TD Bank (TD) plans $1.5B redemption of 3.625% subordinated notes in 2026
Rhea-AI Filing Summary
The Toronto-Dominion Bank plans to redeem all of its outstanding US$1.5 billion 3.625% Non-Viability Contingent Capital Subordinated Notes due 2031. The bank intends to exercise its redemption right on September 15, 2026 at par plus accrued and unpaid interest to, but excluding, the redemption date. Interest on these subordinated notes will cease to accrue on and after that date, and all redeemed notes will be cancelled and not reissued. TD Bank Group reports it had $2.1 trillion in assets on April 30, 2026, serves 28.1 million clients across four major business segments, and has more than 13 million active mobile users in Canada and the U.S.
Positive
- None.
Negative
- None.
Key Figures
Subordinated Notes Principal: US$1.5 billion
Coupon Rate: 3.625%
Redemption Date: September 15, 2026
+3 more
6 metrics
Subordinated Notes Principal
US$1.5 billion
Outstanding 3.625% Non-Viability Contingent Capital Subordinated Notes due 2031 to be redeemed
Coupon Rate
3.625%
Interest rate on the Non-Viability Contingent Capital Subordinated Notes due 2031
Redemption Date
September 15, 2026
Date on which TD intends to redeem all outstanding subordinated notes
Total Assets
$2.1 trillion
TD assets as of April 30, 2026
Clients Served
28.1 million
Number of clients served across TD Bank Group businesses
Active Mobile Users
more than 13 million
Active mobile users in Canada and the U.S.
Key Terms
Non-Viability Contingent Capital, Subordinated Notes, redemption price of par, accrued and unpaid interest, +1 more
5 terms
Non-Viability Contingent Capital financial
"US$1.5 billion 3.625% Non-Viability Contingent Capital Subordinated Notes due 2031"
Subordinated Notes financial
"all of its outstanding US$1.5 billion 3.625% Non-Viability Contingent Capital Subordinated Notes"
Subordinated notes are loans companies issue that rank below other debts for repayment, meaning holders get paid only after higher-priority creditors if the issuer runs into trouble. Because they act like being farther back in line at a buffet, they usually offer higher interest to compensate for greater risk, so investors watch them for potential higher returns but also increased chance of loss and sensitivity to the issuer’s financial health.
redemption price of par financial
"at a redemption price of par, plus accrued and unpaid interest"
Redemption price of par is the amount a bondholder receives when a bond is repaid equal to its original face value, not more or less. Think of it like a lender being paid back exactly the same amount they lent, so investors know whether they will get a premium or a loss relative to what they paid; it directly affects expected cash flow, returns and comparisons with market price.
accrued and unpaid interest financial
"par, plus accrued and unpaid interest to, but excluding, the Redemption Date"
Accrued and unpaid interest is the interest that has built up on a loan or debt but hasn't been paid yet. It's like owing your friend money for a favor over time—you're expected to pay it later, even though you haven't paid it yet. This matters because it shows how much you owe beyond the original amount borrowed.
Foreign private issuer regulatory
"FORM 6-K REPORT OF FOREIGN PRIVATE ISSUER Pursuant to Rule 13a-16"
A foreign private issuer is a company organized outside the United States that meets tests showing it is primarily foreign-controlled and therefore qualifies for a different set of U.S. reporting rules. For investors, that means the company files less frequent or differently formatted disclosures with U.S. regulators and may follow home-country accounting and governance practices, so buying its stock is like dining at a well-reviewed restaurant that follows its home kitchen’s rules instead of the local menu — you get access but should check what standards apply.
FAQ
What did TD (TD) announce regarding its 3.625% subordinated notes?
TD announced it intends to redeem all outstanding US$1.5 billion 3.625% Non-Viability Contingent Capital Subordinated Notes due 2031 on September 15, 2026, at par plus accrued and unpaid interest to, but excluding, the redemption date.
What is the redemption price for TD (TD) 3.625% subordinated notes?
The notes will be redeemed at a redemption price of par, plus accrued and unpaid interest to, but excluding, September 15, 2026. After that date, interest on the subordinated notes will cease to accrue for investors.
What happens to TD (TD) subordinated notes after redemption?
All redeemed subordinated notes will be cancelled and not reissued. Interest will stop accruing on and after September 15, 2026. Notice of redemption will be delivered to holders according to the terms governing the notes.
How large is TD (TD) relative to this US$1.5 billion note issue?
TD reported $2.1 trillion in assets as of April 30, 2026, compared with the US$1.5 billion size of the subordinated notes being redeemed. The bank also serves 28.1 million clients globally across four core business segments.
What type of security is TD (TD) redeeming on September 15, 2026?
TD is redeeming 3.625% Non-Viability Contingent Capital Subordinated Notes due 2031. These are subordinated debt instruments designed to convert or absorb losses under specified non-viability conditions under regulatory capital rules.
How many clients and digital users does TD (TD) have?
TD serves 28.1 million clients across Canadian and U.S. banking, wealth, insurance, and wholesale businesses. It also ranks among leading digital banks in North America, with more than 13 million active mobile users in Canada and the United States.
AI-generated analysis. How Rhea-AI works. Not financial advice.
