[FWP] Toronto Dominion Bank Free Writing Prospectus
Filing Impact
Filing Sentiment
Form Type
FWP
Rhea-AI Filing Summary
Toronto Dominion Bank has filed a Free Writing Prospectus for Callable Contingent Income Securities due July 9, 2027, linked to the performance of the Nasdaq-100, Russell 2000, and S&P 500 indices. Key features include:
- Principal amount of $1,000 per security with 8.25% per annum contingent quarterly coupon ($20.625)
- Coupon payments contingent on all underlying indices staying above 65% threshold during observation periods
- Early redemption option available at issuer's discretion on contingent coupon payment dates
- Principal at risk if any index falls below 65% threshold at maturity
- Estimated value between $935-$965 per security, below offering price
Notable risks include potential significant loss of principal, no guaranteed coupon payments, limited upside potential, and exposure to multiple index risks. Securities will not be listed on any exchange, and investors are subject to TD's credit risk.
Toronto Dominion Bank ha presentato un Free Writing Prospectus per i Callable Contingent Income Securities con scadenza il 9 luglio 2027, collegati alla performance degli indici Nasdaq-100, Russell 2000 e S&P 500. Le caratteristiche principali sono:
- Importo nominale di 1.000 $ per titolo con cedola trimestrale condizionata all'8,25% annuo (20,625 $)
- I pagamenti delle cedole dipendono dal fatto che tutti gli indici sottostanti rimangano sopra la soglia del 65% durante i periodi di osservazione
- Opzione di rimborso anticipato a discrezione dell'emittente nelle date di pagamento delle cedole condizionate
- Rischio di perdita del capitale se uno qualsiasi degli indici scende sotto la soglia del 65% alla scadenza
- Valore stimato tra 935 e 965 $ per titolo, inferiore al prezzo di offerta
I rischi principali includono la possibile perdita significativa del capitale, l'assenza di garanzia sui pagamenti delle cedole, un potenziale di guadagno limitato e l'esposizione ai rischi di più indici. I titoli non saranno quotati su alcuna borsa e gli investitori sono soggetti al rischio di credito di TD.
Toronto Dominion Bank ha presentado un Free Writing Prospectus para Valores de Ingresos Contingentes Rescatables con vencimiento el 9 de julio de 2027, vinculados al desempeño de los índices Nasdaq-100, Russell 2000 y S&P 500. Las características clave incluyen:
- Monto principal de $1,000 por valor con cupón trimestral contingente del 8.25% anual ($20.625)
- Los pagos de cupón dependen de que todos los índices subyacentes se mantengan por encima del umbral del 65% durante los períodos de observación
- Opción de redención anticipada disponible a discreción del emisor en las fechas de pago del cupón contingente
- Riesgo sobre el principal si algún índice cae por debajo del umbral del 65% al vencimiento
- Valor estimado entre $935 y $965 por valor, por debajo del precio de oferta
Los riesgos notables incluyen posible pérdida significativa del principal, ausencia de pagos garantizados de cupón, potencial limitado de ganancia y exposición a riesgos de múltiples índices. Los valores no estarán listados en ninguna bolsa y los inversores están sujetos al riesgo crediticio de TD.
토론토 도미니언 은행은 2027년 7월 9일 만기인 콜러블 컨틴전트 인컴 증권에 대한 자유서면설명서(Free Writing Prospectus)를 제출했으며, 이는 나스닥-100, 러셀 2000, S&P 500 지수의 성과에 연동됩니다. 주요 특징은 다음과 같습니다:
- 증권당 1,000달러 원금과 연 8.25% 분기별 조건부 쿠폰($20.625)
- 관찰 기간 동안 모든 기초 지수가 65% 임계값 이상일 때만 쿠폰 지급
- 발행자의 재량에 따른 조건부 쿠폰 지급일에 조기 상환 옵션 가능
- 만기 시 어느 하나의 지수가 65% 임계값 아래로 떨어지면 원금 손실 위험
- 증권당 예상 가치 935~965달러로, 공모가보다 낮음
주요 위험 요소로는 원금의 상당한 손실 가능성, 쿠폰 지급 보장 없음, 제한된 상승 잠재력, 다수 지수 위험 노출이 포함됩니다. 이 증권은 어떤 거래소에도 상장되지 않으며, 투자자는 TD의 신용 위험에 노출됩니다.
Toronto Dominion Bank a déposé un Free Writing Prospectus pour des titres de revenu conditionnels remboursables arrivant à échéance le 9 juillet 2027, liés à la performance des indices Nasdaq-100, Russell 2000 et S&P 500. Les principales caractéristiques sont :
- Montant principal de 1 000 $ par titre avec un coupon trimestriel conditionnel de 8,25 % par an (20,625 $)
- Les paiements de coupon sont conditionnés au maintien de tous les indices sous-jacents au-dessus du seuil de 65 % pendant les périodes d'observation
- Option de remboursement anticipé disponible à la discrétion de l'émetteur aux dates de paiement du coupon conditionnel
- Risque de perte du principal si un indice descend en dessous du seuil de 65 % à l'échéance
- Valeur estimée comprise entre 935 et 965 $ par titre, inférieure au prix d'offre
Les risques notables incluent une perte significative potentielle du principal, l'absence de paiement garanti des coupons, un potentiel de gain limité et une exposition aux risques liés à plusieurs indices. Les titres ne seront pas cotés en bourse et les investisseurs sont exposés au risque de crédit de TD.
Toronto Dominion Bank hat einen Free Writing Prospectus für Callable Contingent Income Securities mit Fälligkeit am 9. Juli 2027 eingereicht, die an die Entwicklung der Nasdaq-100, Russell 2000 und S&P 500 Indizes gekoppelt sind. Wichtige Merkmale umfassen:
- Nennbetrag von 1.000 $ pro Wertpapier mit einem bedingten vierteljährlichen Kupon von 8,25 % p.a. (20,625 $)
- Kuponzahlungen sind davon abhängig, dass alle zugrunde liegenden Indizes während der Beobachtungsperioden über der 65%-Schwelle bleiben
- Option auf vorzeitige Rückzahlung nach Ermessen des Emittenten an den Kuponzahlungsterminen
- Kapitalrisiko, falls ein Index bei Fälligkeit unter die 65%-Schwelle fällt
- Geschätzter Wert zwischen 935 und 965 $ pro Wertpapier, unter dem Angebotspreis
Bemerkenswerte Risiken umfassen potenziell erhebliche Kapitalverluste, keine garantierten Kuponzahlungen, begrenztes Aufwärtspotenzial und Risiken aus mehreren Indizes. Die Wertpapiere werden an keiner Börse notiert, und Anleger sind dem Kreditrisiko von TD ausgesetzt.
Positive
- Attractive potential yield of 8.25% per annum through contingent quarterly coupons ($20.625 per quarter per $1,000 security)
- Built-in downside protection with principal protection if none of the underlying indices falls below 65% of initial value
- Callable feature provides potential early redemption flexibility with full principal return plus any applicable coupon
Negative
- Complete loss of principal possible if any underlying index falls below 65% threshold at maturity
- No participation in any upside appreciation of the underlying indices beyond fixed coupon payments
- Higher risk due to worst-of feature across three indices (NDX, RTY, SPX) requiring all indices to perform above thresholds
- Contingent coupons may not be paid if any index falls below threshold during observation period
- Estimated value ($935-$965) is notably below the public offering price ($1,000), indicating significant embedded costs
Toronto Dominion Bank ha presentato un Free Writing Prospectus per i Callable Contingent Income Securities con scadenza il 9 luglio 2027, collegati alla performance degli indici Nasdaq-100, Russell 2000 e S&P 500. Le caratteristiche principali sono:
- Importo nominale di 1.000 $ per titolo con cedola trimestrale condizionata all'8,25% annuo (20,625 $)
- I pagamenti delle cedole dipendono dal fatto che tutti gli indici sottostanti rimangano sopra la soglia del 65% durante i periodi di osservazione
- Opzione di rimborso anticipato a discrezione dell'emittente nelle date di pagamento delle cedole condizionate
- Rischio di perdita del capitale se uno qualsiasi degli indici scende sotto la soglia del 65% alla scadenza
- Valore stimato tra 935 e 965 $ per titolo, inferiore al prezzo di offerta
I rischi principali includono la possibile perdita significativa del capitale, l'assenza di garanzia sui pagamenti delle cedole, un potenziale di guadagno limitato e l'esposizione ai rischi di più indici. I titoli non saranno quotati su alcuna borsa e gli investitori sono soggetti al rischio di credito di TD.
Toronto Dominion Bank ha presentado un Free Writing Prospectus para Valores de Ingresos Contingentes Rescatables con vencimiento el 9 de julio de 2027, vinculados al desempeño de los índices Nasdaq-100, Russell 2000 y S&P 500. Las características clave incluyen:
- Monto principal de $1,000 por valor con cupón trimestral contingente del 8.25% anual ($20.625)
- Los pagos de cupón dependen de que todos los índices subyacentes se mantengan por encima del umbral del 65% durante los períodos de observación
- Opción de redención anticipada disponible a discreción del emisor en las fechas de pago del cupón contingente
- Riesgo sobre el principal si algún índice cae por debajo del umbral del 65% al vencimiento
- Valor estimado entre $935 y $965 por valor, por debajo del precio de oferta
Los riesgos notables incluyen posible pérdida significativa del principal, ausencia de pagos garantizados de cupón, potencial limitado de ganancia y exposición a riesgos de múltiples índices. Los valores no estarán listados en ninguna bolsa y los inversores están sujetos al riesgo crediticio de TD.
토론토 도미니언 은행은 2027년 7월 9일 만기인 콜러블 컨틴전트 인컴 증권에 대한 자유서면설명서(Free Writing Prospectus)를 제출했으며, 이는 나스닥-100, 러셀 2000, S&P 500 지수의 성과에 연동됩니다. 주요 특징은 다음과 같습니다:
- 증권당 1,000달러 원금과 연 8.25% 분기별 조건부 쿠폰($20.625)
- 관찰 기간 동안 모든 기초 지수가 65% 임계값 이상일 때만 쿠폰 지급
- 발행자의 재량에 따른 조건부 쿠폰 지급일에 조기 상환 옵션 가능
- 만기 시 어느 하나의 지수가 65% 임계값 아래로 떨어지면 원금 손실 위험
- 증권당 예상 가치 935~965달러로, 공모가보다 낮음
주요 위험 요소로는 원금의 상당한 손실 가능성, 쿠폰 지급 보장 없음, 제한된 상승 잠재력, 다수 지수 위험 노출이 포함됩니다. 이 증권은 어떤 거래소에도 상장되지 않으며, 투자자는 TD의 신용 위험에 노출됩니다.
Toronto Dominion Bank a déposé un Free Writing Prospectus pour des titres de revenu conditionnels remboursables arrivant à échéance le 9 juillet 2027, liés à la performance des indices Nasdaq-100, Russell 2000 et S&P 500. Les principales caractéristiques sont :
- Montant principal de 1 000 $ par titre avec un coupon trimestriel conditionnel de 8,25 % par an (20,625 $)
- Les paiements de coupon sont conditionnés au maintien de tous les indices sous-jacents au-dessus du seuil de 65 % pendant les périodes d'observation
- Option de remboursement anticipé disponible à la discrétion de l'émetteur aux dates de paiement du coupon conditionnel
- Risque de perte du principal si un indice descend en dessous du seuil de 65 % à l'échéance
- Valeur estimée comprise entre 935 et 965 $ par titre, inférieure au prix d'offre
Les risques notables incluent une perte significative potentielle du principal, l'absence de paiement garanti des coupons, un potentiel de gain limité et une exposition aux risques liés à plusieurs indices. Les titres ne seront pas cotés en bourse et les investisseurs sont exposés au risque de crédit de TD.
Toronto Dominion Bank hat einen Free Writing Prospectus für Callable Contingent Income Securities mit Fälligkeit am 9. Juli 2027 eingereicht, die an die Entwicklung der Nasdaq-100, Russell 2000 und S&P 500 Indizes gekoppelt sind. Wichtige Merkmale umfassen:
- Nennbetrag von 1.000 $ pro Wertpapier mit einem bedingten vierteljährlichen Kupon von 8,25 % p.a. (20,625 $)
- Kuponzahlungen sind davon abhängig, dass alle zugrunde liegenden Indizes während der Beobachtungsperioden über der 65%-Schwelle bleiben
- Option auf vorzeitige Rückzahlung nach Ermessen des Emittenten an den Kuponzahlungsterminen
- Kapitalrisiko, falls ein Index bei Fälligkeit unter die 65%-Schwelle fällt
- Geschätzter Wert zwischen 935 und 965 $ pro Wertpapier, unter dem Angebotspreis
Bemerkenswerte Risiken umfassen potenziell erhebliche Kapitalverluste, keine garantierten Kuponzahlungen, begrenztes Aufwärtspotenzial und Risiken aus mehreren Indizes. Die Wertpapiere werden an keiner Börse notiert, und Anleger sind dem Kreditrisiko von TD ausgesetzt.
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ISSUER FREE WRITING PROSPECTUS
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Filed Pursuant to Rule 433
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Registration Statement No. 333-283969
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Dated June 27, 2025
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Callable Contingent Income Securities with Daily Coupon Observation due July 9, 2027
Based on the Worst Performing of the Nasdaq-100 Index®, the Russell 2000® Index and the S&P 500® Index
Principal at Risk Securities
This document provides a summary of the terms of the Callable Contingent Income Securities (the “securities”). Investors should
carefully review the accompanying preliminary pricing supplement for the securities, the accompanying product supplement, the underlier supplement and the prospectus, as well as the “Risk Considerations” section below, before making an investment
decision.
The securities do not guarantee any return of principal at maturity. Investors will not participate in any appreciation of any underlying index and must be willing to accept the
risk of not receiving any contingent quarterly coupons over the term of the securities. The securities are senior debt securities issued by The Toronto-Dominion Bank (“TD”), and all payments on the securities are subject to the credit risk of TD.
As used in this document, “TD,” “we,” “us,” or “our” refers to The Toronto-Dominion Bank and its subsidiaries.
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SUMMARY TERMS
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Issuer:
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The Toronto-Dominion Bank
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Issue:
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Senior Debt Securities, Series H
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Underlying indices:
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Nasdaq-100 Index® (Bloomberg Ticker: “NDX”)
Russell 2000® Index (Bloomberg Ticker: “RTY”)
S&P 500® Index (Bloomberg Ticker: “SPX”)
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Stated principal amount:
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$1,000.00 per security
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Minimum Investment:
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$1,000.00 (1 security)
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Pricing date:
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July 3, 2025
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Original issue date:
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July 9, 2025 (3 business days after the pricing date; see preliminary pricing supplement).
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Final observation period end-date:
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July 6, 2027, subject to postponement for certain market disruption events and as described in the accompanying product supplement.
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Maturity date:
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July 9, 2027, subject to postponement for certain market disruption events and as described in the accompanying product supplement.
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Optional early redemption:
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TD may elect, on or before any applicable observation period end-date (other than the final observation date), to redeem the securities at its
discretion in whole, but not in part (an “issuer call”), on the contingent coupon payment date corresponding to such observation period end-date (the “redemption date”), regardless of the index closing values of the underlying indices on
such observation period end-date. If TD elects to redeem the securities prior to maturity, the securities will be redeemed for an amount per security equal to the early redemption payment on the redemption date. No further payments will
be made on the securities once they have been redeemed. TD may elect to redeem the securities at its sole discretion regardless of the performance of the underlying indices.
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Early redemption payment:
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The early redemption payment will be an amount equal to (i) the stated principal amount plus (ii) any contingent quarterly coupon with respect to the applicable quarterly observation
period.
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Contingent quarterly coupon:
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If the index closing values of all of the underlying indices on each trading day during the applicable
quarterly observation period are greater than or equal to their respective coupon threshold levels, we will pay a contingent quarterly coupon of $20.625 (equivalent to 8.25% per annum of the stated
principal amount) per security on the related contingent coupon payment date.
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If the index closing value of any underlying index on any trading day during the applicable quarterly
observation period is less than its coupon threshold level, we will not pay a contingent quarterly coupon with respect to that quarterly observation period.
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Observation period end-dates:
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Quarterly (as set forth on the cover of the preliminary pricing supplement), subject to postponement for non-trading days and certain market disruption events as described in the
accompanying product supplement.
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Quarterly observation period:
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The first quarterly observation period will consist of each trading day from but excluding the pricing date to and including the first observation period end-date. Each subsequent
quarterly observation period will consist of each trading day from but excluding an observation period end-date to and including the next following observation period end-date.
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Contingent coupon payment dates:
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Quarterly (as set forth on the cover of the preliminary pricing supplement), subject to postponement for non-business days and certain market disruption events as described in the
accompanying product supplement.
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Payment at maturity:
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If the final index values of all of the underlying indices are greater than or equal to their respective
downside threshold levels:
(i) the stated principal amount plus (ii) any contingent quarterly coupon otherwise payable with respect to the final quarterly
observation period
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If the final index value of any underlying index is less than its downside threshold level:
(i) the stated principal amount plus (ii) the stated principal amount times the
underlying return of the worst performing underlying index
If the final index value of any underlying index is less than its downside threshold level, the payment at maturity will be less than 65% of the stated principal amount
and could be as low as zero.
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Underlying return:
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(final index value – initial index value) / initial index value
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Worst performing underlying index:
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The underlying index with the lowest underlying return
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Coupon threshold level*:
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With respect to each underlying index, 65% of its initial index value. The actual coupon threshold levels will be determined on the pricing date.
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Downside threshold level*:
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With respect to each underlying index, 65% of its initial index value. The actual downside threshold levels will be determined on the pricing date.
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Initial index value*:
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With respect to each underlying index, the closing level of such underlying index on the pricing date.
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Final index value*:
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With respect to each underlying index, the closing level of such underlying index on the final observation period end-date.
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CUSIP / ISIN:
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89115HHP5 / US89115HHP55
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Listing:
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The securities will not be listed or displayed on any securities exchange or any electronic communications network.
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Commission:
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$20.00 per stated principal amount
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Estimated value on the
pricing date:
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Expected to be between $935.00 and $965.00 per security. See “Risk Factors” in the preliminary pricing supplement.
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Preliminary pricing
supplement
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http://www.sec.gov/Archives/edgar/data/947263/000114036125023903/ef20051242_424b2.htm
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Each as determined by the calculation agent and as may be adjusted in the case of certain adjustment events as described in the accompanying product supplement.
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HYPOTHETICAL PAYOUT
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The below figures are based on a hypothetical downside threshold level of 65% of the hypothetical initial index value of the worst performing underlying index and are purely
hypothetical (the actual terms of your security will be determined on the pricing date and will be specified in the final pricing supplement).
Hypothetical Payment at Maturity if No Early Redemption Occurs
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Change in Worst Performing
Underlying Index
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Payment at Maturity (excluding any
contingent quarterly coupon payable at
maturity)
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+50.00%
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$1,000.00
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+40.00%
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$1,000.00
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+30.00%
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$1,000.00
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+20.00%
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$1,000.00
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+10.00%
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$1,000.00
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0.00%
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$1,000.00
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-10.00%
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$1,000.00
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-20.00%
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$1,000.00
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-30.00%
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$1,000.00
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-35.00%
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$1,000.00
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-36.00%
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$640.00
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-40.00%
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$600.00
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-50.00%
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$500.00
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-60.00%
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$400.00
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-70.00%
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$300.00
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-80.00%
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$200.00
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-90.00%
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$100.00
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-100.00%
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$0.00
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A-1
You will find a link to the accompanying preliminary pricing supplement for the securities above and links to the accompanying product supplement, underlier supplement and
prospectus for the securities under “Additional Information About TD and the Securities” in the preliminary pricing supplement, which you should read and understand prior to investing in the securities.
The issuer has filed a registration statement (including a prospectus as supplemented by an underlier supplement, product supplement and the preliminary pricing supplement) with the
Securities and Exchange Commission (the “SEC”) for the offering to which this communication relates. Before you invest, you should read the accompanying prospectus in that registration statement and the other documents the issuer has filed with the
SEC, including the accompanying preliminary pricing supplement, product supplement and underlier supplement, for more complete information about the issuer and this offering. You may get these documents for free by visiting EDGAR on the SEC website
at www.sec.gov. Alternatively, the issuer, any underwriter or any dealer participating in the offering will arrange to send you the prospectus if you request it by calling toll-free at 1-855-303-3234. Our Central Index Key, or CIK, on the SEC
website is 0000947263.
Risk Considerations
The risks set forth below are discussed in more detail in the “Risk Factors” section in the preliminary pricing supplement. Please review those risk factors carefully prior to
making an investment decision.
Risks Relating to Return Characteristics
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Risk of significant loss at maturity
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Contingent repayment of stated principal amount only at maturity.
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You may not receive any contingent quarterly coupons.
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Greater expected volatility with respect to, and lower expected correlation of, the underlying indices generally reflects a higher contingent quarterly coupon and a higher expectation as of the pricing date that
the index closing value of any of the underlying indices could be less than its downside threshold level.
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TD may elect to redeem the securities at its discretion and the securities are subject to reinvestment risk
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An investment in securities with contingent quarterly coupon and optional early redemption features may be more sensitive to interest rate risk than an investment in securities without such features.
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The contingent quarterly coupon, if any, is based solely on the index closing value of each underlying index on each trading day during the related quarterly observation period.
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Your potential return on the securities is limited, you will not participate in any appreciation of the underlying indices and you will not realize a return beyond the returns represented by the contingent
quarterly coupons received, if any, during the term of the securities.
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You are exposed to the market risk of each underlying index.
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Because the securities are linked to the performance of more than one underlying index, there is an increased probability that you will not receive a contingent quarterly coupon with respect to a quarterly
observation period and that you will lose a significant portion or all of your investment in the securities.
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Risks Relating to Characteristics of the Underlying Indices
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The level of each underlying index will be affected by various factors that interact in complex and unpredictable ways.
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There can be no assurance that the investment view implicit in the securities will be successful.
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The securities are subject to small-capitalization stock risks.
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The underlying indices reflect price return, not total return.
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Changes affecting the underlying indices could have an adverse effect on the market value of, and any amount payable on, the securities.
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There is no affiliation between the respective index sponsors and TD, and TD is not responsible for any disclosure by such.
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Risks Relating to Estimated Value and Liquidity
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The estimated value of your securities is expected to be less than the public offering price of your securities.
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The estimated value of your securities is based on our internal funding rate. The estimated value of your securities on the pricing date is determined by reference to our internal funding rate.
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The estimated value of the securities is based on our internal pricing models, which may prove to be inaccurate and may be different from the pricing models of other financial institutions.
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The estimated value of your securities is not a prediction of the prices at which you may sell your securities in the secondary market, if any, and such secondary market prices, if any, will likely be less than
the public offering price of your securities and may be less than the estimated value of your securities.
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The temporary price at which the agent may initially buy the securities in the secondary market may not be indicative of future prices of your securities.
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The underwriting discount, offering expenses and certain hedging costs are likely to adversely affect secondary market prices.
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There may not be an active trading market for the securities — sales in the secondary market may result in significant losses.
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If the value of an underlying index changes, the market value of your securities may not change in the same manner.
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Risks Relating to General Credit Characteristics
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Investors are subject to TD’s credit risk, and TD’s credit ratings and credit spreads may adversely affect the market value of the securities.
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Risks Relating to Hedging Activities and Conflicts of Interest
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There are potential conflicts of interest between you and the calculation agent.
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The observation period end-dates and related payment dates are subject to market disruption events and postponements
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Trading and business activities by TD or its affiliates may adversely affect the market value of, and any amounts payable on, the securities.
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Risks Relating to Canadian and U.S. Federal Income Taxation
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Significant aspects of the tax treatment of the securities are uncertain.
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Underlying Indices
For information about the underlying indices, including historical performance information, see “Information About the Underlying Indices” in the preliminary pricing supplement.
A-2
FAQ
What are TD's Callable Contingent Income Securities due July 9, 2027 offering?
TD is offering Callable Contingent Income Securities that are linked to the worst performing of three indices: Nasdaq-100 Index, Russell 2000 Index, and S&P 500 Index. The securities have a stated principal amount of $1,000 per security and may pay a contingent quarterly coupon of $20.625 (8.25% per annum) if certain conditions are met.
What is the potential return and risk for TD's new contingent income securities?
The securities offer potential quarterly coupons of 8.25% per annum if all underlying indices remain above their threshold levels (65% of initial value). However, investors can lose significant principal if any index falls below the 65% threshold at maturity. The payment could be as low as zero, and investors don't participate in any upside appreciation of the indices.
When can TD call these contingent income securities early?
TD can call these securities at its discretion on any contingent coupon payment date before maturity, regardless of the indices' performance. If called, investors receive the stated principal amount plus any applicable contingent quarterly coupon for that period. No further payments will be made after early redemption.
What is the estimated value of TD's new contingent income securities?
The estimated value of the securities on the pricing date is expected to be between $935.00 and $965.00 per security, which is less than the public offering price. This value is based on TD's internal funding rate and pricing models.
What are the key risks of TD's new contingent income securities?
Key risks include: potential significant loss of principal at maturity, no guaranteed quarterly coupons, exposure to three different market indices (increasing risk), limited return potential with no participation in index appreciation, and TD's credit risk. The securities also have limited liquidity as they won't be listed on any exchange.
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