TD sells senior notes across multiple maturities

Posted by Scott Moore on Sep 29th, 2026

What happened

The Toronto-Dominion Bank (NYSE: TD) said it issued and sold four tranches of senior medium-term notes on September 28, 2026.

The deal includes US$1,000,000,000 of 5.198% Senior Medium-Term Notes, Series F, due 2028. It also includes US$1,100,000,000 of 5.473% Senior Medium-Term Notes, Series F, due 2031.

The other tranches are US$1,250,000,000 of 5.801% Senior Medium-Term Notes, Series F, due 2036 and US$400,000,000 of Floating Rate Senior Medium-Term Notes, Series F, due 2028.

McCarthy T trault LLP filed the opinion letter as Exhibit 5.2 to the Form 6-K. The letter says the notes were issued and sold under the Terms Agreement dated September 21, 2026 and the related pricing supplements.

Key numbers

Metric	Latest	Source
5.198% Senior Medium-Term Notes, Series F, due 2028	US$1,000,000,000	SEC 6-K
5.473% Senior Medium-Term Notes, Series F, due 2031	US$1,100,000,000	SEC 6-K
5.801% Senior Medium-Term Notes, Series F, due 2036	US$1,250,000,000	SEC 6-K
Floating Rate Senior Medium-Term Notes, Series F, due 2028	US$400,000,000	SEC 6-K

Why it matters

The four tranches split the borrowing across three fixed coupons and one floating-rate piece. The 2036 fixed-rate issue at US$1,250,000,000 is 3.125 times the US$400,000,000 floating-rate issue. It is the largest tranche and the longest dated.

The shorter fixed notes carry 5.198% and 5.473%, while the longest fixed note carries 5.801%. For a bank, that matters because it sets funding costs and maturity dates.

The filing does not give a use of proceeds or an operating impact. So the main signal is the shape of the funding, not a business update.

OptimistFi's case is that TD's value comes from deposit-funded asset growth. This release leaves that thesis unchanged because it only shows another debt issue.

Investors can use it as a baseline for liability management, not as proof of earnings or asset growth.

The 2028 fixed note and the floating-rate note both mature in 2028, but their coupon structures differ. That gives investors two near-term reference points.

The 2031 and 2036 fixed notes push the maturity profile farther out.

What's next

The next quarterly report is the next scheduled check on whether the notes show up in TD's funding mix or interest expense.

A stronger report would show stable funding and continued asset growth. A weaker one would show higher costs without visible growth.

If the new notes fit a wider funding plan, this filing will look like routine balance-sheet management. If they do not, the issuance will look less helpful.