TD Bank plans five-year callable step-up notes with 2.15% initial rate

By Wendy Van Sickle

Columbus, Ohio, March 16 – Toronto-Dominion Bank plans to price callable step-up notes due March 31, 2022, according to a 424B2 filing with the Securities and Exchange Commission.

The interest rate will be 2.15% for the first year, stepping up to 2.2% for year two, 2.3% for year three, 2.5% for year four and 5.3% for year five. Interest will be payable quarterly.

The payout at maturity will be par.

The notes will be callable quarterly.

TD Securities (USA) LLC is the agent.

The notes will price on March 28 and settle on March 31.

The Cusip number is 89114QZQ4.

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