Published on 4/1/2022 in the Prospect News Structured Products Daily.
New Issue: TD Bank prices $16.26 million of callable step-up notes with 2.75% initial rate
By William Gullotti
Buffalo, N.Y., April 1 – Toronto-Dominion Bank priced $16.26 million of callable step-up notes due Sept. 30, 2025, according to a 424B2 filing with the Securities and Exchange Commission.
The interest rate is 2.75% initially, stepping up to 3% on Sept. 30, 2024 and to 4.4% on March 31, 2025. Interest is payable quarterly.
The payout at maturity will be par.
The notes are callable at par on any quarterly redemption date starting Sept. 30, 2023.
TD Securities (USA) LLC and Wells Fargo Securities, LLC are the agents.
Issuer: | Toronto-Dominion Bank
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Issue: | Callable step-up notes
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Amount: | $16,256,000
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Maturity: | Sept. 30, 2025
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Coupon: | 2.75% initially, stepping up to 3% on Sept. 30, 2024 and to 4.4% on March 31, 2025; payable quarterly
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Price: | Par
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Payout at maturity: | Par
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Call option: | Callable at par on any quarterly redemption date starting Sept. 30, 2023
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Pricing date: | March 29
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Settlement date: | March 31
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Agents: | TD Securities (USA) LLC and Wells Fargo Securities, LLC
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Fees: | 1.16988%
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Cusip: | 89114V7E1
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