On June 11, 2026, The Toronto-Dominion Bank completed a C$1.25 billion public offering of 5.918% Non-Viability Contingent Capital (NVCC) Additional Tier 1 Limited Recourse Capital Notes Series 7, together with the issuance of 1,250,000 Non-Cumulative 5-Year Fixed Rate Reset NVCC Preferred Shares Series 34. The financing was completed pursuant to the bank’s short form base shelf prospectus dated April 7, 2025, as supplemented by a prospectus supplement dated June 8, 2026, further strengthening the bank’s regulatory capital position.
The transaction involved a sophisticated capital markets financing in the Canadian financial services sector, combining an innovative limited recourse capital notes structure with the issuance of preferred shares. Acting as lead agent in a high-value offering of this nature required coordination of complex securities law, regulatory capital and disclosure requirements under an expedited timetable. The successful completion of the offering enabled the issuer to access significant capital while providing TD Securities with a leading role in a landmark Canadian bank financing.
Fasken advised TD Securities Inc. with a team led by Richard J. Steinberg and included Allison Marks, Rohat Jumani and Alex Pankratz.
Jurisdiction
- Canada
