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TD Bank Rate Reset Preferred Share New Issue

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TD Bank is issuing $300M of 5 year, 4.5% rate reset non-cumulative preferred shares. The first reset date is Aug-31-2022 at the then effective 5 year Gov. of Canada bond yield plus 3.01%. Should TD become insolvent the issue is convertible into their common shares. (Basel Compliant)

On Aug-31-2022 and on Aug-31 every five years thereafter, the holders have the right to convert into an equal number of non-cumulative floating rate preferred shares with a dividend yield set quarterly at the then effective 90-day Canadian Treasury Bill Rate plus 3.01%.

Rating: DBRS, Pfd-2

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