On January 28, 2025, The Toronto-Dominion Bank (TD Bank) announced a $1 billion CAD issuance of 4.231% Medium Term Notes (Subordinated Debt), set to close on January 31, 2025. The notes mature on February 1, 2035, with a fixed interest rate of 4.231% per annum until February 1, 2030, after which it resets to Daily Compounded CORRA +1.54%, payable quarterly. TD Bank may redeem the notes in whole or in part after February 1, 2030, with prior regulatory approval.

The offering was led by TD Securities Inc., Scotia Capital Inc., BMO Nesbitt Burns Inc., CIBC World Markets Inc., Desjardins Securities Inc., National Bank Financial Inc., RBC Dominion Securities Inc., iA Private Wealth Inc., Laurentian Bank Securities Inc., Manulife Wealth Inc., Merrill Lynch Canada Inc., and Wells Fargo Securities Canada, Ltd.

Legal advisors for the transaction included McCarthy Tétrault LLP for TD Bank and Fasken Martineau DuMoulin LLP for the dealers. The net proceeds of $996.5 million will be used for general banking purposes, including the redemption of outstanding capital securities.