Commentary & Deal Flow

Guidance: 3yr: SONIA+56a

• Issuer: The Toronto-Dominion Bank
• LEI: PT3QB789TSUIDF371261
• Ticker: TD
• Format: Reg S (Registered, NSS)
• Type: Canadian legislative covered bond, backed by prime Canadian residential mortgages
• Guarantor: TD Covered Bond (Legislative) Guarantor Limited Partnership
• Expected Issue Ratings: Aaa/AAA/AAA (Moody's/Fitch/DBRS)
• Distribution: As set out in the Prospectus, Regulation S, Category 2, TEFRA not applicable, Not Rule 144A eligible. Not to be offered, sold or otherwise made available in the UK in a principal amount of less than GBP 100,000. Not to be offered, sold or distributed, directly or indirectly, in Canada or to or for the benefit of any resident in Canada. Singapore Sales to Institutional Investors and Accredited Investors only
• Size: £ Benchmark
• Pricing Date: 22-Oct-26
• Settlement Date: 29-Oct-26 (T+5)
• Maturity Date: 29-Oct-29 (soft bullet)
• Initial Coupon: Floating, SONIA + [●] bps, Compounded Daily SONIA, 5 LBD observation lag, Quarterly, Act/365 (Fixed)
• UK MiFIR / MiFID II Target Market: Professional investors and ECPs only target market (all distribution channels)
• Denomination: GBP100,000 and integral multiples of GBP1,000 in excess thereof
• Governing Law: Province of Ontario and Canada
• Listing: London Stock Exchange (Main Market)
• Clearing: Euroclear / Clearstream
• Documentation: The Issuer’s CAD 100bn Global Legislative Covered Bond Programme prospectus dated 23-Jun-26, as supplemented (the "Prospectus")
• Joint Lead Managers: Barclays, Lloyds, Nomura, Standard Chartered Bank, TD Securities (B&D)
• Fee: Joint Lead Managers will be paid a fee in connection to the transaction
• Schedule: Books open, today's business
• Advertisement: The Prospectus and the Final Terms when published, available on https://www.td.com/ca/en/about-td/for-investors/investor-relations/fixed-income-investor/debt-information/td-global-legislative-covered-bond-programme