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TD Extendible Note
May 31, 2023
6:23 pm
Norman1
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hwyc said

There is much to learn in bonds for me! After some searching, I found the same bond on TDDI with a price of $96.443 but still cannot recognize they are comparable.

TD Bank 2.496% 2024/12/02 bond at 96.443 would give a yield to maturity of 4.98%.

Get a TDDI price for $25,000 of the bonds to make it comparable to the Scotia iTRADE price.

Scotia iTRADE charges $1 commission per $1,000 bond with a minimum of $24.99. If TDDI has a minimum commission embedded, then the net price per bond will be worse for smaller orders.

June 1, 2023
9:59 am
kesa
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TD Direct Investing would like to inform you that the following New Issue has just been announced.

TD Bank Semi-Annual Pay Extendible Notes June 12, 2024 to June 12, 2025 - US Dollar

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

Maturity: June 12, 2024
Coupon: Year 1: 5.60%
Year 2: 5.60%
Rate per annum, payable semi-annually in arrears (equal payments)
Price: $100.00 US per $100 par value.
Yield to Maturity: 5.60% semi-annual; 5.67% annual
Settlement: June 12, 2023

June 5, 2023
6:28 am
kesa
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TD Direct Investing would like to inform you that the following New Issue has just been announced.

TD Bank Semi-Annual Pay Step Up Extendible Notes June 14, 2024 to June 14, 2028

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

Maturity: June 14, 2024
Coupon: Year 1: 5.20%
Year 2: 5.30%
Year 3: 5.60%
Year 4: 5.80%
Year 5: 6.00%
Rates per annum, payable semi-annually in arrears(equal payments)
Price: $100.00 CND per $100 par value.
Yield to Maturity: 5.56% semi-annual; 5.63% annual
Settlement: June 14, 2023

June 5, 2023
9:12 am
Rail Baron
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Is TDDI the only brokerage that one can use to purchase and hold these notes?

June 7, 2023
1:50 pm
hwyc
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New TDB notes issues

Settlement Date
Jun 16, 2023 TD C$ 1-years, extendible to 2 years, 5.63% semi-annually
Jun 16, 2023 TD U$ 1-years, extendible to 2 years, 5.87% semi-annually

@Rail Baron, you could follow Norman's link in #31 to FAQ under Resources to find your answers!

June 7, 2023
2:08 pm
kesa
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hwyc said
New TDB notes issues

Settlement Date
Jun 16, 2023 TD C$ 1-years, extendible to 2 years, 5.63% semi-annually
Jun 16, 2023 TD U$ 1-years, extendible to 2 years, 5.87% semi-annually

@Rail Baron, you could follow Norman's link in #31 to FAQ under Resources to find your answers!  

I’m on this, submitted my interest. Hope TD doesn’t blow up.

June 9, 2023
6:05 am
kesa
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TD Direct Investing would like to inform you that the following New Issue has just been announced.

TD Bank Semi-Annual Pay Step Up Extendible Notes June 19, 2024 to June 19, 2028

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

Maturity: June 19, 2024
Coupon: Year 1: 5.50%
Year 2: 5.55%
Year 3: 5.60%
Year 4: 5.65%
Year 5: 6.00%
Rates per annum, payable semi-annually in arrears(equal payments)
Price: $100.00 CND per $100 par value.
Yield to Maturity: 5.65% semi-annual; 5.72% annual
Settlement: June 19, 2023

June 13, 2023
8:39 am
kesa
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TD Direct Investing would like to inform you that the following New Issue has just been announced.

TD Bank Semi-Annual Pay Extendible Notes June 22, 2024 to June 22, 2025

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

Maturity: June 22, 2024
Coupon: Year 1: 5.47%
Year 2: 5.47%
Rates per annum, payable semi-annually in arrears (equal payments)
Price: $100.00 CND per $100 par value.
Yield to Maturity: 5.47% semi-annual; 5.54% annual
Settlement: June 22 2023

June 14, 2023
8:39 am
Norman1
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Rail Baron said
Is TDDI the only brokerage that one can use to purchase and hold these notes?

I haven't seen any of these TD interest rate rate notes at Scotia iTRADE or at BMO InvestorLine.

The August 2022 shelf prospectus for the notes mentions five other dealers:

The Notes may be sold through one or more of TDSI, Desjardins Securities Inc., iA Private Wealth Inc., Laurentian Bank Securities Inc., Manulife Securities Incorporated and Richardson Wealth Limited and through such other Investment Dealers as may be selected from time to time by the Bank. … The Notes may also be sold by the Bank directly pursuant to applicable statutory exemptions, from time to time. The Bank has entered into a dealer agreement dated August 9, 2022 with the Investment Dealers named in this Prospectus and may enter into one or more agreements with other Investment Dealers in connection with offerings of Notes from time to time. …

One could try contacting the other dealers mentioned. However, TD Securities Inc. may be able to sell out each issue of the notes through its related brokerage TD Waterhouse Canada Inc., which includes the TD Direct Investing division. If that's the case, TD Securities may not be inclined to share the notes and the 0.2% selling commission with other brokerages.

June 14, 2023
10:44 am
Rail Baron
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Norman1 said

Rail Baron said
Is TDDI the only brokerage that one can use to purchase and hold these notes?

I haven't seen any of these TD interest rate rate notes at Scotia iTRADE or at BMO InvestorLine.

The August 2022 shelf prospectus for the notes mentions five other dealers:

The Notes may be sold through one or more of TDSI, Desjardins Securities Inc., iA Private Wealth Inc., Laurentian Bank Securities Inc., Manulife Securities Incorporated and Richardson Wealth Limited and through such other Investment Dealers as may be selected from time to time by the Bank. … The Notes may also be sold by the Bank directly pursuant to applicable statutory exemptions, from time to time. The Bank has entered into a dealer agreement dated August 9, 2022 with the Investment Dealers named in this Prospectus and may enter into one or more agreements with other Investment Dealers in connection with offerings of Notes from time to time. …

One could try contacting the other dealers mentioned. However, TD Securities Inc. may be able to sell out each issue of the notes through its related brokerage TD Waterhouse Canada Inc., which includes the TD Direct Investing division. If that's the case, TD Securities may not be inclined to share the notes and the 0.2% selling commission with other brokerages.  

Thanks for this information. Looks like one must join an exclusive club to get in on buying these notes. I'm not a client of any of these brokerages currently, and so far, the terms of these notes would not, in themselves, be enough of an incentive for me to sign up.

June 14, 2023
11:26 am
Jowett
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"The notes may also be sold by the Bank directly pursuant to applicable statutory exemptions from time to time".

Has anyone tried just walking into their local high street branch of TD bank and requesting these things ?

June 20, 2023
2:23 pm
kesa
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TD Direct Investing would like to inform you that the following New Issue has just been announced.

TD Bank Semi-Annual Pay Extendible Notes June 30, 2024 to June 30, 2025 - US Dollar

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

Maturity: June 30, 2024
Coupon: Year 1: 5.90%
Year 2: 5.90%
Rate per annum, payable semi-annually in arrears (equal payments)
Price: $100.00 US per $100 par value.
Yield to Maturity: 5.90% semi-annual; 5.98% annual
Settlement: June 30, 2023

June 20, 2023
5:36 pm
Norman1
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Jowett said
"The notes may also be sold by the Bank directly pursuant to applicable statutory exemptions from time to time".

Has anyone tried just walking into their local high street branch of TD bank and requesting these things?

One will likely need to talk with a TD Waterhouse broker stationed in the TD Canada Trust branch. I don't think one can purchase the notes through regular branch staff.

October 2021 IIROC guidance Sale of Principal Protected Notes by Approved Persons of IIROC Dealer Members mentions the

… expectation that banks or other federal or provincial deposit-taking institutions that distribute PPNs that are not Specified PPNs will do so only through registered dealers in order to ensure the application of the usual know your client and suitability obligations.

The definition of "Specified PPN" is in Footnote #2:

… a specified principal protected note (“Specified PPN”) is a PPN with the following features: (i) a term to maturity of five years or less; and (ii) eligibility for coverage by the Canada Deposit Insurance Corporation (or a provincial equivalent).

I don't think the extensible notes mentioned have any deposit insurance coverage to make them a "Specified PPN".

June 22, 2023
7:26 am
hwyc
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New TDB notes issues

Settlement Date
Jul 4, 2023 - TD C$ 1-year, extendible to 2 years, 5.61% semi-annually

June 23, 2023
6:03 am
hwyc
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TD Bank Semi-Annual Pay Step Up Extendible Notes July 5, 2024 to July 5, 2028

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

Settlement: July 05, 2023
Maturity: July 05, 2024
Coupon: Year 1: 5.55%
Year 2: 5.80%
Year 3: 6.10%
Year 4: 6.35%
Year 5: 6.55%
Rates per annum, payable semi-annually in arrears(equal payments)
Price: $100.00 CND per $100 par value.
Yield to Maturity: 5.55% semi-annual; 5.62% annual

June 28, 2023
2:04 pm
savemoresaveoften
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kesa said
TD Direct Investing would like to inform you that the following New Issue has just been announced.

TD Bank Semi-Annual Pay Extendible Notes June 30, 2024 to June 30, 2025 - US Dollar

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

Maturity: June 30, 2024
Coupon: Year 1: 5.90%
Year 2: 5.90%
Rate per annum, payable semi-annually in arrears (equal payments)
Price: $100.00 US per $100 par value.
Yield to Maturity: 5.90% semi-annual; 5.98% annual
Settlement: June 30, 2023  

Someone mention to me 5.9% is for cad as well ?? Sounds a little too good to be true for cad. I can see the rate being offered for usd deposits but for cad ??

June 28, 2023
5:37 pm
Norman1
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The two-year Canadian dollar one is 5.61%:

TD C$ 2nc1 Extendible 5.61%, 2024-2025
CUSIP: 89117GJ57
ISM: X13PB1
Issue Date: Jul 04, 2023
Maturity Date: Jul 04, 2025
Maximum Term (years): 2
Extension Frequency: Semi-Annually
Coupon Frequency: Semi-Annually
Product Type: Rate-Linked
Product Category: Extendible Notes
Coupon Rate: 5.61%

July 5, 2023
3:34 pm
kesa
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TD Direct Investing would like to inform you that the following New Issue has just been announced.

TD Bank Semi-Annual Pay Extendible Notes July 17, 2024 to July 17, 2025 - US Dollar

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

Maturity: July 17, 2024
Coupon: Year 1: 6.00%
Year 2: 6.00%
Rate per annum, payable semi-annually in arrears (equal payments)
Price: $100.00 US per $100 par value.
Yield to Maturity: 6.00% semi-annual; 6.09% annual
Settlement: July 17 2023

July 7, 2023
11:02 am
kesa
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TD Direct Investing would like to inform you that the following New Issue has just been announced.

TD Bank Semi-Annual Pay Step Up Extendible Notes July 18, 2024 to July 18, 2028

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

Maturity: July 18, 2024
Coupon: Year 1: 5.70%
Year 2: 5.95%
Year 3: 6.20%
Year 4: 6.45%
Year 5: 6.70%
Rates per annum, payable semi-annually in arrears(equal payments)
Price: $100.00 CND per $100 par value.
Yield to Maturity: 5.70% semi-annual; 5.78% annual
Settlement: July 18 2023

July 7, 2023
11:14 am
Rail Baron
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Is there any data on how many of these extendible step up notes are actually extended, versus called and paid off before the full term of their potential duration?

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