Index um nicht mehr als 15% fällt
- Abwärtsrisiko von bis zu 85% des Kapitals, falls der Index die Schwelle unterschreitet
Zu den wesentlichen Risiken zählen das Kreditrisiko von CIBC, ein möglicher Kapitalverlust von bis zu 85%, keine Dividendenrechte und ein anfänglicher geschätzter Wert unter dem Ausgabepreis. Die Anlage richtet sich an Anleger, die ein Wachstum des Index erwarten, das Abwärtsrisiko unterhalb der Schwelle akzeptieren und keine Zwischenzinszahlungen erhalten. Die Renditen werden anhand verschiedener Szenarien dargestellt, wobei der maximale Verlust auf 85% begrenzt ist und eine Hebelwirkung bis zu 55,50% Rendite bei einem 50%igen Indexanstieg gezeigt wird.
Filed Pursuant to Rule 433
Registration Statement No. 333-272447
| LEVERAGED INDEX RETURN NOTES® (LIRNs®) |
Leveraged Index Return Notes® Linked to the Dow Jones Industrial Average®
| Issuer | Canadian Imperial Bank of Commerce (“CIBC”) |
| Principal Amount | $10.00 per unit |
| Term | Approximately 6 years |
| Market Measure | The Dow Jones Industrial Average® (Bloomberg symbol: "INDU") |
| Payout Profile at Maturity | · [101.00% to 121.00%] leveraged upside exposure to increases in the Market Measure · Return of principal if the Market Measure does not change or decreases by no more than 15.00% · 1-to-1 downside exposure to decreases in the Market Measure beyond a 15.00% decline, with up to 85.00% of your principal at risk |
| Participation Rate | [101.00% to 121.00%], to be determined on the pricing date. |
| Threshold Value | 85% 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 downside risk below a threshold and forgo interim interest payments. |
| Preliminary Offering Documents | https://www.sec.gov/Archives/edgar/data/1045520/000110465925063541/tm2516701d40_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 85% 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. | |
| · | 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.
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% | $1.500 | -85.00% |
| -50.00% | $6.500 | -35.00% |
| -25.00% | $9.000 | -10.00% |
| -15.00%(2) | $10.000 | 0.00% |
| -10.00% | $10.000 | 0.00% |
| -5.00% | $10.000 | 0.00% |
| 0.00% | $10.000 | 0.00% |
| 1.00% | $10.111 | 1.11% |
| 2.00% | $10.222 | 2.22% |
| 5.00% | $10.555 | 5.55% |
| 10.00% | $11.110 | 11.10% |
| 20.00% | $12.220 | 22.20% |
| 50.00% | $15.550 | 55.50% |
(1) The Redemption Amount per unit is based on the hypothetical Participation Rate of 111.00%.
(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.
