Published on 5/27/2015 in the Prospect News Structured Products Daily.
New Issue: TD Bank prices $2.5 million callable step-up notes with 2.3% start rate
By Toni Weeks
San Luis Obispo, Calif., May 27 – Toronto-Dominion Bank priced $2.5 million of callable step-up notes due May 29, 2022, according to a 424B2 filing with the Securities and Exchange Commission.
The interest rate will be 2.3% during the first four years, 2.75% in year five, 3.5% in year six and 5% in year seven. Interest will be payable quarterly.
The payout at maturity will be par.
The notes will be callable quarterly beginning Aug. 29.
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: | $2.5 million
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Maturity: | May 29, 2022
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Coupon: | 2.3% initially, stepping up to 2.75% on May 29, 2019, to 3.5% on May 29, 2020 and to 5% on May 29, 2021; 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 Aug. 29
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Pricing date: | May 22
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Settlement date: | May 29
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Agent: | TD Securities (USA) LLC
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Fees: | 1.4%
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Cusip: | 89114QSY5
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