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Email this12:34 pm
February 14, 2023
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Rail Baron said
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?
In the TD historical offerings I see a first entry of extendible notes issued in 2007. There is no mention in any of the older notes being called. I’m sure they will get called if prevailing rates are significantly lower, or extended if prevailing rates are significantly higher.
8:50 am
July 3, 2023
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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?
8:47 am
September 30, 2017
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New TDB notes issues
Settlement Date
Sep 5, 2023 TD C$ 2-years, extendible to 5 years, 5.70% semi-annually
Sep 6, 2023 TD U$ 2-years, extendible to 5 years, 6.25% semi-annually
Full offering details at TDDI
8:38 am
September 30, 2017
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TDB notes new issues, full details at TDDI
Settlement Date
Oct 10, 2023 TD U$ 1-years, extendible to 2 years, 5.90% semi-annually
Oct 11, 2023 TD C$ 2-years, extendible to 5 years, 6.02% semi-annually
7:50 am
September 30, 2017
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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
9:46 am
February 14, 2023
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hwyc said
TDB notes new issues, full details at TDDISettlement 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%
2:31 pm
September 30, 2017
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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%
9:40 am
July 3, 2023
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hwyc said
Looks like my first TDB note (#11) got extended for 6 monthsI 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
1:48 pm
February 14, 2023
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These TD extendible notes are not appealing lately.
TD Direct Investing would like to inform you that the following New Issue has just been announced.
TD Bank C$ S/A Extendible 4.64%, February 6 2027-2029
Short Description: Offering of Extendible (at Issuer's Option) Notes
Maturity: February 06, 2027
Coupon: Year 1: 4.64%
Year 2: 4.64%
Year 3: 4.64%
Year 4: 4.64%
Year 5: 4.64%
Rates per annum, payable semi-annually in arrears(equal payments)
Price: $100.00 CND per $100 par value.
Yield to Maturity: 4.64% semi-annual; 4.69% annual
Settlement: February 6, 2024
10:25 am
February 14, 2023
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lulz
TD Direct Investing would like to inform you that the following New Issue has just been announced.
TD Bank C$ 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 $100 par value.
Yield to Maturity: 4.57% semi-annual; 4.62% annual
Settlement: March 15, 2024
9:22 am
September 30, 2017
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TDDI - TD Bank US$ S/A Extendible 5.20%, March 18 2025-2027
4:36 pm
February 14, 2023
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TD extended this one and I was expecting redemption. Considering current offerings I am surprised.
1:16 pm
February 14, 2023
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TD Bank US$ S/A Extendible 5.69%, April 29 2026-2029
Short Description: Offering of Extendible (at Issuer's Option) Notes
Maturity: April 29, 2026
Coupon: Year 1: 5.69%
Year 2: 5.69%
Year 3: 5.69%
Year 4: 5.69%
Year 5: 5.69%
Rate per annum, payable semi-annually in arrears (equal payments)
Price: $100.00 US per $100 par value.
Yield to Maturity: 5.69% semi-annual; 5.77% annual
Settlement: April 29, 2024
-
TD Bank US$ S/A Extendible 5.64%, April 29 2025-2027
Short Description: Offering of Extendible (at Issuer's Option) Notes
Maturity: April 29, 2025
Coupon: Year 1: 5.64%
Year 2: 5.64%
Year 3: 5.64%
Rate per annum, payable semi-annually in arrears (equal payments)
Price: $100.00 US per $100 par value.
Yield to Maturity: 5.64% semi-annual; 5.71% annual
Settlement: April 29, 2024
12:31 pm
February 14, 2023
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TD Bank C$ 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 $100 par value.
Yield to Maturity: 4.83% semi-annual; 4.88% annual
Settlement: May 6 2024
C$ notes even less attractive after you look at their U$ notes 
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