Published on 4/30/2015 in the Prospect News Structured Products Daily.
New Issue: TD Bank prices $3 million callable step-up notes with 2.15% start rate
By Toni Weeks
San Luis Obispo, Calif., April 30 – Toronto-Dominion Bank priced $3 million of callable step-up notes due April 30, 2025, according to a 424B2 filing with the Securities and Exchange Commission.
The interest rate will be 2.15% during the first two years, 2.2% in years three and four, 2.5% in years five through seven, 4% in year eight, 5% in year nine and 6% in year 10. Interest will be payable quarterly.
The payout at maturity will be par.
The notes will be callable quarterly beginning July 30.
TD Securities (USA) LLC is the agent.
Issuer: | Toronto-Dominion Bank
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Issue: | Callable step-up notes
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Amount: | $3 million
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Maturity: | April 30, 2025
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Coupon: | 2.15% initially, stepping up to 2.2% on April 30, 2017, to 2.5% on April 30, 2019, to 4% on April 30, 2022, to 5% on April 30, 2023 and to 6% on April 30, 2024; payable quarterly
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Price: | Par
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Payout at maturity: | Par
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Call option: | At par on any interest payment date beginning July 30
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Pricing date: | April 27
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Settlement date: | April 30
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Agent: | TD Securities (USA) LLC
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Fees: | 2.117%
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Cusip: | 89114QSV1
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