CIBC plans to redeem all $500 million of its 4.5% debentures due Oct. 15, 2014, the bank said Thursday.

In accordance with their terms, the debentures will be redeemed at 100% of their principal amount on Oct. 15, 2009.

“The redemption will be financed out of the general corporate funds of CIBC,” the bank said in a release.

Interest accrued on the debentures will be paid through CIBC Mellon Trust Co.

RBC announces redemption of trust preferred securities

Also Thursday, three subsidiary trusts of RBC Bancorporation (USA) gave notice that each subsidiary trust will redeem all of its outstanding trust preferred securities.

RBC Bancorporation (USA) is the successor by merger to the three subsidiary trusts announcing the redemptions.

On September 30, Alabama National Statutory Trust III will redeem all of the US$20 million of its outstanding Floating Rate Trust Preferred Securities at PAR with accrued interest.

On October 13, Centura Capital Trust I will redeem all of the approximately US$94 million of its 8.845% Trust Preferred Securities outstanding at a price of 103.538 plus accrued interest from the last interest payment date.

The paying agent for these redemptions is US Bank National Association.

On October 13, Triangle Capital Trust I will redeem all of the US$20 million of its outstanding 9.375% Trust Preferred Securities at a price of 103.750 plus accrued interest from the last interest payment date.

The paying agent for this redemption is Deutsche Bank National Trust Company.

RBC Bancorporation (USA) is a subsidiary of the Royal Bank of Canada.

IE