TD Bank Group to Issue SGD 350 Million in Singapore Dollar Subordinated Notes
The Canadian bank is offering SGD 350 million in Tier 2 subordinated notes with a fixed 3.125% rate through 2031, resetting thereafter ahead of a 2036 maturity.
TD Bank Group has announced a public offering of SGD 350 million in Fixed Rate Reset Callable Subordinated Notes (NVCC), set for July 28, 2026. The notes carry a fixed rate of 3.125% per annum, paid semi-annually, through August 5, 2031. After that date, the rate resets to the 5-year SORA-OIS rate plus 1.048% and holds at that level until the notes mature on August 5, 2036.
TD retains the option to redeem the notes at par on August 5, 2031, subject to regulatory approval. The offering is expected to qualify as Tier 2 regulatory capital for the bank. DBS Bank, OCBC and TD Securities are serving as joint bookrunners on the deal.
What NVCC Means
NVCC stands for non-viability contingent capital, a designation tied to regulatory capital rules for Canadian banks. This is a corporate capital-markets transaction rather than a retail investment offering, and the notes are structured for institutional and qualified investors in the Singapore dollar bond market.
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