By Cristal Cody
Chicago, Sept. 9 – Toronto-Dominion Bank priced $3 billion of notes in two parts (A1/A) on Thursday, according to FWP filings with the Securities and Exchange Commission and additional details from a market source.
The first of the equally sized tranches priced as 4.285% senior medium-term notes with a two-year tenor. The notes priced at par with an 80 basis points spread to the Treasury benchmark versus price talk in the 100 bps area.
A five-year tranche priced with a 4.693% coupon at par. The spread was 130 bps above Treasuries, tighter than talk in the 150 bps area.
Both notes have make-whole calls at any time with a Treasuries plus 15 bps make-whole premium for the two-year notes and a Treasuries plus 20 bps premium for the five-year notes.
When the deal was announced, it was expected that there would be a floating-rate note and a fixed-rate note.
The notes will be bail-inable.
TD Securities (USA) LLC, BofA Securities, Inc., Citigroup Global Markets Inc., NatWest Markets Securities Inc. and U.S. Bancorp Investments, Inc. are the bookrunners.
The financial services company is based in Toronto.
| Issuer: | Toronto-Dominion Bank
|
| Amount: | $3 billion
|
| Issue: | Senior medium-term notes
|
| Bookrunners: | TD Securities (USA) LLC, BofA Securities, Inc., Citigroup Global Markets Inc., NatWest Markets Securities Inc. and U.S. Bancorp Investments, Inc.
|
| Co-managers: | C.L. King & Associates, Inc., Mischler Financial Group, Inc., R. Seelaus & Co., LLC, Samuel A. Ramirez & Co., Inc. and Siebert Williams Shank & Co., LLC
|
| Counsel to issuer: | McCarthy Tetrault LLP and Simpson Thacher & Bartlett LLP
|
| Counsel to underwriters: | Davis Polk & Wardwell LLP
|
| Trade date: | Sept. 8
|
| Settlement date: | Sept. 15
|
| Ratings: | Moody’s: A1
|
| S&P: A
|
| Distribution: | SEC registered
|
|
|
| Two-year notes
|
| Amount: | $1.5 billion
|
| Maturity: | Sept. 13, 2024
|
| Coupon: | 4.285%
|
| Price: | Par
|
| Yield: | 4.285%
|
| Spread: | Treasuries plus 80 bps
|
| Call features: | Make-whole call at Treasuries plus 15 bps
|
| Price talk: | Treasuries plus 100 bps area
|
| Cusip: | 89115A2J0
|
|
|
| Five-year notes
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| Amount: | $1.5 billion
|
| Maturity: | Sept. 15, 2027
|
| Coupon: | 4.693%
|
| Price: | Par
|
| Yield: | 4.693%
|
| Spread: | Treasuries plus 130 bps
|
| Call features: | Make-whole call at Treasuries plus 20 bps
|
| Price talk: | Treasuries plus 150 bps area
|
| Cusip: | 89115A2H4
|
|
|
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