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TD Extendible Note
July 7, 2023
12:34 pm
kesa
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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.

July 28, 2023
8:50 am
rye
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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?

August 25, 2023
8:47 am
hwyc
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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

September 29, 2023
8:38 am
hwyc
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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

November 23, 2023
7:50 am
hwyc
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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

November 23, 2023
9:46 am
kesa
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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%

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