Monitor TD's next earnings report for commentary on use of proceeds and updated funding costs. The successful issuance at fixed rates provides near-term interest rate risk protection, but adds to long-term debt servicing costs.
Price Chart
Executive Summary
Toronto-Dominion Bank has completed the issuance of $2.8 billion in senior medium-term notes, including $1.25 billion fixed-rate notes due 2029, $300 million floating-rate notes due 2029, and $1.25 billion fixed-rate notes due 2033. The transaction was confirmed through legal opinions filed in this 6-K, finalizing a capital raise first disclosed in preliminary pricing supplements on April 16, 2026.
Key Facts
- Issued $1.25 billion of 4.361% fixed-rate notes due 2029
- Issued $300 million of floating-rate notes due 2029
- Issued $1.25 billion of 4.866% fixed-rate notes due 2033
- Total capital raised: $2.8 billion
- Notes are unsecured and bail-inable under Canadian law
- Issuance completed under existing F-3 shelf registration
Financial Impact
$2.8 billion in new debt issued, increasing leverage but strengthening liquidity
Risk Factors
- Increased debt burden and interest expense
- Bail-inable debt structure poses potential loss risk to investors under Canadian resolution regime
- Floating-rate notes expose bank to future interest rate hikes
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 6-K Filing (Primary) | 0001193125-26-173703 |
| Document: d67848dex51.htm | 0001193125-26-173703 |
| Document: d67848d6k.htm | 0001193125-26-173703 |
| Document: 0001193125-26-173703-index-headers.html | 0001193125-26-173703 |
| Document: 0001193125-26-173703-index.html | 0001193125-26-173703 |
| Document: 0001193125-26-173703.txt | 0001193125-26-173703 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
May 28, 2026 21w ago | 6-K | $17.50 $17.50 | · 0.00% | ▲ +3.15% | $17.50 (0.00%) |
Apr 23, 2026 26w ago | 6-K | $17.50 $17.50 | · 0.00% | ▼ −4.03% | $17.50 (0.00%) |
Apr 16, 2026 27w ago | 6-K | $17.50 $17.50 | · 0.00% | ▼ −5.37% | $17.50 (0.00%) |
Apr 16, 2026 27w ago | 424B5 | $17.50 $17.50 | · 0.00% | ▼ −5.82% | $17.50 (0.00%) |
Apr 16, 2026 27w ago | 424B5 | $17.50 $17.50 | · 0.00% | ▼ −5.82% | $17.50 (0.00%) |
US Market Status
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