By Marisa Wong and Cristal Cody
Los Angeles, July 11 – Toronto-Dominion Bank priced $3.5 billion of senior medium-term notes, series C, (A1/A/AA-) in three tranches on Monday, according to FWP filings with the Securities and Exchange Commission.
TD Bank priced $450 million of three-year floating-rate notes at par with a coupon of SOFR plus 108 basis points.
Concurrently, the bank priced $1.8 billion of 5.532% notes due 2026 at par to yield 5.532%, or with a spread of 98 bps over Treasuries.
The bank also priced $1.25 billion of 5.523% notes due 2028 at par, or with a spread of 128 bps over Treasuries.
The 2026 and 2028 fixed-rate tranches feature optional make-whole calls.
Total final cumulative books were $6.5 billion, according to a market source.
Price talk was SOFR plus an equivalent spread for the floaters. Talk for the fixed-rate 2026 notes was in the Treasuries plus 125 bps area, and talk for the 2028 notes was in the Treasuries plus 155 bps area.
TD Securities (USA) LLC, Citigroup Global Markets Inc., Goldman Sachs & Co. LLC, NatWest Markets Securities Inc. and Standard Chartered Bank are the joint bookrunners.
The bank and financial services company is based in Toronto.
| Issuer: | Toronto-Dominion Bank
|
| Amount: | $3.5 billion
|
| Issue: | Senior medium-term notes, series C
|
| Bookrunners: | TD Securities (USA) LLC, Citigroup Global Markets Inc., Goldman Sachs & Co. LLC, NatWest Markets Securities Inc. and Standard Chartered Bank
|
| Co-managers: | Apto Partners, LLC, CastleOak Securities, LP, CIBC World Markets Corp., C.L. King & Associates, Inc., Desjardins Securities Inc., Drexel Hamilton, LLC and Mischler Financial Group, Inc.
|
| Trade date: | July 10
|
| Settlement date: | July 17
|
| Ratings: | Moody’s: A1
|
| S&P: A
|
| Fitch: AA-
|
|
|
| Floaters
|
| Amount: | $450 million
|
| Maturity: | July 17, 2026
|
| Coupon: | SOFR plus 108
|
| Price: | Par
|
| Yield: | SOFR plus 108
|
| Call options: | In whole at par for tax reasons
|
| Price talk: | SOFR plus an equivalent spread
|
| Cusip: | 89115A2T8
|
|
|
| 2026 notes
|
| Amount: | $1.8 billion
|
| Maturity: | July 17, 2026
|
| Coupon: | 5.532%
|
| Price: | Par
|
| Yield: | 5.532%
|
| Spread: | Treasuries plus 98 bps
|
| Call options: | Make-whole call in whole or in part at any time at Treasuries plus 15 bps; in whole at par for tax reasons
|
| Price talk: | Treasuries plus 125 bps area
|
| Cusip: | 89115A2S0
|
|
|
| 2028 notes
|
| Amount: | $1.25 billion
|
| Maturity: | July 17, 2028
|
| Coupon: | 5.523%
|
| Par: | Par
|
| Yield: | 5.523%
|
| Spread: | Treasuries plus 128 bps
|
| Call options: | Make-whole call in whole or in part at any time at Treasuries plus 20 bps; in whole at par for tax reasons
|
| Price talk: | Treasuries plus 155 bps area
|
| Cusip: | 89115A2U5
|
|
|
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