{"id":45788,"date":"2023-09-23T17:38:59","date_gmt":"2023-09-23T22:38:59","guid":{"rendered":"https:\/\/prefblog.com\/?p=45788"},"modified":"2023-09-23T17:38:59","modified_gmt":"2023-09-23T22:38:59","slug":"td-pf-k-to-be-redeemed","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=45788","title":{"rendered":"TD.PF.K To Be Redeemed"},"content":{"rendered":"

The Toronto-Dominion Bank has announced<\/a>:<\/p>\n

that it will exercise its right to redeem all of its 16,000,000 outstanding Non-Cumulative 5-Year Rate Reset Class A First Preferred Shares, Series 20 (Non-Viability Contingent Capital) (the “Series 20 Shares”) on October 31, 2023 at the price of $25.00 per Series 20 Share for an aggregate total of approximately $400 million. The redemption has been approved by the Office of the Superintendent of Financial Institutions.<\/p>\n

On August 24, 2023, TD announced that dividends of $0.296875 per Series 20 Share had been declared. These will be the final dividends on the Series 20 Shares, and will be paid in the usual manner on October 31, 2023 to shareholders of record on October 6, 2023, as previously announced. After October 31, 2023, the Series 20 Shares will cease to be entitled to dividends and the only remaining rights of holders of such shares will be to receive payment of the redemption amount.<\/p>\n

Beneficial holders who are not directly the registered holder of Series 20 Shares should contact the financial institution, broker or other intermediary through which they hold these shares to confirm how they will receive their redemption proceeds. Inquiries should be directed to our Registrar and Transfer Agent, TSX Trust Company, at 1-800-387-0825 (or in Toronto 416-682-3860).<\/p><\/blockquote>\n

TD.PF.K was issued as a FixedReset, 4.75%+259 that commenced trading 2018-9-13<\/a> after being announced 2018-9-4<\/a>. It is tracked by HIMIPref\u2122 and is assigned to the FixedReset (Discount) subindex.<\/p>\n

The redemption comes as quite a surprise, given that the closing price on 2023-9-22 was 21.79 with most VWAPs for September being below 22.00. It has been clear for a while that TD has been awash in excess capital since the Horizons deal was abandoned; in addition, OSFI has been twisting bank arms to get them to issue LRCNs and OTC preferreds. Still, I would have liked to have been a fly on the wall at the meeting where this redemption was approved by the bank!<\/p>\n

Thanks to Assiduous Reader CanSiamCyp<\/i> for bringing this to my attention<\/a>!<\/p>\n","protected":false},"excerpt":{"rendered":"

The Toronto-Dominion Bank has announced: that it will exercise its right to redeem all of its 16,000,000 outstanding Non-Cumulative 5-Year Rate Reset Class A First Preferred Shares, Series 20 (Non-Viability Contingent Capital) (the “Series 20 …<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[13],"tags":[],"class_list":["post-45788","post","type-post","status-publish","format-standard","hentry","category-issue-comments"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/45788","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=45788"}],"version-history":[{"count":0,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/45788\/revisions"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=45788"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=45788"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=45788"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}