Commentary & Deal Flow

Reoffer: 7yr: SARON MS+42bp / 100 / 1.055%
Benchmark: 7yr: Govt.+62bp

Launched: 7yr: CHF 150m @ SARON MS+42bp

• Issuer: The Toronto-Dominion Bank
• Ticker: TD
• Guarantor: TD Covered Bond (Legislative) Guarantor LP
• Guarantor Domicile: Canada
• Format: Covered Bonds
• Status: Covered Bonds. Direct, unconditional, unsubordinated and unsecured obligations, ranking pari passu with all deposit liabilities of the Issuer
• Type: Public CHF fixed-rate Covered Bonds
• Instrument Rating (exp): Aaa/AAA (Stable/Stable) (Moody's/Fitch)
• Issue Size (in mm): CHF 150mm
• Coupon: 1.055% p.a., short 1st. coupon
• Maturity: 6 years 359 days (05-Nov-26 until 04-Nov-33)
• Issue Price: 100
• Spread/Yield: SARON MS+42 // YTM 1.055% // Govt.+62
• ISIN / Security Number: CH1609605386 / 160960538
• Lead Manager(s): UBS, TD Securities (joint lead no books)
• SNB Repo-eligibility: At the discretion of the SNB, expected yes
• Documentation: Off TD´s CAD 100bn Global Legislative Covered Bond Programme prospectus dated 23-Jun-26 ("Base Prospectus")
• FinSA Prospectus: Delayed prospectus approval, in accordance with art. 51 FinSA
• Governing Law: The Covered Bonds and all related contractual documentation will be governed, by and construed in accordance with, the laws of the Province of Ontario, Canada and the federal laws of Canada applicable therein
• Covenants: PP
• SIX Listing: 03-Nov-26
• Denomination: CHF 5000 and multiples thereof
• Target Market: Manufacturer target market (MiFID II product governance) is eligible counterparties and professional clients only (all distribution channels). Prohibition of Sales to Retail Investors restrictions apply
• Sales Restrictions: As set out in the Base Prospectus. In particular U.S.A., U.S. persons, European Economic Area, United Kingdom, Canada (Canadian sales not permitted), Hong Kong, France, Italy, Japan, Singapore, the Peoples Republic of China, Belgium, Australia, Denmark, Sweden, Norway and the Netherlands.
• Retail Restrictions:
  • EEA & UK domiciled: Applicable
  • Other: Subject to applicable regulations and restrictions