[FWP] Canadian Imperial Bank of Commerce Free Writing Prospectus
Canadian Imperial Bank of Commerce (CIBC) is offering $1,000-denominated Market Linked Securities that combine a contingent quarterly coupon (memory feature) with an auto-call mechanism and contingent downside principal at risk. The notes reference the worst-performing of Amazon.com (AMZN), Alphabet Class A (GOOGL) and NVIDIA (NVDA) and mature on 21 July 2028 unless called earlier.
Key commercial terms
- Contingent Coupon Rate: ≥ 12.25% p.a., paid quarterly only if the worst stock’s closing price on the determination date is ≥ 50 % of its starting price. Missed coupons accrue and may be paid later under the memory feature.
- Auto-call: If on any quarterly observation date (from Jan 2026) the worst stock is at or above its starting price, investors receive par plus the current and any unpaid coupons.
- Principal repayment: At maturity, investors receive par if the worst stock is ≥ 50 % of its starting price; otherwise repayment equals par × performance factor, exposing investors to unlimited downside below –50 %.
- Issuer’s estimated value on the pricing date: ≥ $922.70, below the $1,000 offer price, reflecting embedded fees of up to 2.325 %.
Risk highlights
- Full exposure to the worst performer; no participation in upside above coupon income.
- Credit risk of CIBC; notes are unsecured and not CDIC/FDIC-insured.
- No exchange listing and uncertain secondary liquidity; market value likely below issue price.
- Complex tax treatment; investors should review the preliminary pricing supplement.
The security targets income-seeking investors willing to accept equity downside and issuer credit risk in exchange for potentially elevated coupons. Investors must be comfortable with possible loss of more than 50 % of principal if the worst stock breaches the 50 % barrier at maturity and the note has not been called.
Canadian Imperial Bank of Commerce (CIBC) propone titoli Market Linked denominati $1.000 che combinano un cedola trimestrale condizionata (con funzione memory) con un meccanismo di auto-call e un rischio condizionato sul capitale in caso di ribasso. I titoli fanno riferimento al peggior titolo performante tra Amazon.com (AMZN), Alphabet Classe A (GOOGL) e NVIDIA (NVDA) e scadono il 21 luglio 2028, salvo richiamo anticipato.
Termini commerciali chiave
- Aliquota cedola condizionata: ≥ 12,25% annuo, pagata trimestralmente solo se il prezzo di chiusura del peggior titolo alla data di determinazione è ≥ 50% del prezzo iniziale. Le cedole non pagate si accumulano e possono essere corrisposte successivamente grazie alla funzione memory.
- Auto-call: Se in una qualsiasi data di osservazione trimestrale (da gennaio 2026) il peggior titolo è pari o superiore al prezzo iniziale, gli investitori ricevono il valore nominale più le cedole correnti e non pagate.
- Rimborso del capitale: Alla scadenza, gli investitori ricevono il valore nominale se il peggior titolo è ≥ 50% del prezzo iniziale; altrimenti il rimborso è pari al valore nominale × fattore di performance, esponendo gli investitori a un rischio illimitato in caso di ribasso oltre il -50%.
- Valore stimato dall’emittente alla data di prezzo: ≥ $922,70, inferiore al prezzo d’offerta di $1.000, riflettendo costi impliciti fino al 2,325%.
Rischi principali
- Esposizione completa al peggior titolo; nessuna partecipazione ai rialzi oltre il reddito cedolare.
- Rischio di credito di CIBC; i titoli sono non garantiti e non assicurati da CDIC/FDIC.
- Assenza di quotazione in borsa e liquidità secondaria incerta; valore di mercato probabilmente inferiore al prezzo di emissione.
- Trattamento fiscale complesso; gli investitori devono consultare il supplemento preliminare al pricing.
Il titolo è destinato a investitori orientati al reddito disposti ad accettare rischio azionario al ribasso e rischio di credito dell’emittente in cambio di cedole potenzialmente elevate. Gli investitori devono essere consapevoli del possibile perdita superiore al 50% del capitale se il peggior titolo scende sotto il 50% del prezzo iniziale alla scadenza e il titolo non è stato richiamato.
Canadian Imperial Bank of Commerce (CIBC) ofrece valores vinculados al mercado denominados en $1,000 que combinan un cupón trimestral contingente (con función memoria) con un mecanismo de auto-llamada y un riesgo contingente sobre el principal a la baja. Los bonos hacen referencia al peor rendimiento entre Amazon.com (AMZN), Alphabet Clase A (GOOGL) y NVIDIA (NVDA) y vencen el 21 de julio de 2028, salvo que se ejercite la llamada anticipada.
Términos comerciales clave
- Tasa de cupón contingente: ≥ 12.25% anual, pagada trimestralmente sólo si el precio de cierre del peor título en la fecha de determinación es ≥ 50% de su precio inicial. Los cupones no pagados se acumulan y pueden pagarse posteriormente gracias a la función memoria.
- Auto-llamada: Si en cualquier fecha de observación trimestral (desde enero de 2026) el peor título está igual o por encima de su precio inicial, los inversores reciben el valor nominal más los cupones actuales y atrasados.
- Reembolso del principal: Al vencimiento, los inversores reciben el valor nominal si el peor título es ≥ 50% de su precio inicial; de lo contrario, el reembolso es igual al valor nominal × factor de rendimiento, exponiendo a los inversores a un riesgo ilimitado a la baja por debajo del -50%.
- Valor estimado por el emisor en la fecha de fijación del precio: ≥ $922.70, por debajo del precio de oferta de $1,000, reflejando comisiones implícitas de hasta 2.325%.
Aspectos destacados del riesgo
- Exposición completa al peor desempeño; sin participación en alzas más allá del ingreso por cupones.
- Riesgo crediticio de CIBC; los bonos no están garantizados ni asegurados por CDIC/FDIC.
- No cotización en bolsa y liquidez secundaria incierta; el valor de mercado probablemente esté por debajo del precio de emisión.
- Tratamiento fiscal complejo; los inversores deben revisar el suplemento preliminar de precios.
El valor está dirigido a inversores que buscan ingresos y están dispuestos a aceptar riesgo de caída en acciones y riesgo crediticio del emisor a cambio de cupones potencialmente elevados. Los inversores deben estar cómodos con la posible pérdida de más del 50% del principal si el peor título cae por debajo de la barrera del 50% al vencimiento y el bono no ha sido llamado.
캐나다 임페리얼 은행(CIBC)는 $1,000 단위의 시장 연계 증권을 제공하며, 분기별 조건부 쿠폰(메모리 기능 포함)과 자동 상환 메커니즘, 그리고 조건부 원금 손실 위험을 결합한 상품입니다. 이 증권은 Amazon.com(AMZN), Alphabet Class A(GOOGL), NVIDIA(NVDA) 중 최저 성과 주식을 기준으로 하며, 2028년 7월 21일에 만기되지만 조기 상환될 수 있습니다.
주요 상업 조건
- 조건부 쿠폰율: 연 12.25% 이상, 최저 주식의 만기일 종가가 시작가의 50% 이상일 경우에만 분기별 지급. 미지급 쿠폰은 누적되어 메모리 기능에 따라 나중에 지급될 수 있습니다.
- 자동 상환: 2026년 1월부터 분기별 관측일 중 최저 주식이 시작가 이상이면 투자자는 원금과 현재 및 미지급 쿠폰을 받습니다.
- 원금 상환: 만기 시 최저 주식이 시작가의 50% 이상이면 원금을 지급하고, 그렇지 않으면 원금 × 성과 지수로 상환되어 -50% 이하의 무제한 하락 위험에 노출됩니다.
- 발행일 기준 발행자 평가 가치: $922.70 이상, $1,000의 공모가보다 낮으며 최대 2.325%의 내재 수수료를 반영합니다.
위험 요약
- 최저 성과 주식에 전면 노출; 쿠폰 수익 외 상승 참여 없음.
- CIBC 신용 위험; 증권은 무담보이며 CDIC/FDIC 보험 대상이 아닙니다.
- 거래소 상장 없음 및 2차 유동성 불확실; 시장 가치는 발행가보다 낮을 가능성 큼.
- 복잡한 세금 처리; 투자자는 예비 가격 보충 자료를 검토해야 합니다.
이 증권은 주식 하락 위험과 발행자 신용 위험을 감수할 수 있으며 잠재적으로 높은 쿠폰 수익을 원하는 소득 지향 투자자를 대상으로 합니다. 투자자는 최저 주식이 만기 시 50% 이하로 하락하고 증권이 조기 상환되지 않은 경우 원금의 50% 이상 손실 가능성에 대해 충분히 이해해야 합니다.
Canadian Imperial Bank of Commerce (CIBC) propose des titres Market Linked libellés en 1 000 $ combinant un coupon trimestriel conditionnel (avec fonction mémoire) à un mécanisme d’auto-call et un risque conditionnel sur le principal en cas de baisse. Les titres référencent la pire performance parmi Amazon.com (AMZN), Alphabet Classe A (GOOGL) et NVIDIA (NVDA) et arrivent à échéance le 21 juillet 2028, sauf rappel anticipé.
Principaux termes commerciaux
- Taux de coupon conditionnel : ≥ 12,25 % par an, versé trimestriellement uniquement si le cours de clôture de la pire action à la date de détermination est ≥ 50 % de son prix initial. Les coupons manqués s’accumulent et peuvent être payés ultérieurement grâce à la fonction mémoire.
- Auto-call : Si, à une date d’observation trimestrielle (à partir de janvier 2026), la pire action est au moins égale à son prix initial, les investisseurs reçoivent la valeur nominale plus les coupons courants et impayés.
- Remboursement du principal : À l’échéance, les investisseurs reçoivent la valeur nominale si la pire action est ≥ 50 % de son prix initial ; sinon, le remboursement est égal à la valeur nominale × facteur de performance, exposant les investisseurs à un risque illimité en cas de baisse au-delà de –50 %.
- Valeur estimée par l’émetteur à la date de tarification : ≥ 922,70 $, inférieure au prix d’offre de 1 000 $, reflétant des frais intégrés allant jusqu’à 2,325 %.
Points clés du risque
- Exposition totale à la pire performance ; pas de participation à la hausse au-delà des revenus de coupons.
- Risque de crédit de CIBC ; les titres sont non garantis et non assurés par CDIC/FDIC.
- Pas de cotation en bourse et liquidité secondaire incertaine ; la valeur de marché est probablement inférieure au prix d’émission.
- Traitement fiscal complexe ; les investisseurs doivent consulter le supplément préliminaire de tarification.
Ce titre cible les investisseurs recherchant un revenu et prêts à accepter un risque de baisse sur actions et un risque de crédit émetteur en échange de coupons potentiellement élevés. Les investisseurs doivent être à l’aise avec la possible perte de plus de 50 % du capital si la pire action franchit la barrière des 50 % à l’échéance et que le titre n’a pas été rappelé.
Canadian Imperial Bank of Commerce (CIBC) bietet Market Linked Securities mit einem Nennwert von 1.000 $ an, die einen bedingten vierteljährlichen Kupon (Memory-Funktion) mit einem Auto-Call-Mechanismus und einem bedingten Kapitalverlustrisiko kombinieren. Die Notes beziehen sich auf den schlechtesten Performer von Amazon.com (AMZN), Alphabet Klasse A (GOOGL) und NVIDIA (NVDA) und laufen am 21. Juli 2028 ab, sofern sie nicht vorzeitig zurückgerufen werden.
Wesentliche kommerzielle Bedingungen
- Bedingter Kuponzins: ≥ 12,25 % p.a., vierteljährlich zahlbar, sofern der Schlusskurs der schlechtesten Aktie am Feststellungstag ≥ 50 % des Startkurses beträgt. Ausgefallene Kupons werden angesammelt und können später im Rahmen der Memory-Funktion nachgezahlt werden.
- Auto-Call: Wenn an einem vierteljährlichen Beobachtungstag (ab Januar 2026) die schlechteste Aktie mindestens auf dem Startkurs steht, erhalten Anleger den Nennwert zuzüglich aktueller und nicht gezahlter Kupons.
- Kapitalrückzahlung: Bei Fälligkeit erhalten Anleger den Nennwert, wenn die schlechteste Aktie ≥ 50 % des Startkurses steht; andernfalls erfolgt die Rückzahlung als Nennwert × Performance-Faktor, was ein unbegrenztes Abwärtsrisiko unter –50 % bedeutet.
- Geschätzter Emittentenwert am Preisfeststellungstag: ≥ 922,70 $, unter dem Angebotspreis von 1.000 $, was bis zu 2,325 % eingebettete Gebühren widerspiegelt.
Risikohighlights
- Volle Exponierung gegenüber dem schlechtesten Performer; keine Partizipation an Kurssteigerungen über die Kuponzahlungen hinaus.
- Kreditrisiko von CIBC; die Notes sind unbesichert und nicht durch CDIC/FDIC versichert.
- Keine Börsennotierung und unsichere Sekundärliquidität; Marktwert wahrscheinlich unter dem Ausgabepreis.
- Komplexe steuerliche Behandlung; Anleger sollten das vorläufige Preiszusatzblatt prüfen.
Das Wertpapier richtet sich an einkommensorientierte Anleger, die bereit sind, Aktien-Abwärtsrisiken und Emittenten-Kreditrisiken zugunsten potenziell höherer Kupons zu akzeptieren. Anleger sollten sich der Möglichkeit bewusst sein, mehr als 50 % des Kapitals zu verlieren, falls die schlechteste Aktie bei Fälligkeit unter die 50 %-Marke fällt und die Note nicht vorzeitig zurückgerufen wurde.
- None.
- None.
Insights
TL;DR: Routine structured note offering; high coupon but capped upside and significant downside.
The deal uses a classic worst-of autocall construction. A ≥ 12.25% coupon is attractive versus current investment-grade yields, yet payment is conditional on each quarterly observation. The memory feature increases the probability of eventually receiving missed coupons but does not alter downside economics. Auto-call probability is meaningful given volatile tech stocks; if called early, investors earn limited return and reinvestment risk materializes. From CIBC’s perspective this is a standard funding trade with embedded options sold to investors, so the filing is operationally routine rather than strategically significant.
TL;DR: Product carries asymmetric risk—limited upside, potentially severe losses below –50%.
Investors face triple risk: (1) market risk concentrated in the most volatile of three mega-cap tech stocks, (2) issuer credit risk, and (3) liquidity risk from no listing. The 50% downside threshold provides only partial protection; a 60% drop in the worst stock translates to a 60% loss of principal. The issuer’s estimated value (≥ $922.70) confirms an immediate economic haircut relative to the $1,000 purchase price. Overall, the terms skew negative for uninformed retail investors, although sophisticated buyers may value the yield enhancement.
Canadian Imperial Bank of Commerce (CIBC) propone titoli Market Linked denominati $1.000 che combinano un cedola trimestrale condizionata (con funzione memory) con un meccanismo di auto-call e un rischio condizionato sul capitale in caso di ribasso. I titoli fanno riferimento al peggior titolo performante tra Amazon.com (AMZN), Alphabet Classe A (GOOGL) e NVIDIA (NVDA) e scadono il 21 luglio 2028, salvo richiamo anticipato.
Termini commerciali chiave
- Aliquota cedola condizionata: ≥ 12,25% annuo, pagata trimestralmente solo se il prezzo di chiusura del peggior titolo alla data di determinazione è ≥ 50% del prezzo iniziale. Le cedole non pagate si accumulano e possono essere corrisposte successivamente grazie alla funzione memory.
- Auto-call: Se in una qualsiasi data di osservazione trimestrale (da gennaio 2026) il peggior titolo è pari o superiore al prezzo iniziale, gli investitori ricevono il valore nominale più le cedole correnti e non pagate.
- Rimborso del capitale: Alla scadenza, gli investitori ricevono il valore nominale se il peggior titolo è ≥ 50% del prezzo iniziale; altrimenti il rimborso è pari al valore nominale × fattore di performance, esponendo gli investitori a un rischio illimitato in caso di ribasso oltre il -50%.
- Valore stimato dall’emittente alla data di prezzo: ≥ $922,70, inferiore al prezzo d’offerta di $1.000, riflettendo costi impliciti fino al 2,325%.
Rischi principali
- Esposizione completa al peggior titolo; nessuna partecipazione ai rialzi oltre il reddito cedolare.
- Rischio di credito di CIBC; i titoli sono non garantiti e non assicurati da CDIC/FDIC.
- Assenza di quotazione in borsa e liquidità secondaria incerta; valore di mercato probabilmente inferiore al prezzo di emissione.
- Trattamento fiscale complesso; gli investitori devono consultare il supplemento preliminare al pricing.
Il titolo è destinato a investitori orientati al reddito disposti ad accettare rischio azionario al ribasso e rischio di credito dell’emittente in cambio di cedole potenzialmente elevate. Gli investitori devono essere consapevoli del possibile perdita superiore al 50% del capitale se il peggior titolo scende sotto il 50% del prezzo iniziale alla scadenza e il titolo non è stato richiamato.
Canadian Imperial Bank of Commerce (CIBC) ofrece valores vinculados al mercado denominados en $1,000 que combinan un cupón trimestral contingente (con función memoria) con un mecanismo de auto-llamada y un riesgo contingente sobre el principal a la baja. Los bonos hacen referencia al peor rendimiento entre Amazon.com (AMZN), Alphabet Clase A (GOOGL) y NVIDIA (NVDA) y vencen el 21 de julio de 2028, salvo que se ejercite la llamada anticipada.
Términos comerciales clave
- Tasa de cupón contingente: ≥ 12.25% anual, pagada trimestralmente sólo si el precio de cierre del peor título en la fecha de determinación es ≥ 50% de su precio inicial. Los cupones no pagados se acumulan y pueden pagarse posteriormente gracias a la función memoria.
- Auto-llamada: Si en cualquier fecha de observación trimestral (desde enero de 2026) el peor título está igual o por encima de su precio inicial, los inversores reciben el valor nominal más los cupones actuales y atrasados.
- Reembolso del principal: Al vencimiento, los inversores reciben el valor nominal si el peor título es ≥ 50% de su precio inicial; de lo contrario, el reembolso es igual al valor nominal × factor de rendimiento, exponiendo a los inversores a un riesgo ilimitado a la baja por debajo del -50%.
- Valor estimado por el emisor en la fecha de fijación del precio: ≥ $922.70, por debajo del precio de oferta de $1,000, reflejando comisiones implícitas de hasta 2.325%.
Aspectos destacados del riesgo
- Exposición completa al peor desempeño; sin participación en alzas más allá del ingreso por cupones.
- Riesgo crediticio de CIBC; los bonos no están garantizados ni asegurados por CDIC/FDIC.
- No cotización en bolsa y liquidez secundaria incierta; el valor de mercado probablemente esté por debajo del precio de emisión.
- Tratamiento fiscal complejo; los inversores deben revisar el suplemento preliminar de precios.
El valor está dirigido a inversores que buscan ingresos y están dispuestos a aceptar riesgo de caída en acciones y riesgo crediticio del emisor a cambio de cupones potencialmente elevados. Los inversores deben estar cómodos con la posible pérdida de más del 50% del principal si el peor título cae por debajo de la barrera del 50% al vencimiento y el bono no ha sido llamado.
캐나다 임페리얼 은행(CIBC)는 $1,000 단위의 시장 연계 증권을 제공하며, 분기별 조건부 쿠폰(메모리 기능 포함)과 자동 상환 메커니즘, 그리고 조건부 원금 손실 위험을 결합한 상품입니다. 이 증권은 Amazon.com(AMZN), Alphabet Class A(GOOGL), NVIDIA(NVDA) 중 최저 성과 주식을 기준으로 하며, 2028년 7월 21일에 만기되지만 조기 상환될 수 있습니다.
주요 상업 조건
- 조건부 쿠폰율: 연 12.25% 이상, 최저 주식의 만기일 종가가 시작가의 50% 이상일 경우에만 분기별 지급. 미지급 쿠폰은 누적되어 메모리 기능에 따라 나중에 지급될 수 있습니다.
- 자동 상환: 2026년 1월부터 분기별 관측일 중 최저 주식이 시작가 이상이면 투자자는 원금과 현재 및 미지급 쿠폰을 받습니다.
- 원금 상환: 만기 시 최저 주식이 시작가의 50% 이상이면 원금을 지급하고, 그렇지 않으면 원금 × 성과 지수로 상환되어 -50% 이하의 무제한 하락 위험에 노출됩니다.
- 발행일 기준 발행자 평가 가치: $922.70 이상, $1,000의 공모가보다 낮으며 최대 2.325%의 내재 수수료를 반영합니다.
위험 요약
- 최저 성과 주식에 전면 노출; 쿠폰 수익 외 상승 참여 없음.
- CIBC 신용 위험; 증권은 무담보이며 CDIC/FDIC 보험 대상이 아닙니다.
- 거래소 상장 없음 및 2차 유동성 불확실; 시장 가치는 발행가보다 낮을 가능성 큼.
- 복잡한 세금 처리; 투자자는 예비 가격 보충 자료를 검토해야 합니다.
이 증권은 주식 하락 위험과 발행자 신용 위험을 감수할 수 있으며 잠재적으로 높은 쿠폰 수익을 원하는 소득 지향 투자자를 대상으로 합니다. 투자자는 최저 주식이 만기 시 50% 이하로 하락하고 증권이 조기 상환되지 않은 경우 원금의 50% 이상 손실 가능성에 대해 충분히 이해해야 합니다.
Canadian Imperial Bank of Commerce (CIBC) propose des titres Market Linked libellés en 1 000 $ combinant un coupon trimestriel conditionnel (avec fonction mémoire) à un mécanisme d’auto-call et un risque conditionnel sur le principal en cas de baisse. Les titres référencent la pire performance parmi Amazon.com (AMZN), Alphabet Classe A (GOOGL) et NVIDIA (NVDA) et arrivent à échéance le 21 juillet 2028, sauf rappel anticipé.
Principaux termes commerciaux
- Taux de coupon conditionnel : ≥ 12,25 % par an, versé trimestriellement uniquement si le cours de clôture de la pire action à la date de détermination est ≥ 50 % de son prix initial. Les coupons manqués s’accumulent et peuvent être payés ultérieurement grâce à la fonction mémoire.
- Auto-call : Si, à une date d’observation trimestrielle (à partir de janvier 2026), la pire action est au moins égale à son prix initial, les investisseurs reçoivent la valeur nominale plus les coupons courants et impayés.
- Remboursement du principal : À l’échéance, les investisseurs reçoivent la valeur nominale si la pire action est ≥ 50 % de son prix initial ; sinon, le remboursement est égal à la valeur nominale × facteur de performance, exposant les investisseurs à un risque illimité en cas de baisse au-delà de –50 %.
- Valeur estimée par l’émetteur à la date de tarification : ≥ 922,70 $, inférieure au prix d’offre de 1 000 $, reflétant des frais intégrés allant jusqu’à 2,325 %.
Points clés du risque
- Exposition totale à la pire performance ; pas de participation à la hausse au-delà des revenus de coupons.
- Risque de crédit de CIBC ; les titres sont non garantis et non assurés par CDIC/FDIC.
- Pas de cotation en bourse et liquidité secondaire incertaine ; la valeur de marché est probablement inférieure au prix d’émission.
- Traitement fiscal complexe ; les investisseurs doivent consulter le supplément préliminaire de tarification.
Ce titre cible les investisseurs recherchant un revenu et prêts à accepter un risque de baisse sur actions et un risque de crédit émetteur en échange de coupons potentiellement élevés. Les investisseurs doivent être à l’aise avec la possible perte de plus de 50 % du capital si la pire action franchit la barrière des 50 % à l’échéance et que le titre n’a pas été rappelé.
Canadian Imperial Bank of Commerce (CIBC) bietet Market Linked Securities mit einem Nennwert von 1.000 $ an, die einen bedingten vierteljährlichen Kupon (Memory-Funktion) mit einem Auto-Call-Mechanismus und einem bedingten Kapitalverlustrisiko kombinieren. Die Notes beziehen sich auf den schlechtesten Performer von Amazon.com (AMZN), Alphabet Klasse A (GOOGL) und NVIDIA (NVDA) und laufen am 21. Juli 2028 ab, sofern sie nicht vorzeitig zurückgerufen werden.
Wesentliche kommerzielle Bedingungen
- Bedingter Kuponzins: ≥ 12,25 % p.a., vierteljährlich zahlbar, sofern der Schlusskurs der schlechtesten Aktie am Feststellungstag ≥ 50 % des Startkurses beträgt. Ausgefallene Kupons werden angesammelt und können später im Rahmen der Memory-Funktion nachgezahlt werden.
- Auto-Call: Wenn an einem vierteljährlichen Beobachtungstag (ab Januar 2026) die schlechteste Aktie mindestens auf dem Startkurs steht, erhalten Anleger den Nennwert zuzüglich aktueller und nicht gezahlter Kupons.
- Kapitalrückzahlung: Bei Fälligkeit erhalten Anleger den Nennwert, wenn die schlechteste Aktie ≥ 50 % des Startkurses steht; andernfalls erfolgt die Rückzahlung als Nennwert × Performance-Faktor, was ein unbegrenztes Abwärtsrisiko unter –50 % bedeutet.
- Geschätzter Emittentenwert am Preisfeststellungstag: ≥ 922,70 $, unter dem Angebotspreis von 1.000 $, was bis zu 2,325 % eingebettete Gebühren widerspiegelt.
Risikohighlights
- Volle Exponierung gegenüber dem schlechtesten Performer; keine Partizipation an Kurssteigerungen über die Kuponzahlungen hinaus.
- Kreditrisiko von CIBC; die Notes sind unbesichert und nicht durch CDIC/FDIC versichert.
- Keine Börsennotierung und unsichere Sekundärliquidität; Marktwert wahrscheinlich unter dem Ausgabepreis.
- Komplexe steuerliche Behandlung; Anleger sollten das vorläufige Preiszusatzblatt prüfen.
Das Wertpapier richtet sich an einkommensorientierte Anleger, die bereit sind, Aktien-Abwärtsrisiken und Emittenten-Kreditrisiken zugunsten potenziell höherer Kupons zu akzeptieren. Anleger sollten sich der Möglichkeit bewusst sein, mehr als 50 % des Kapitals zu verlieren, falls die schlechteste Aktie bei Fälligkeit unter die 50 %-Marke fällt und die Note nicht vorzeitig zurückgerufen wurde.
Filed Pursuant to Rule 433
Registration No. 333-272447
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Canadian Imperial Bank of Commerce Market Linked Securities |
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Market Linked Securities—Auto-Callable with Contingent Coupon with Memory Feature and Contingent Downside Principal at Risk Securities Linked to the Lowest Performing of the Common Stock of Amazon.com, Inc., the Class A Common Stock of Alphabet Inc., and the Common Stock of NVIDIA Corporation due July 21, 2028 Term Sheet to Preliminary Pricing Supplement dated June 27, 2024 | |
| Summary of Terms | |
| Issuer | Canadian Imperial Bank of Commerce (“CIBC”) |
| Market Measure | The lowest performing of the common stock of Amazon.com, Inc. (Bloomberg ticker symbol “AMZN”) (the “AMZN”), the Class A common stock of Alphabet Inc. (Bloomberg ticker symbol “GOOGL”) (the “GOOGL”), and the common stock of NVIDIA Corporation (Bloomberg ticker symbol “NVDA”) (the “NVDA”) (each, an “Underlying Stock” and together, the “Underlying Stocks”) |
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Face Amount (Original Offering Price) |
The principal amount of $1,000 per security |
| Pricing Date* | July 18, 2025 |
| Issue Date* | July 23, 2025 |
| Final Calculation Day* | July 18, 2028 |
| Stated Maturity Date* | July 21, 2028 |
| Contingent Coupon Payments (with Memory Feature) |
On each Coupon Payment Date, unless the securities have been automatically called, you will receive a Contingent Coupon Payment at a per annum rate equal to the Contingent Coupon Rate if, and only if, the Stock Closing Price of the Lowest Performing Stock on the related Coupon Determination Date is greater than or equal to its Coupon Threshold Price. In addition, if the Stock Closing Price of the Lowest Performing Stock on one or more Coupon Determination Dates is less than its Coupon Threshold Price and, on a subsequent Coupon Determination Date, the Stock Closing Price of the Lowest Performing Stock on that subsequent Coupon Determination Date is greater than or equal to its Coupon Threshold Price, on the Coupon Payment Date related to that subsequent Coupon Determination Date, you will receive the Contingent Coupon Payment due for that subsequent Coupon Determination Date plus all previously unpaid Contingent Coupon Payments (without interest on amounts previously unpaid). Each quarterly Contingent Coupon Payment, if any, will be calculated per security as follows: ($1,000 × Contingent Coupon Rate) / 4 |
| Contingent Coupon Rate | At least 12.25% per annum, to be determined on the Pricing Date |
| Coupon Determination Dates* | Quarterly, on the 18th of each January, April, July and October, commencing October 2025 and ending on the Final Calculation Day, each subject to postponement |
| Coupon Payment Dates | Quarterly, on the third Business Day following each Coupon Determination Date, provided that the Coupon Payment Date with respect to the Final Calculation Day will be the Stated Maturity Date |
| Automatic Call | If the Stock Closing Price of the Lowest Performing Stock on any Call Observation Date is greater than or equal to its Starting Price, the securities will be automatically called, and on the related Call Payment Date, you will receive a cash payment per security equal to the face amount plus a final Contingent Coupon Payment and any previously unpaid Contingent Coupon Payments otherwise due. |
| Call Observation Dates* | Quarterly, the Coupon Determination Dates beginning January 2026 and ending April 2028 (together with the Coupon Determination Dates, the “Calculation Days”) |
| Call Payment Dates | The third Business Day following the applicable Call Observation Date |
| Maturity Payment Amount (per security) |
· if the Ending Price of the Lowest Performing Stock on the Final Calculation Day is greater than or equal to its Downside Threshold Price: $1,000; or · if the Ending Price of the Lowest Performing Stock on the Final Calculation Day is less than its Downside Threshold Price: $1,000 × Performance Factor of the Lowest Performing Stock on the Final Calculation Day |
| Lowest Performing Stock | For any Calculation Day, the Underlying Stock with the lowest Performance Factor on such Calculation Day. |
| Performance Factor: | For an Underlying Stock on any Calculation Day, its Stock Closing Price on such Calculation Day divided by its Starting Price (expressed as a percentage). |
| Starting Price | For each Underlying Stock, its Stock Closing Price on the Pricing Date |
| *Subject to change | |
Summary of Terms (Continued)
| Ending Price | For each Underlying Stock, its Stock Closing Price on the Final Calculation Day |
| Coupon Threshold Price | For each Underlying Stock, 50% of its Starting Price |
| Downside Threshold Price | For each Underlying Stock, 50% of its Starting Price |
| Calculation Agent | CIBC |
| Denominations | $1,000 and integral multiples of $1,000 in excess thereof |
| Agent’s Underwriting Discount and Other Fees | Up to 2.325%; dealers, including those using the trade name Wells Fargo Advisors (“WFA”), may receive a selling concession of up to 1.75% and WFA will receive a distribution expense fee of 0.075%. In addition, in respect of certain securities sold in this offering, the Issuer may pay a fee of up to 0.20% per security to selected securities dealers in consideration for marketing and other services in connection with the distribution of the securities to other securities dealers. |
| CUSIP / ISIN | 13607XY50 / US13607XY504 |
| Material Tax Consequences: | See the preliminary pricing supplement. |
Hypothetical Payout Profile (Maturity Payment Amount)
If the securities are not automatically called prior to maturity and the Ending Price of the Lowest Performing Stock on the Final Calculation Day is less than its Downside Threshold Price, you will have full downside exposure to the decrease in the price of the Lowest Performing Stock from its Starting Price and will lose more than 50%, and possibly all, of the face amount of your securities at maturity.
Any positive return on the securities will be limited to the sum of your Contingent Coupon Payments, if any. You will not participate in any appreciation of any Underlying Stock, but you will have full downside exposure to the Lowest Performing Stock on the Final Calculation Day if the securities are not automatically called and the Ending Price of that Underlying Stock is less than its Downside Threshold Price.
The Issuer’s estimated value of the securities on the Pricing Date, based on the Issuer’s internal pricing models, is expected to be at least $922.70 per security but less than the original offering price. The estimated value of the securities is not an indication of actual profit to the Issuer or to any of the Issuer’s affiliates, nor is it an indication of the price, if any, at which Wells Fargo Securities, LLC (“Wells Fargo Securities”) or any other person may be willing to buy the securities from you at any time after issuance. See “The Estimated Value of the Securities” in the accompanying preliminary pricing supplement.
Preliminary Pricing Supplement:
https://www.sec.gov/Archives/edgar/data/1045520/000110465925063474/tm2516701d46_424b2.htm
The securities have complex features and investing in the securities involves risks not associated with an investment in conventional debt securities. See “Selected Risk Considerations” in this term sheet and beginning on page PRS-9 of the accompanying preliminary pricing supplement, and “Risk Factors” beginning on page S-1 of the underlying supplement, page S-1 of the prospectus supplement and page 1 of the prospectus.
This introductory term sheet does not provide all of the information that an investor should consider prior to making an investment decision.
Investors should carefully review the accompanying preliminary pricing supplement, product supplement, underlying supplement, prospectus supplement and prospectus before making a decision to invest in the securities. If the terms described in the preliminary pricing supplement are inconsistent with those described herein, the terms described in the preliminary pricing supplement will control.
NOT A BANK DEPOSIT AND NOT INSURED BY THE CANADA DEPOSIT INSURANCE CORPORATION, THE U.S. FEDERAL DEPOSIT INSURANCE CORPORATION OR ANY OTHER GOVERNMENTAL AGENCY
Selected Risk Considerations
The risks set forth below are discussed in detail in the “Selected Risk Considerations” in the accompanying preliminary pricing supplement, and the “Risk Factors” in the accompanying underlying supplement, prospectus supplement and prospectus. Please review those risk disclosures carefully.
Risks Relating To The Structure Of The Securities
| · | If The Securities Are Not Automatically Called Prior To Maturity, You May Lose A Significant Portion Or All Of The Face Amount Of Your Securities At Maturity. |
| · | The Securities Do Not Provide For Fixed Payments Of Interest And You May Receive No Coupon Payments On One Or More Coupon Payment Dates, Or Even Throughout The Entire Term Of The Securities. |
| · | You May Be Fully Exposed To The Decline In The Lowest Performing Stock On The Final Calculation Day From Its Starting Price, But Will Not Participate In Any Positive Performance Of Any Underlying Stock, And Your Maximum Possible Return On The Securities Will Be Limited To The Sum Of Any Contingent Coupon Payments. |
| · | The Securities Are Subject To The Full Risks Of Each Underlying Stock And Will Be Negatively Affected If Any Underlying Stock Performs Poorly, Even If The Other Underlying Stocks Perform Favorably. |
| · | Your Return On The Securities Will Depend Solely On The Performance Of The Lowest Performing Stock On Each Calculation Day, And You Will Not Benefit In Any Way From The Performance Of The Better Performing Underlying Stocks. |
| · | You Will Be Subject To Risks Resulting From The Relationship Among The Underlying Stocks. |
| · | Higher Contingent Coupon Rates Are Associated With Greater Risk. |
| · | You Will Be Subject To Reinvestment Risk. |
| · | A Coupon Payment Date, A Call Payment Date And The Stated Maturity Date May Be Postponed If A Calculation Day Is Postponed. |
Risk Relating To The Credit Risk Of CIBC
| · | The Securities Are Subject To The Credit Risk Of Canadian Imperial Bank of Commerce. |
Risks Relating To The Estimated Value Of The Securities And Any Secondary Market
| · | Our Estimated Value Of The Securities Will Be Lower Than The Original Offering Price Of The Securities. |
| · | Our Estimated Value Does Not Represent Future Values Of The Securities And May Differ From Others’ Estimates. |
| · | Our Estimated Value Is Not Determined By Reference To Credit Spreads For Our Conventional Fixed-Rate Debt. |
| · | The Estimated Value Of The Securities Will Not Be An Indication Of The Price, If Any, At Which Wells Fargo Securities Or Any Other Person May Be Willing To Buy The Securities From You In The Secondary Market. |
| · | The Value Of The Securities Prior To Maturity Or Automatic Call Will Be Affected By Numerous Factors, Some Of Which Are Related In Complex Ways. |
| · | The Securities Will Not Be Listed On Any Securities Exchange And We Do Not Expect A Trading Market For The Securities To Develop. |
Risks Relating To The Underlying Stocks
| · | The Securities Will Be Subject To Single Stock Risk. | |
| · | You Have Limited Anti-dilution Protection. | |
| · | The Securities May Become Linked To The Common Stock Of A Company Other Than An Original Underlying Stock Issuer. |
Risks Relating To Conflicts Of Interest
| · | We Or One Of Our Affiliates Will Be The Calculation Agent And, As A Result, Potential Conflicts Of Interest Could Arise. | |
| · | Our Economic Interests And Those Of Any Dealer Participating In The Offering Of Securities Will Potentially Be Adverse To Your Interests. |
Risks Relating To Tax
| · | The U.S. Federal Tax Consequences Of An Investment In The Securities Are Unclear. |
| · | There Can Be No Assurance That The Canadian Federal Income Tax Consequences Of An Investment In The Securities Will Not Change In The Future. |
The Issuer has filed a registration statement (including a prospectus, a prospectus supplement, an underlying supplement and a product supplement) with the Securities and Exchange Commission (the “SEC”) for the offering to which this communication relates. Before you invest, you should read the prospectus, the prospectus supplement, the underlying supplement and the product supplement in that registration statement and other documents the Issuer has filed with the SEC for more complete information about the Issuer and this offering. You may get these documents for free by visiting EDGAR on the SEC website at www.sec.gov. Alternatively, any agent or any dealer participating in the offering will arrange to send you the prospectus, the prospectus supplement, the underlying supplement and the product supplement if you request them by calling your financial advisor or by calling Wells Fargo Securities at 866-346-7732.
Wells Fargo Advisors is a trade name used by Wells Fargo Clearing Services, LLC and Wells Fargo Advisors Financial Network, LLC, members SIPC, separate registered broker-dealers and non-bank affiliates of Wells Fargo & Company.
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