TD Bank Group has priced a public offering of SGD 350 million in fixed rate reset callable subordinated notes that qualify as non-viability contingent capital. The notes carry a fixed coupon of 3.125 percent per annum paid semi-annually until August 5, 2031, after which they reset to the five-year SORA-OIS rate plus 1.048 percent until maturity on August 5, 2036. TD may redeem the notes in whole on the reset date with regulatory approval. Net proceeds will be used for general corporate purposes, including potential redemption of outstanding capital securities or repayment of other liabilities, and the notes are expected to count as Tier 2 capital. DBS Bank Ltd., OCBC, and TD Securities are managing the issue.
Toronto Dominion BankTD Bank priced SGD 350 million subordinated notes for general corporate purposes, which is a routine capital management activity with no clear positive or negative signal.
DBS Group Holdings Ltd