FWP
 

Filed Pursuant to Rule 433

Registration No. 333-202584

 

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Capped LIRNs® Linked to the S&P 500® Index

 

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This graph reflects the hypothetical return on the notes, based on the mid-point of the range(s) set forth in the table to the left. This graph has been prepared for purposes of illustration only.

 

 

  Issuer

 

 

Canadian Imperial Bank of Commerce (CIBC)

 

 

  Principal Amount

 

 

$10.00 per unit

 

 

  Term

 

 

Approximately 14 months

 

 

  Market Measure

 

 

The S&P 500® Index (Bloomberg symbol: “SPX”)

 

 

  Payout Profile at

 

  Maturity

 

 

    2-to-1 upside exposure to increases in the Market Measure, subject to the Capped Value

 

    1-to-1 downside exposure to decreases in the Market Measure beyond a 5% decline, with up to 95% of your principal at risk

 

 

  Capped Value

 

 

[$10.80 to $11.20] per unit, a [8% to 12%] return over the principal amount, to be determined on the pricing date.

 

 

  Threshold Value

 

 

95% of the Starting Value of the Market Measure

 

 

  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 accept a capped return, take downside risk below a threshold and forgo interim interest payments.

 

 

  Preliminary Offering   Documents

 

 

 

http://www.sec.gov/Archives/edgar/data/1045520/000119312516727730/d457307dfwp.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, your investment may result in a loss; there is no guaranteed return of principal.

   

Payments on the notes, including 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.

   

Your investment return is limited to the return represented by the Capped Value and may be less than a comparable investment directly in the stocks included in the Market Measure.

   

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.

   

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 or 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.

 

 

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Canadian Imperial Bank of Commerce (CIBC) has filed a registration statement (which includes a prospectus) with the U.S. Securities and Exchange Commission (SEC) for the notes that are described in this Guidebook. Before you invest, you should carefully read the prospectus in that registration statement and other documents that CIBC has filed with the SEC for more complete information about CIBC and any offering described in this Guidebook. You may obtain 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, Merrill Lynch will arrange to send you the prospectus and other documents relating to any offering described in this document if you so request by calling toll-free 1-866-294-1322. CIBC faces risks that are specific to its business, and we encourage you to carefully consider these risks before making an investment in its securities.

  

 

 

 

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