By Cristal Cody
Tupelo, Miss., July 18 – Toronto-Dominion Bank priced C$1.5 billion of medium-term fixed-to-floating rate non-viability contingent capital subordinated notes on Tuesday at par to yield a spread of 155 basis points over the Government of Canada bond curve, or 156.1 bps versus the government benchmark, according to a market source and a company news release.
The notes (A2/A-//DBRS: A) will bear a fixed interest rate until July 25, 2024 and then will have a floating rate of CDOR plus 125 bps through the July 25, 2029 maturity.
TD Securities Inc. was the lead manager.
Proceeds from the offering will be used for general corporate purposes.
Toronto-Dominion Bank is a bank and financial services company based in Toronto.
| Issuer: | Toronto-Dominion Bank
|
| Amount: | C$1.5 billion
|
| Maturity: | July 25, 2029
|
| Description: | Medium-term fixed-to-floating rate non-viability contingent capital subordinated notes
|
| Bookrunner: | TD Securities Inc.
|
| Coupon: | 3.224%; converts to CDOR plus 125 bps July 25, 2024 through maturity
|
| Price: | Par
|
| Yield: | 3.224%
|
| Spread: | 155 bps over Government of Canada bond curve, or 156.1 bps versus benchmark
|
| Call feature: | On or after July 25, 2024 at par
|
| Pricing date: | July 18
|
| Settlement date: | July 25
|
| Ratings: | Moody’s: A2
|
| S&P: A-
|
| DBRS: A
|
| Distribution: | Canada
|
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