TD Extendible Note | Page 4 | Investing | Discussion forum

I just realized these TD bank notes are subordinated debts NVCC from TD, its rank is lower than other senior debts. Because of its NVCC (Non-viability contingent capital) character, it will be converted to TD equity in case of emergency, which I don't think we would like to happen as fixed income buyer. So the payment capability and liquidity of TD bank are very important. The total debt for TD is extremely high, debt to equity ratio is over 2. I don't have the data to see how income coverage for its debt. Has anyone researched in this area?

hwyc said
TDB notes new issues, full details at TDDI

Settlement Date
Dec 06, 2023 TD U$ 2-years, extendible to 5 years, 6.00% semi-annually

... nothing much on C$ offerings this round
... start from post #1 if you're not familiar with these TDB notes
  

there was a C$ offering: A 1-year extendible senior note paying coupons semi-annually, extendible semi-annually at TD’s option to a maximum term of 5 years.
Year 1: 5.50%
Year 2: 5.50%
Year 3: 5.50%
Year 4: 5.50%
Year 5: 5.50%

hwyc said
Looks like my first TDB note (#11) got extended for 6 months

I can see date is now 11JL24 in the Holdings tab. 2nd year step up rate is supposed to be 5.30%, which is superior to the new offer available today at 4.63%  

Good for you. But bear in mind, if the step up rate is higher than prevailing rate at the time, they may and will cancel the extension

lulz

TD Direct Investing would like to inform you that the following New Issue has just been announced.

TD Bank C$ S/A Extendible Step Down 4.85%-4.36%%, March 15 2026-2029

Short Description: Offering of Extendible (at Issuer's Option) Notes

Maturity: March 15, 2026
Coupon: Year 1: 4.85%
Year 2: 4.85%
Year 3: 4.36%
Year 4: 4.36%
Year 5: 4.36%
Rates per annum, payable semi-annually in arrears(equal payments)
Price: $100.00 CND per $100 par value.
Yield to Maturity: 4.57% semi-annual; 4.62% annual
Settlement: March 15, 2024

TD extended this one and I was expecting redemption. Considering current offerings I am surprised.

TD Bank C$ S/A Extendible 4.85%, May 6 2026-2029

Short Description: Offering of Extendible (at Issuer's Option) Notes

Maturity: May 06, 2026
Coupon: Year 1: 4.85%
Year 2: 4.85%
Year 3: 4.85%
Year 4: 4.85%
Year 5: 4.85%
Rates per annum, payable semi-annually in arrears(equal payments)
Price: $100.00 CND per $100 par value.
Yield to Maturity: 4.85% semi-annual; 4.90% annual
Settlement: May 6 2024

-

TD Bank C$ S/A Extendible 4.83%, May 6 2025-2027

Short Description: Offering of Extendible (at Issuer's Option) Notes

Maturity: May 06, 2025
Coupon: Year 1: 4.83%
Year 2: 4.83%
Year 3: 4.83%
Rates per annum, payable semi-annually in arrears (equal payments)
Price: $100.00 CND per $100 par value.
Yield to Maturity: 4.83% semi-annual; 4.88% annual
Settlement: May 6 2024

TD must be flush with cash

TD Direct Investing would like to inform you that the following New Issue has just been announced.

TD Bank C$ S/A Extendible 3.70%, October 17 2026-2029

Short Description: Offering of Extendible (at Issuer's Option) Notes

Maturity: October 17, 2026
Coupon: Year 1: 3.70%
Year 2: 3.70%
Year 3: 3.70%
Year 4: 3.70%
Year 5: 3.70%
Rates per annum, payable semi-annually in arrears(equal payments)
Price: $100.00 CND per $100 par value.
Yield to Maturity: 3.70% semi-annual; 3.73% annual
Settlement: October 17, 2024