[424B2] Toronto Dominion Bank Prospectus Supplement
The Toronto鈥怐ominion Bank (TD) is issuing $2.747 million of Callable Fixed-Rate Notes due June 23, 2032 under its Rule 424(b)(2) shelf. The notes carry a 5.00% fixed coupon payable quarterly on the 23rd of March, June, September and December, beginning September 23, 2025, using a 30/360 day-count convention. Principal is repaid at par on the June 23, 2032 maturity date unless TD exercises its redemption option.
Optional redemption: TD may redeem the notes in whole (not in part) on any quarterly Interest Payment Date from September 23, 2026 through the payment date immediately before maturity. Five business-day prior notice to DTC is required and the decision is subject to Office of the Superintendent of Financial Institutions approval if Total Loss Absorbing Capacity requirements could be breached.
Offering terms: The public offering price is 100% of principal ($1,000 per note). TD Securities (USA) LLC is sole underwriter, earning up to 2.05% ($20.50) per note, with total underwriting discount of $53,923.06. Net proceeds to TD equal $2,693,076.94. Certain fee-based advisory accounts could have paid as little as 98.40% of par.
Risk profile: The notes are senior, unsecured, bail-inable debt under Canadian law and are subject to statutory conversion or extinguishment under CDIC Act 搂39.2(2.3). They are neither CDIC nor FDIC insured and will not be listed on any exchange. Investors face TD credit risk and potential bail-in conversion risk. For U.S. federal tax purposes, the notes are expected to be treated as fixed-rate debt issued without original-issue discount.
Settlement & trading: Issued in DTC global form on June 23, 2025 (T+2). Because normal secondary trades settle T+1, early secondary transactions will require alternative settlement arrangements.
Use of proceeds: Not specifically disclosed; proceeds will enter TD鈥檚 general funds. Given the limited size relative to TD鈥檚 balance sheet, the offering is financially immaterial but adds modest tenor-matched funding flexibility.
La Toronto鈥怐ominion Bank (TD) emette 2,747 milioni di dollari di Note Callable a tasso fisso con scadenza il 23 giugno 2032 nell'ambito del suo shelf Rule 424(b)(2). Le note prevedono un coupon fisso del 5,00% pagabile trimestralmente il 23 marzo, giugno, settembre e dicembre, a partire dal 23 settembre 2025, utilizzando la convenzione di calcolo 30/360. Il capitale viene rimborsato a valore nominale alla scadenza del 23 giugno 2032, salvo esercizio dell'opzione di rimborso da parte di TD.
Rimborso opzionale: TD pu貌 rimborsare integralmente (non parzialmente) le note in qualsiasi data di pagamento degli interessi trimestrali dal 23 settembre 2026 fino alla data di pagamento immediatamente precedente la scadenza. 脠 richiesta una comunicazione a DTC con cinque giorni lavorativi di anticipo e la decisione 猫 soggetta all'approvazione dell'Ufficio del Sovrintendente alle Istituzioni Finanziarie se possono essere violate le normative sulla Capacit脿 Totale di Assorbimento delle Perdite.
Termini dell'offerta: Il prezzo pubblico di offerta 猫 il 100% del capitale ($1.000 per nota). TD Securities (USA) LLC 猫 l'unico sottoscrittore, con una commissione fino al 2,05% ($20,50) per nota, con uno sconto totale di sottoscrizione di $53.923,06. I proventi netti per TD ammontano a $2.693.076,94. Alcuni conti consulenziali basati su commissioni potrebbero aver pagato anche solo il 98,40% del valore nominale.
Profilo di rischio: Le note sono debito senior, non garantito e soggetto a bail-in secondo la legge canadese e sono soggette a conversione o estinzione statutaria ai sensi della sezione 39.2(2.3) della CDIC Act. Non sono assicurate n茅 da CDIC n茅 da FDIC e non saranno quotate in alcuna borsa. Gli investitori affrontano il rischio di credito TD e il potenziale rischio di conversione da bail-in. Ai fini fiscali federali statunitensi, le note saranno trattate come debito a tasso fisso emesso senza sconto all'emissione.
Regolamento e negoziazione: Emesse in forma globale DTC il 23 giugno 2025 (T+2). Poich茅 le negoziazioni secondarie normali si regolano T+1, le prime transazioni secondarie richiederanno accordi di regolamento alternativi.
Utilizzo dei proventi: Non specificamente dichiarato; i proventi entreranno nei fondi generali di TD. Considerata la dimensione limitata rispetto al bilancio di TD, l'offerta 猫 finanziariamente irrilevante ma aggiunge una modesta flessibilit脿 di finanziamento a scadenza corrispondente.
El Banco Toronto鈥怐ominion (TD) est谩 emitiendo 2.747 millones de d贸lares en Notas a tasa fija reembolsables anticipadamente con vencimiento el 23 de junio de 2032 bajo su programa Rule 424(b)(2). Las notas tienen un cup贸n fijo del 5.00% pagadero trimestralmente los d铆as 23 de marzo, junio, septiembre y diciembre, comenzando el 23 de septiembre de 2025, usando la convenci贸n de conteo de d铆as 30/360. El principal se reembolsa al valor nominal en la fecha de vencimiento del 23 de junio de 2032, a menos que TD ejerza su opci贸n de redenci贸n.
Redenci贸n opcional: TD puede redimir las notas en su totalidad (no en parte) en cualquier fecha de pago trimestral de intereses desde el 23 de septiembre de 2026 hasta la fecha de pago inmediatamente anterior al vencimiento. Se requiere un aviso previo de cinco d铆as h谩biles a DTC y la decisi贸n est谩 sujeta a la aprobaci贸n de la Oficina del Superintendente de Instituciones Financieras si se pudieran incumplir los requisitos de Capacidad Total de Absorci贸n de P茅rdidas.
T茅rminos de la oferta: El precio p煤blico de oferta es el 100% del principal ($1,000 por nota). TD Securities (USA) LLC es el 煤nico suscriptor, ganando hasta un 2.05% ($20.50) por nota, con un descuento total de suscripci贸n de $53,923.06. Los ingresos netos para TD son $2,693,076.94. Algunas cuentas de asesor铆a basadas en honorarios podr铆an haber pagado tan solo el 98.40% del valor nominal.
Perfil de riesgo: Las notas son deuda senior, no garantizada y sujeta a bail-in bajo la ley canadiense y est谩n sujetas a conversi贸n o extinci贸n estatutaria bajo la secci贸n 39.2(2.3) de la Ley CDIC. No est谩n aseguradas ni por CDIC ni por FDIC y no se cotizar谩n en ninguna bolsa. Los inversionistas enfrentan riesgo crediticio de TD y riesgo potencial de conversi贸n por bail-in. Para efectos fiscales federales de EE.UU., se espera que las notas se traten como deuda a tasa fija emitida sin descuento original.
Liquidaci贸n y negociaci贸n: Emitidas en forma global DTC el 23 de junio de 2025 (T+2). Debido a que las operaciones secundarias normales se liquidan T+1, las primeras transacciones secundarias requerir谩n arreglos alternativos de liquidaci贸n.
Uso de los ingresos: No se divulga espec铆ficamente; los ingresos ingresar谩n a los fondos generales de TD. Dada la dimensi贸n limitada en relaci贸n con el balance de TD, la oferta es financieramente insignificante pero a帽ade una modesta flexibilidad de financiamiento a plazo coincidente.
韱犽韱�-霃勲雼堨柛 鞚�頄�(TD)鞚� Rule 424(b)(2) 靹犽皹 攴滌爼鞐� 霐半澕 2,747毵� 雼煬2032雲� 6鞗� 23鞚� 毵岅赴 旖� 臧�電� 瓿犾爼旮堧Μ 毂勱秾鞚� 氚滍枆頃╇媹雼�. 鞚� 毂勱秾鞚� 2025雲� 9鞗� 23鞚茧秬韯� 鞁滌瀾頃橃棳 3鞗�, 6鞗�, 9鞗�, 12鞗� 23鞚检棎 攵勱赴氤勲 5.00% 瓿犾爼 炜犿彴鞚� 歆�旮夗晿氅�, 30/360 鞚检垬 瓿勳偘 氚╈嫕鞚� 靷毄頃╇媹雼�. 鞗愱笀鞚� TD臧� 靸來櫂 鞓奠厴鞚� 頄夓偓頃橃 鞎婋姅 頃� 2032雲� 6鞗� 23鞚� 毵岅赴鞐� 鞎‰┐臧�搿� 靸來櫂霅╇媹雼�.
靹犿儩鞝� 靸來櫂: TD電� 2026雲� 9鞗� 23鞚茧秬韯� 毵岅赴 歆侅爠 鞚挫瀽 歆�旮夓澕 靷澊鞚� 氇摖 攵勱赴 鞚挫瀽 歆�旮夓澕鞐� 毂勱秾 鞝勳泊(攵�攵� 攵堦皜)毳� 靸來櫂頃� 靾� 鞛堨姷雼堧嫟. DTC鞐� 5鞓侅梾鞚� 鞝勳棎 靷爠 韱奠臧� 頃勳殧頃橂┌, 齑� 靻愳嫟頋§垬電ル牓(Total Loss Absorbing Capacity) 鞖旉贝鞚� 鞙勲皹頃� 臧�電レ劚鞚� 鞛堨潉 瓴届毎 旮堨湹臧愲弲鞗� 鞀轨澑鞚� 氚涭晞鞎� 頃╇媹雼�.
瓿惦 臁瓣贝: 瓿惦臧�電� 鞗愱笀鞚� 100%($1,000/毂勱秾)鞛呺媹雼�. TD Securities (USA) LLC臧� 雼弲 鞚胳垬鞚胳溂搿滌劀 毂勱秾雼� 斓滊寑 2.05%($20.50)鞚� 靾橃垬耄岆ゼ 氚涭溂氅�, 齑� 鞚胳垬 靾橃垬耄岆姅 $53,923.06鞛呺媹雼�. TD鞚� 靾滌垬鞚奠潃 $2,693,076.94鞛呺媹雼�. 鞚茧秬 靾橃垬耄� 旮半皹 鞛愲瓿勳電� 鞎‰┐臧�鞚� 98.40%毵� 歆�攵堩枅鞚� 靾� 鞛堨姷雼堧嫟.
鞙勴棙 頂勲頃�: 鞚� 毂勱秾鞚� 旌愲倶雼� 氩曥棎 霐半ジ 靸侅渼, 氍措嫶氤�, 氩犾澕鞚� 臧�電� 攵�毂勳澊氅� CDIC 氩� 鞝�39.2(2.3)臁办棎 霐半澕 氩曥爼 鞝勴櫂 霕愲姅 靻岆└ 雽�靸侅瀰雼堧嫟. CDIC 霕愲姅 FDIC 氤错棙鞚� 鞐嗢溂氅�, 鞏措枻 瓯半灅靻岇棎霃� 靸侅灔霅橃 鞎婌姷雼堧嫟. 韴瀽鞛愲姅 TD 鞁犾毄 鞙勴棙瓿� 鞛犾灛鞝� 氩犾澕鞚� 鞝勴櫂 鞙勴棙鞐� 雲胳稖霅╇媹雼�. 氙戈淡 鞐半癌 靹鸽矔靸� 鞚� 毂勱秾鞚� 鞗愱皜頃犾澑 鞐嗢澊 氚滍枆霅� 瓿犾爼旮堧Μ 攵�毂勲 臧勳＜霅� 瓴冹溂搿� 鞓堨儊霅╇媹雼�.
瓴办牅 氚� 瓯半灅: 2025雲� 6鞗� 23鞚� DTC 旮�搿滊矊 順曧儨搿� 氚滍枆霅橂┌(T+2). 鞝曥儊鞝侅澑 2彀� 瓯半灅電� T+1 瓴办牅鞚措瘈搿� 齑堦赴 2彀� 瓯半灅電� 雽�觳� 瓴办牅 氚╈嫕鞚� 頃勳殧搿� 頃╇媹雼�.
靾橃澋旮� 靷毄: 甑泊鞝侅溂搿� 瓿店皽霅橃 鞎婌晿鞙茧┌, 靾橃澋旮堨潃 TD鞚� 鞚茧皹 鞛愱笀鞙茧 韼胳瀰霅╇媹雼�. TD鞚� 雽�彀寑臁绊憸 雽�牍� 攴滊臧� 鞝滍暅鞝侅澊氙�搿� 鞛鞝侅溂搿滊姅 氙鸽頃橃毵�, 毵岅赴 鞚检箻 鞛愱笀 臁半嫭 鞙犾棸靹膘潉 靻岉彮 頄レ儊鞁滍偟雼堧嫟.
La Banque Toronto-Dominion (TD) 茅尘别迟 2,747 millions de dollars de Notes 脿 taux fixe remboursables anticipativement 茅ch茅ant le 23 juin 2032 dans le cadre de son programme Rule 424(b)(2). Les notes portent un coupon fixe de 5,00% payable trimestriellement les 23 mars, juin, septembre et d茅cembre, 脿 compter du 23 septembre 2025, selon la convention de calcul 30/360. Le principal est rembours茅 au pair 脿 la date d'茅ch茅ance du 23 juin 2032, sauf si TD exerce son option de remboursement anticip茅.
Remboursement optionnel : TD peut rembourser les notes en totalit茅 (pas partiellement) 脿 toute date de paiement trimestrielle des int茅r锚ts du 23 septembre 2026 jusqu'脿 la date de paiement imm茅diatement pr茅c茅dant l'茅ch茅ance. Un pr茅avis de cinq jours ouvrables 脿 DTC est requis et la d茅cision est soumise 脿 l'approbation de l'Office du surintendant des institutions financi猫res si les exigences en mati猫re de capacit茅 totale d'absorption des pertes pouvaient 锚tre enfreintes.
Conditions de l'offre : Le prix public d'offre est de 100 % du principal (1 000 $ par note). TD Securities (USA) LLC est le seul souscripteur, percevant jusqu'脿 2,05% (20,50 $) par note, avec une d茅cote totale de souscription de 53 923,06 $. Les produits nets pour TD s'茅l猫vent 脿 2 693 076,94 $. Certains comptes de conseil 脿 honoraires ont pu payer aussi peu que 98,40 % de la valeur nominale.
Profil de risque : Les notes sont des dettes senior, non garanties, soumises au m茅canisme de renflouement interne (bail-in) selon la loi canadienne et sont soumises 脿 une conversion ou extinction statutaire selon l'article 39.2(2.3) de la loi CDIC. Elles ne sont assur茅es ni par la CDIC ni par la FDIC et ne seront pas cot茅es en bourse. Les investisseurs s'exposent au risque de cr茅dit de TD et au risque potentiel de conversion par bail-in. Aux fins fiscales f茅d茅rales am茅ricaines, les notes devraient 锚tre trait茅es comme des dettes 脿 taux fixe 茅mises sans escompte 脿 l'茅mission.
R猫glement et n茅gociation : 脡mises en forme globale DTC le 23 juin 2025 (T+2). Comme les transactions secondaires normales se r猫glent en T+1, les premi猫res transactions secondaires n茅cessiteront des arrangements de r猫glement alternatifs.
Utilisation des produits : Non sp茅cifiquement divulgu茅 ; les produits entreront dans les fonds g茅n茅raux de TD. 脡tant donn茅 la taille limit茅e par rapport au bilan de TD, l'offre est financi猫rement insignifiante mais ajoute une flexibilit茅 mod茅r茅e de financement assorti de la dur茅e.
Die Toronto-Dominion Bank (TD) gibt 2,747 Millionen US-Dollar an k眉ndbaren festverzinslichen Schuldverschreibungen mit F盲lligkeit am 23. Juni 2032 im Rahmen ihres Rule 424(b)(2) Shelf-Programms heraus. Die Schuldverschreibungen tragen einen festen Kupon von 5,00%, zahlbar viertelj盲hrlich am 23. M盲rz, Juni, September und Dezember, beginnend am 23. September 2025, unter Verwendung der 30/360-Tage-Z盲hlkonvention. Der Kapitalbetrag wird am F盲lligkeitstag, dem 23. Juni 2032, zum Nennwert zur眉ckgezahlt, sofern TD seine R眉ckkaufoption nicht aus眉bt.
Optionale R眉ckzahlung: TD kann die Schuldverschreibungen ganz (nicht teilweise) an jedem viertelj盲hrlichen Zinszahlungstag vom 23. September 2026 bis zum Zinszahlungstag unmittelbar vor F盲lligkeit zur眉ckzahlen. Eine f眉nf Werktage vorherige Benachrichtigung an DTC ist erforderlich, und die Entscheidung unterliegt der Genehmigung durch das Office of the Superintendent of Financial Institutions, falls die Anforderungen an die Gesamtkapazit盲t zur Verlustaufnahme verletzt werden k枚nnten.
Angebotsbedingungen: Der 枚ffentliche Angebotspreis betr盲gt 100 % des Nennwerts (1.000 US-Dollar pro Schuldverschreibung). TD Securities (USA) LLC ist alleiniger Zeichner und erh盲lt bis zu 2,05% (20,50 US-Dollar) pro Schuldverschreibung, mit einem Gesamtsubskriptionsrabatt von 53.923,06 US-Dollar. Die Nettoerl枚se f眉r TD betragen 2.693.076,94 US-Dollar. Bestimmte geb眉hrenbasierte Beratungsmandate k枚nnten lediglich 98,40 % des Nennwerts bezahlt haben.
Risikoprofil: Die Schuldverschreibungen sind vorrangige, unbesicherte, bail-in-f盲hige Verbindlichkeiten nach kanadischem Recht und unterliegen einer gesetzlichen Umwandlung oder Tilgung gem盲脽 CDIC Act 搂39.2(2.3). Sie sind weder durch CDIC noch FDIC versichert und werden an keiner B枚rse notiert. Anleger tragen das Kreditrisiko von TD sowie das potenzielle Risiko einer Bail-in-Umwandlung. F眉r US-Bundessteuerzwecke werden die Schuldverschreibungen voraussichtlich als festverzinsliche Schuldverschreibungen ohne urspr眉nglichen Ausgabeabschlag behandelt.
Abwicklung & Handel: Ausgabe in DTC-Globalform am 23. Juni 2025 (T+2). Da normale Sekund盲rgesch盲fte T+1 abwickeln, erfordern fr眉he Sekund盲rtransaktionen alternative Abwicklungsvereinbarungen.
Verwendung der Erl枚se: Nicht speziell offengelegt; die Erl枚se flie脽en in die allgemeinen Mittel von TD. Aufgrund der begrenzten Gr枚脽e im Verh盲ltnis zur Bilanz von TD ist das Angebot finanziell unerheblich, bietet jedoch eine moderate Flexibilit盲t bei tenorengerechter Finanzierung.
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Insights
TL;DR: Small 5% fixed-rate callable note gives TD low-cost 7-year funding; immaterial for equity holders.
The $2.7 million size is negligible compared with TD鈥檚 >C$1 trillion balance sheet, so credit metrics remain unchanged. Coupon aligns with current USD senior spreads; call option from 2026 provides TD flexibility to refinance if rates fall, transferring reinvestment risk to investors. Bail-in language is standard for Canadian senior debt and does not alter existing risk hierarchy. No exchange listing limits liquidity. Overall, the deal is routine and neutral for both bond and equity investors.
TL;DR: Bail-in features reinforce TLAC compliance; tiny issuance has no material impact on TD鈥檚 capital stack.
The notes qualify as senior bail-inable debt, contributing fractionally to TD鈥檚 Total Loss Absorbing Capacity buffer. Conversion/variation provisions mirror Canadian resolution rules and do not create incremental risk beyond existing statutory framework. OSFI approval clause ensures redemption cannot erode TLAC. Given the minuscule size, the transaction is largely administrative.
La Toronto鈥怐ominion Bank (TD) emette 2,747 milioni di dollari di Note Callable a tasso fisso con scadenza il 23 giugno 2032 nell'ambito del suo shelf Rule 424(b)(2). Le note prevedono un coupon fisso del 5,00% pagabile trimestralmente il 23 marzo, giugno, settembre e dicembre, a partire dal 23 settembre 2025, utilizzando la convenzione di calcolo 30/360. Il capitale viene rimborsato a valore nominale alla scadenza del 23 giugno 2032, salvo esercizio dell'opzione di rimborso da parte di TD.
Rimborso opzionale: TD pu貌 rimborsare integralmente (non parzialmente) le note in qualsiasi data di pagamento degli interessi trimestrali dal 23 settembre 2026 fino alla data di pagamento immediatamente precedente la scadenza. 脠 richiesta una comunicazione a DTC con cinque giorni lavorativi di anticipo e la decisione 猫 soggetta all'approvazione dell'Ufficio del Sovrintendente alle Istituzioni Finanziarie se possono essere violate le normative sulla Capacit脿 Totale di Assorbimento delle Perdite.
Termini dell'offerta: Il prezzo pubblico di offerta 猫 il 100% del capitale ($1.000 per nota). TD Securities (USA) LLC 猫 l'unico sottoscrittore, con una commissione fino al 2,05% ($20,50) per nota, con uno sconto totale di sottoscrizione di $53.923,06. I proventi netti per TD ammontano a $2.693.076,94. Alcuni conti consulenziali basati su commissioni potrebbero aver pagato anche solo il 98,40% del valore nominale.
Profilo di rischio: Le note sono debito senior, non garantito e soggetto a bail-in secondo la legge canadese e sono soggette a conversione o estinzione statutaria ai sensi della sezione 39.2(2.3) della CDIC Act. Non sono assicurate n茅 da CDIC n茅 da FDIC e non saranno quotate in alcuna borsa. Gli investitori affrontano il rischio di credito TD e il potenziale rischio di conversione da bail-in. Ai fini fiscali federali statunitensi, le note saranno trattate come debito a tasso fisso emesso senza sconto all'emissione.
Regolamento e negoziazione: Emesse in forma globale DTC il 23 giugno 2025 (T+2). Poich茅 le negoziazioni secondarie normali si regolano T+1, le prime transazioni secondarie richiederanno accordi di regolamento alternativi.
Utilizzo dei proventi: Non specificamente dichiarato; i proventi entreranno nei fondi generali di TD. Considerata la dimensione limitata rispetto al bilancio di TD, l'offerta 猫 finanziariamente irrilevante ma aggiunge una modesta flessibilit脿 di finanziamento a scadenza corrispondente.
El Banco Toronto鈥怐ominion (TD) est谩 emitiendo 2.747 millones de d贸lares en Notas a tasa fija reembolsables anticipadamente con vencimiento el 23 de junio de 2032 bajo su programa Rule 424(b)(2). Las notas tienen un cup贸n fijo del 5.00% pagadero trimestralmente los d铆as 23 de marzo, junio, septiembre y diciembre, comenzando el 23 de septiembre de 2025, usando la convenci贸n de conteo de d铆as 30/360. El principal se reembolsa al valor nominal en la fecha de vencimiento del 23 de junio de 2032, a menos que TD ejerza su opci贸n de redenci贸n.
Redenci贸n opcional: TD puede redimir las notas en su totalidad (no en parte) en cualquier fecha de pago trimestral de intereses desde el 23 de septiembre de 2026 hasta la fecha de pago inmediatamente anterior al vencimiento. Se requiere un aviso previo de cinco d铆as h谩biles a DTC y la decisi贸n est谩 sujeta a la aprobaci贸n de la Oficina del Superintendente de Instituciones Financieras si se pudieran incumplir los requisitos de Capacidad Total de Absorci贸n de P茅rdidas.
T茅rminos de la oferta: El precio p煤blico de oferta es el 100% del principal ($1,000 por nota). TD Securities (USA) LLC es el 煤nico suscriptor, ganando hasta un 2.05% ($20.50) por nota, con un descuento total de suscripci贸n de $53,923.06. Los ingresos netos para TD son $2,693,076.94. Algunas cuentas de asesor铆a basadas en honorarios podr铆an haber pagado tan solo el 98.40% del valor nominal.
Perfil de riesgo: Las notas son deuda senior, no garantizada y sujeta a bail-in bajo la ley canadiense y est谩n sujetas a conversi贸n o extinci贸n estatutaria bajo la secci贸n 39.2(2.3) de la Ley CDIC. No est谩n aseguradas ni por CDIC ni por FDIC y no se cotizar谩n en ninguna bolsa. Los inversionistas enfrentan riesgo crediticio de TD y riesgo potencial de conversi贸n por bail-in. Para efectos fiscales federales de EE.UU., se espera que las notas se traten como deuda a tasa fija emitida sin descuento original.
Liquidaci贸n y negociaci贸n: Emitidas en forma global DTC el 23 de junio de 2025 (T+2). Debido a que las operaciones secundarias normales se liquidan T+1, las primeras transacciones secundarias requerir谩n arreglos alternativos de liquidaci贸n.
Uso de los ingresos: No se divulga espec铆ficamente; los ingresos ingresar谩n a los fondos generales de TD. Dada la dimensi贸n limitada en relaci贸n con el balance de TD, la oferta es financieramente insignificante pero a帽ade una modesta flexibilidad de financiamiento a plazo coincidente.
韱犽韱�-霃勲雼堨柛 鞚�頄�(TD)鞚� Rule 424(b)(2) 靹犽皹 攴滌爼鞐� 霐半澕 2,747毵� 雼煬2032雲� 6鞗� 23鞚� 毵岅赴 旖� 臧�電� 瓿犾爼旮堧Μ 毂勱秾鞚� 氚滍枆頃╇媹雼�. 鞚� 毂勱秾鞚� 2025雲� 9鞗� 23鞚茧秬韯� 鞁滌瀾頃橃棳 3鞗�, 6鞗�, 9鞗�, 12鞗� 23鞚检棎 攵勱赴氤勲 5.00% 瓿犾爼 炜犿彴鞚� 歆�旮夗晿氅�, 30/360 鞚检垬 瓿勳偘 氚╈嫕鞚� 靷毄頃╇媹雼�. 鞗愱笀鞚� TD臧� 靸來櫂 鞓奠厴鞚� 頄夓偓頃橃 鞎婋姅 頃� 2032雲� 6鞗� 23鞚� 毵岅赴鞐� 鞎‰┐臧�搿� 靸來櫂霅╇媹雼�.
靹犿儩鞝� 靸來櫂: TD電� 2026雲� 9鞗� 23鞚茧秬韯� 毵岅赴 歆侅爠 鞚挫瀽 歆�旮夓澕 靷澊鞚� 氇摖 攵勱赴 鞚挫瀽 歆�旮夓澕鞐� 毂勱秾 鞝勳泊(攵�攵� 攵堦皜)毳� 靸來櫂頃� 靾� 鞛堨姷雼堧嫟. DTC鞐� 5鞓侅梾鞚� 鞝勳棎 靷爠 韱奠臧� 頃勳殧頃橂┌, 齑� 靻愳嫟頋§垬電ル牓(Total Loss Absorbing Capacity) 鞖旉贝鞚� 鞙勲皹頃� 臧�電レ劚鞚� 鞛堨潉 瓴届毎 旮堨湹臧愲弲鞗� 鞀轨澑鞚� 氚涭晞鞎� 頃╇媹雼�.
瓿惦 臁瓣贝: 瓿惦臧�電� 鞗愱笀鞚� 100%($1,000/毂勱秾)鞛呺媹雼�. TD Securities (USA) LLC臧� 雼弲 鞚胳垬鞚胳溂搿滌劀 毂勱秾雼� 斓滊寑 2.05%($20.50)鞚� 靾橃垬耄岆ゼ 氚涭溂氅�, 齑� 鞚胳垬 靾橃垬耄岆姅 $53,923.06鞛呺媹雼�. TD鞚� 靾滌垬鞚奠潃 $2,693,076.94鞛呺媹雼�. 鞚茧秬 靾橃垬耄� 旮半皹 鞛愲瓿勳電� 鞎‰┐臧�鞚� 98.40%毵� 歆�攵堩枅鞚� 靾� 鞛堨姷雼堧嫟.
鞙勴棙 頂勲頃�: 鞚� 毂勱秾鞚� 旌愲倶雼� 氩曥棎 霐半ジ 靸侅渼, 氍措嫶氤�, 氩犾澕鞚� 臧�電� 攵�毂勳澊氅� CDIC 氩� 鞝�39.2(2.3)臁办棎 霐半澕 氩曥爼 鞝勴櫂 霕愲姅 靻岆└ 雽�靸侅瀰雼堧嫟. CDIC 霕愲姅 FDIC 氤错棙鞚� 鞐嗢溂氅�, 鞏措枻 瓯半灅靻岇棎霃� 靸侅灔霅橃 鞎婌姷雼堧嫟. 韴瀽鞛愲姅 TD 鞁犾毄 鞙勴棙瓿� 鞛犾灛鞝� 氩犾澕鞚� 鞝勴櫂 鞙勴棙鞐� 雲胳稖霅╇媹雼�. 氙戈淡 鞐半癌 靹鸽矔靸� 鞚� 毂勱秾鞚� 鞗愱皜頃犾澑 鞐嗢澊 氚滍枆霅� 瓿犾爼旮堧Μ 攵�毂勲 臧勳＜霅� 瓴冹溂搿� 鞓堨儊霅╇媹雼�.
瓴办牅 氚� 瓯半灅: 2025雲� 6鞗� 23鞚� DTC 旮�搿滊矊 順曧儨搿� 氚滍枆霅橂┌(T+2). 鞝曥儊鞝侅澑 2彀� 瓯半灅電� T+1 瓴办牅鞚措瘈搿� 齑堦赴 2彀� 瓯半灅電� 雽�觳� 瓴办牅 氚╈嫕鞚� 頃勳殧搿� 頃╇媹雼�.
靾橃澋旮� 靷毄: 甑泊鞝侅溂搿� 瓿店皽霅橃 鞎婌晿鞙茧┌, 靾橃澋旮堨潃 TD鞚� 鞚茧皹 鞛愱笀鞙茧 韼胳瀰霅╇媹雼�. TD鞚� 雽�彀寑臁绊憸 雽�牍� 攴滊臧� 鞝滍暅鞝侅澊氙�搿� 鞛鞝侅溂搿滊姅 氙鸽頃橃毵�, 毵岅赴 鞚检箻 鞛愱笀 臁半嫭 鞙犾棸靹膘潉 靻岉彮 頄レ儊鞁滍偟雼堧嫟.
La Banque Toronto-Dominion (TD) 茅尘别迟 2,747 millions de dollars de Notes 脿 taux fixe remboursables anticipativement 茅ch茅ant le 23 juin 2032 dans le cadre de son programme Rule 424(b)(2). Les notes portent un coupon fixe de 5,00% payable trimestriellement les 23 mars, juin, septembre et d茅cembre, 脿 compter du 23 septembre 2025, selon la convention de calcul 30/360. Le principal est rembours茅 au pair 脿 la date d'茅ch茅ance du 23 juin 2032, sauf si TD exerce son option de remboursement anticip茅.
Remboursement optionnel : TD peut rembourser les notes en totalit茅 (pas partiellement) 脿 toute date de paiement trimestrielle des int茅r锚ts du 23 septembre 2026 jusqu'脿 la date de paiement imm茅diatement pr茅c茅dant l'茅ch茅ance. Un pr茅avis de cinq jours ouvrables 脿 DTC est requis et la d茅cision est soumise 脿 l'approbation de l'Office du surintendant des institutions financi猫res si les exigences en mati猫re de capacit茅 totale d'absorption des pertes pouvaient 锚tre enfreintes.
Conditions de l'offre : Le prix public d'offre est de 100 % du principal (1 000 $ par note). TD Securities (USA) LLC est le seul souscripteur, percevant jusqu'脿 2,05% (20,50 $) par note, avec une d茅cote totale de souscription de 53 923,06 $. Les produits nets pour TD s'茅l猫vent 脿 2 693 076,94 $. Certains comptes de conseil 脿 honoraires ont pu payer aussi peu que 98,40 % de la valeur nominale.
Profil de risque : Les notes sont des dettes senior, non garanties, soumises au m茅canisme de renflouement interne (bail-in) selon la loi canadienne et sont soumises 脿 une conversion ou extinction statutaire selon l'article 39.2(2.3) de la loi CDIC. Elles ne sont assur茅es ni par la CDIC ni par la FDIC et ne seront pas cot茅es en bourse. Les investisseurs s'exposent au risque de cr茅dit de TD et au risque potentiel de conversion par bail-in. Aux fins fiscales f茅d茅rales am茅ricaines, les notes devraient 锚tre trait茅es comme des dettes 脿 taux fixe 茅mises sans escompte 脿 l'茅mission.
R猫glement et n茅gociation : 脡mises en forme globale DTC le 23 juin 2025 (T+2). Comme les transactions secondaires normales se r猫glent en T+1, les premi猫res transactions secondaires n茅cessiteront des arrangements de r猫glement alternatifs.
Utilisation des produits : Non sp茅cifiquement divulgu茅 ; les produits entreront dans les fonds g茅n茅raux de TD. 脡tant donn茅 la taille limit茅e par rapport au bilan de TD, l'offre est financi猫rement insignifiante mais ajoute une flexibilit茅 mod茅r茅e de financement assorti de la dur茅e.
Die Toronto-Dominion Bank (TD) gibt 2,747 Millionen US-Dollar an k眉ndbaren festverzinslichen Schuldverschreibungen mit F盲lligkeit am 23. Juni 2032 im Rahmen ihres Rule 424(b)(2) Shelf-Programms heraus. Die Schuldverschreibungen tragen einen festen Kupon von 5,00%, zahlbar viertelj盲hrlich am 23. M盲rz, Juni, September und Dezember, beginnend am 23. September 2025, unter Verwendung der 30/360-Tage-Z盲hlkonvention. Der Kapitalbetrag wird am F盲lligkeitstag, dem 23. Juni 2032, zum Nennwert zur眉ckgezahlt, sofern TD seine R眉ckkaufoption nicht aus眉bt.
Optionale R眉ckzahlung: TD kann die Schuldverschreibungen ganz (nicht teilweise) an jedem viertelj盲hrlichen Zinszahlungstag vom 23. September 2026 bis zum Zinszahlungstag unmittelbar vor F盲lligkeit zur眉ckzahlen. Eine f眉nf Werktage vorherige Benachrichtigung an DTC ist erforderlich, und die Entscheidung unterliegt der Genehmigung durch das Office of the Superintendent of Financial Institutions, falls die Anforderungen an die Gesamtkapazit盲t zur Verlustaufnahme verletzt werden k枚nnten.
Angebotsbedingungen: Der 枚ffentliche Angebotspreis betr盲gt 100 % des Nennwerts (1.000 US-Dollar pro Schuldverschreibung). TD Securities (USA) LLC ist alleiniger Zeichner und erh盲lt bis zu 2,05% (20,50 US-Dollar) pro Schuldverschreibung, mit einem Gesamtsubskriptionsrabatt von 53.923,06 US-Dollar. Die Nettoerl枚se f眉r TD betragen 2.693.076,94 US-Dollar. Bestimmte geb眉hrenbasierte Beratungsmandate k枚nnten lediglich 98,40 % des Nennwerts bezahlt haben.
Risikoprofil: Die Schuldverschreibungen sind vorrangige, unbesicherte, bail-in-f盲hige Verbindlichkeiten nach kanadischem Recht und unterliegen einer gesetzlichen Umwandlung oder Tilgung gem盲脽 CDIC Act 搂39.2(2.3). Sie sind weder durch CDIC noch FDIC versichert und werden an keiner B枚rse notiert. Anleger tragen das Kreditrisiko von TD sowie das potenzielle Risiko einer Bail-in-Umwandlung. F眉r US-Bundessteuerzwecke werden die Schuldverschreibungen voraussichtlich als festverzinsliche Schuldverschreibungen ohne urspr眉nglichen Ausgabeabschlag behandelt.
Abwicklung & Handel: Ausgabe in DTC-Globalform am 23. Juni 2025 (T+2). Da normale Sekund盲rgesch盲fte T+1 abwickeln, erfordern fr眉he Sekund盲rtransaktionen alternative Abwicklungsvereinbarungen.
Verwendung der Erl枚se: Nicht speziell offengelegt; die Erl枚se flie脽en in die allgemeinen Mittel von TD. Aufgrund der begrenzten Gr枚脽e im Verh盲ltnis zur Bilanz von TD ist das Angebot finanziell unerheblich, bietet jedoch eine moderate Flexibilit盲t bei tenorengerechter Finanzierung.
|
The Toronto-Dominion Bank
$2,747,000
Callable Fixed Rate Notes
Due June 23, 2032
|
|
Public Offering Price(1)
|
Underwriting Discount(1)(2)
|
Proceeds to TD(2)
|
|
|
Per Note
|
$1,000.00
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$19.6298(3)
|
$980.3702(3)
|
|
Total
|
$2,747,000.00
|
$53,923.06
|
$2,693,076.94
|
| (1) |
Certain dealers who purchase the Notes for sale to certain fee-based advisory accounts may have agreed to forgo some or all of their selling concessions, fees or commissions. The public
offering price for investors purchasing the Notes in these accounts may have been as low as $984.00 (98.40%) per Note.
|
| (2) |
TD Securities (USA) LLC will receive a commission of up to $20.50 (2.05%) per Note and will use a portion of that commission to allow selling concessions to other dealers in connection with the
distribution of the Notes. The other dealers may forgo, in their sole discretion, some or all of their selling concessions. The total “Underwriting Discount” and “Proceeds to TD” specified above reflect the aggregate of the Underwriting
Discount per Note at the time TD established any hedge positions on or prior to the Pricing Date, which was variable and fluctuated depending on market conditions at such times. See “Supplemental Plan of Distribution (Conflicts of
Interest)” herein.
|
| (3) |
Rounded to the nearest hundredth of a cent.
|
|
Callable Fixed Rate Notes
Due June 23, 2032
|
|
Issuer:
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The Toronto-Dominion Bank
|
|
Issue:
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Senior Debt Securities, Series G
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Type of Note:
|
Callable Fixed Rate Notes
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|
CUSIP / ISIN:
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89115JAX1 / US89115JAX19
|
|
Underwriter:
|
TD Securities (USA) LLC
|
|
Currency:
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U.S. Dollars
|
|
Minimum Investment:
|
$1,000 and minimum denominations of $1,000 in excess thereof.
|
|
Principal Amount:
|
$1,000 per Note
|
|
Issue Price:
|
100% of the Principal Amount per Note
|
|
Pricing Date:
|
June 18, 2025
|
|
Issue Date:
|
June 23, 2025, which is the second DTC
settlement day following the Pricing Date. Under Rule 15c6-1 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), trades in the secondary market generally are required to settle in one DTC settlement day (“T+1”), unless
the parties to a trade expressly agree otherwise. Accordingly, purchasers who wish to trade the Notes in the secondary market on any date prior to one DTC settlement day before delivery of the Notes will be required, by virtue of the fact
that each Note initially will settle in two DTC settlement days (“T+2”), to specify alternative settlement arrangements to prevent a failed settlement of the secondary market trade.
|
|
Maturity Date:
|
June 23, 2032, subject to redemption
by TD prior to the Maturity Date as set forth below under “Redemption”. If the Maturity Date is not a Business Day, the Payment at Maturity will be paid on the next Business Day.
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|
Payment at Maturity:
|
If the Notes have not been redeemed by us, as described elsewhere in this pricing supplement, TD will pay you the Principal Amount of your Notes plus
any accrued and unpaid interest.
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Interest Rate:
|
5.00% per annum, payable on each Interest Payment Date, in arrears from and including the Issue Date to but excluding the Maturity Date
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|
Interest Payment Dates:
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The 23rd calendar day of each March, June, September and December, commencing on September 23, 2025 and ending on the Maturity Date or Optional Call Date (if applicable). If an Interest Payment Date is not a
Business Day, interest shall be paid on the next Business Day, without adjustment for period end dates and no interest shall be paid in respect of the delay.
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|
Day Count Fraction:
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30/360
For the avoidance of doubt, each month is deemed to have 30 days and each year is deemed to have 360 days. Therefore, each interest period is deemed to
have 90 days and each year is deemed to have 360 days, resulting in equal interest payments.
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|
Redemption:
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The Notes are redeemable by TD, in whole, but not in part, on any Optional Call Date at 100% of their Principal Amount together with accrued and unpaid
interest (if any) from, and including, the previous Interest Payment Date to, but excluding, the applicable Optional Call Date. TD will provide written notice to DTC at least five (5) Business Days prior to the applicable Optional Call
Date. In the event TD gives notice to DTC of its intention to redeem the Notes, the decision to give such notice will be subject to the prior approval of the Superintendent of Financial Institutions if such redemption would lead to a breach
of TD’s Total Loss Absorbing Capacity requirements.
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|
Optional Call Dates:
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The 23rd calendar day of each March, June,
September and December, commencing on September 23, 2026 and ending on the Interest Payment Date immediately preceding the Maturity Date. If an Optional Call Date is not a Business Day, then the Notes will be redeemed on the next
Business Day and no interest shall be paid in respect of the delay.
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Business Day:
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Any day that is a Monday, Tuesday, Wednesday, Thursday or Friday that is neither a legal holiday nor a day on which banking institutions are authorized
or required by law to close in New York City.
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U.S. Tax Treatment:
|
The Notes should be treated for U.S. federal income tax purposes as fixed rate debt instruments that are issued without original issue discount, as
discussed further herein under “Material U.S. Federal Income Tax Consequences”.
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|
Canadian Tax Treatment:
|
Please see the discussion in the prospectus under “Tax Consequences — Canadian Taxation”, which applies to the Notes. We will not pay any additional
amounts as a result of any withholding required by reason of the rules governing hybrid mismatch arrangements contained in section 18.4 of the Canadian Tax Act (as defined in the prospectus).
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|
Calculation Agent:
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TD
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Listing:
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The Notes will not be listed or displayed on any securities exchange or any electronic communications network.
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|
Clearance and Settlement:
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DTC global (including through its indirect participants Euroclear and Clearstream, Luxembourg) as described under “Description of the Debt
Securities—Forms of the Debt Securities” and “Ownership, Book-Entry Procedures and Settlement” in the prospectus.
|
|
Terms Incorporated
in the Master Note:
|
All of the terms appearing above the item captioned “Listing” above and the terms appearing under the caption “Description of the Notes We May Offer” in
the prospectus supplement, as modified by this pricing supplement.
|
|
Canadian Bail-in Powers:
|
The Notes are bail-inable debt securities (as defined in the prospectus) and subject to conversion in whole or in part – by means of a transaction or
series of transactions and in one or more steps – into common shares of the Bank or any of its affiliates under subsection 39.2(2.3) of the Canada Deposit Insurance Corporation Act (the “CDIC Act”) and to variation or extinguishment in
consequence, and subject to the application of the laws of the Province of Ontario and the federal laws of Canada applicable therein in respect of the operation of the CDIC Act with respect to the Notes. See “Description of the Debt Securities―Special Provisions Related to Bail-inable Debt Securities”, “Canadian Bank Resolution Powers” and “Risk
Factors—Risks Related to the Bank’s Bail-inable Debt Securities” in the prospectus for a description of provisions and risks applicable to the Notes as a result of Canadian bail-in powers.
|
|
Agreement with Respect
to the Exercise of
Canadian Bail-in Powers:
|
By its acquisition of an interest in any Note, each holder or beneficial owner of that Note is deemed to (i) agree to be bound, in respect of the Notes,
by the CDIC Act, including the conversion of the Notes, in whole or in part – by means of a transaction or series of transactions and in one or more steps – into common shares of the Bank or any of its affiliates under subsection 39.2(2.3)
of the CDIC Act and the variation or extinguishment of the Notes in consequence, and by the application of the laws of the Province of Ontario and the federal laws of Canada applicable therein in respect of the operation of the CDIC Act
with respect to the Notes; (ii) attorn and submit to the jurisdiction of the courts in the Province of Ontario with respect to the CDIC Act and those laws; and (iii) acknowledge and agree that the terms referred to in paragraphs (i) and
(ii), above, are binding on that holder or beneficial owner despite any provisions in the indenture or the Notes, any other law that governs the Notes and any other agreement, arrangement or understanding between that holder or beneficial
owner and the Bank with respect to the Notes.
Holders and beneficial owners of Notes will have no further rights in respect of their bail-inable debt securities to the extent those bail-inable debt
securities are converted in a bail-in conversion, other than those provided under the bail-in regime, and by its acquisition of an interest in any Note, each holder or beneficial owner of that Note is deemed to irrevocably consent to the
converted portion of the Principal Amount of that Note and any accrued and unpaid interest thereon being deemed paid in full by the Bank by the issuance of common shares of the Bank (or, if applicable, any of its affiliates) upon the
occurrence of a bail-in conversion, which bail-in conversion will occur without any further action on the part of that holder or beneficial owner or the trustee; provided that, for the avoidance of doubt, this consent will not limit or
otherwise affect any rights that holders or beneficial owners may have under the bail-in regime.
See “Description of the Debt Securities―Special Provisions Related to Bail-inable Debt Securities”, “Canadian Bank Resolution Powers” and “Risk Factors—Risks Related to the Bank’s Bail-inable Debt Securities” in the prospectus for a description of provisions
and risks applicable to the Notes as a result of Canadian bail-in powers.
|
| ■ |
Prospectus dated February 26, 2025:
|
| ■ |
Prospectus Supplement dated February 26, 2025:
|
| ● |
an individual who is a citizen or a resident of the U.S., for U.S. federal income tax purposes;
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| ● |
a corporation (or other entity that is treated as a corporation for U.S. federal income tax purposes) that is created or organized in or under the laws of the U.S. or any State thereof
(including the District of Columbia);
|
| ● |
an estate whose income is subject to U.S. federal income taxation regardless of its source; or
|
| ● |
a trust if a court within the U.S. is able to exercise primary supervision over its administration, and one or more U.S. persons, for U.S. federal income tax purposes, have the authority to
control all of its substantial decisions.
|
| ● |
a nonresident alien individual for federal income tax purposes;
|
| ● |
a foreign corporation for federal income tax purposes; or
|
| ● |
an estate or trust whose income is not subject to federal income tax on a net income basis.
|
| TD Securities (USA) LLC |
P-11 |
Source:
FAQ
What is the coupon rate on TD's 5.00% Callable Fixed Rate Notes (CUSIP 89115JAX1)?
When can Toronto-Dominion Bank redeem the 2032 callable notes early?
What are the underwriting fees associated with TD's $2.747 million note issue?
Are the TD callable notes insured by CDIC or FDIC?
What bail-in risk applies to TD's Callable Fixed Rate Notes due 2032?
