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TD Bank to price capped fixed-to-floaters with 2.6% initial rate
By Sarah Lizee
Olympia, Wash., Feb. 8 – Toronto-Dominion Bank plans to price capped fixed-to-floating notes due Feb. 15, 2023, according to a 424B2 filing with the Securities and Exchange Commission.
Interest will be 2.6% for the first two years. After that, the rate will be equal to Libor plus 40 basis points, subject to a 4% cap and a 0% floor. Interest will be payable quarterly.
The payout at maturity will be par.
The notes are non-callable.
TD Securities (USA) LLC is the agent.
The notes will settle on Feb. 15.
The Cusip number is 89114QLD8.
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