Source: The Canadian Press

CIBC said Tuesday it plans to issue $1.1 billion in 4.11% debentures due 2020.

The bank said the debentures will be issued in Canada and sold through a dealer syndicate led by CIBC World Markets Inc.

The debentures will pay 4.11% until April 30, 2015, and, if not redeemed, the three-month bankers’ acceptance rate plus 1.9% thereafter until maturity on April 30, 2020.

Shares in CIBC (TSX:CM) were down $1.52 at $75.43 on the Toronto Stock Exchange on Tuesday.