By Andrea Heisinger
New York, July 7 - Toronto-Dominion Bank sold $2.5 billion of senior medium-term notes (Aaa/AA-) in three tranches on Thursday, a source who worked on the trade said.
The sale was initially in two parts, and a tranche of floating-rate notes was added.
There was a $500 million tranche of three-year floating-rate notes priced at par to yield three-month Libor plus 30 basis points.
A $750 million tranche of 1.375% three-year fixed-rate notes priced at 99.769 to yield 1.454% with a spread of Treasuries plus 65 bps. The notes were sold at the tight end of guidance in the 70 bps area, plus or minus 5 bps, a source said.
The final part was $1.25 billion of 2.5% five-year notes priced at 99.627 to yield 2.58% with a spread of Treasuries plus 85 bps. These notes also sold at the tight end of talk in the 90 bps area, plus or minus 5 bps.
All of the notes are non-callable.
Bookrunners were Goldman Sachs & Co., Citigroup Global Markets Inc., Morgan Stanley & Co., Inc. and TD Securities (USA) LLC.
Proceeds are being used for general corporate purposes.
The bank and financial services company is based in Toronto.
| Issuer: | Toronto-Dominion Bank
|
| Issue: | Senior medium-term notes, series A
|
| Amount: | $2.5 billion
|
| Bookrunners: | Goldman Sachs & Co., Citigroup Global Markets Inc., Morgan Stanley & Co., Inc., TD Securities (USA) LLC
|
| Trade date: | July 7
|
| Settlement date: | July 14
|
| Ratings: | Moody's: Aaa
|
| Standard & Poor's: AA-
|
|
|
| Three-year floaters
|
| Amount: | $500 million
|
| Maturity: | July 14, 2014
|
| Coupon: | Three-month Libor plus 30 bps
|
| Price: | Par
|
| Yield: | Three-month Libor plus 30 bps
|
| Call: | Non-callable
|
|
|
| Three-year fixed-rate notes
|
| Amount: | $750 million
|
| Maturity: | July 14, 2014
|
| Coupon: | 1.375%
|
| Price: | 99.769
|
| Yield: | 1.454%
|
| Spread: | Treasuries plus 65 bps
|
| Call: | Non-callable
|
| Price talk: | 70 bps area, plus or minus 5 bps
|
|
|
| Five-year notes
|
| Amount: | $1.25 billion
|
| Maturity: | July 14, 2016
|
| Coupon: | 2.5%
|
| Price: | 99.627
|
| Yield: | 2.58%
|
| Spread: | Treasuries plus 85 bps
|
| Call: | Non-callable
|
| Price talk: | 90 bps area, plus or minus 5 bps
|
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