[FWP] Toronto Dominion Bank Free Writing Prospectus
Toronto Dominion Bank has filed a Free Writing Prospectus for Callable Contingent Income Securities due July 9, 2027, linked to the performance of the Nasdaq-100, Russell 2000, and S&P 500 indices. The securities offer:
- Principal amount of $1,000 per security with potential quarterly coupons of $23.90 (9.56% per annum)
- Contingent coupon payments if all underlying indices remain above 70% of their initial values during observation periods
- Early redemption feature allowing TD to call the securities at its discretion
- Risk of principal loss if any index falls below 70% threshold at maturity
Key risks include potential significant loss of principal, no guaranteed coupon payments, and limited upside potential. The estimated value ($935-$965) is less than the offering price, reflecting underwriting discounts and hedging costs. Securities are subject to TD's credit risk and will not be listed on any exchange.
Toronto Dominion Bank ha presentato un Free Writing Prospectus per titoli di reddito contingente richiamabili con scadenza il 9 luglio 2027, collegati alla performance degli indici Nasdaq-100, Russell 2000 e S&P 500. I titoli offrono:
- Un importo nominale di 1.000 $ per titolo con potenziali cedole trimestrali di 23,90 $ (9,56% annuo)
- Pagamenti cedolari condizionati al fatto che tutti gli indici sottostanti rimangano sopra il 70% dei loro valori iniziali durante i periodi di osservazione
- Una clausola di rimborso anticipato che consente a TD di richiamare i titoli a sua discrezione
- Rischio di perdita del capitale se uno qualsiasi degli indici scende sotto la soglia del 70% alla scadenza
I principali rischi includono la possibile perdita significativa del capitale, l'assenza di garanzia sulle cedole e un potenziale di guadagno limitato. Il valore stimato (935-965 $) 猫 inferiore al prezzo di offerta, a causa degli sconti di sottoscrizione e dei costi di copertura. I titoli sono soggetti al rischio di credito di TD e non saranno quotati in alcun mercato regolamentato.
Toronto Dominion Bank ha presentado un Free Writing Prospectus para Valores de Ingreso Contingente Rescatables con vencimiento el 9 de julio de 2027, vinculados al desempe帽o de los 铆ndices Nasdaq-100, Russell 2000 y S&P 500. Los valores ofrecen:
- Monto principal de $1,000 por valor con posibles cupones trimestrales de $23.90 (9.56% anual)
- Pagos de cupones contingentes si todos los 铆ndices subyacentes se mantienen por encima del 70% de sus valores iniciales durante los per铆odos de observaci贸n
- Opci贸n de rescate anticipado que permite a TD llamar los valores a su discreci贸n
- Riesgo de p茅rdida del principal si alg煤n 铆ndice cae por debajo del umbral del 70% al vencimiento
Los riesgos clave incluyen la posible p茅rdida significativa del principal, la ausencia de pagos de cupones garantizados y un potencial limitado de ganancias. El valor estimado ($935-$965) es menor que el precio de oferta, reflejando descuentos de suscripci贸n y costos de cobertura. Los valores est谩n sujetos al riesgo crediticio de TD y no estar谩n listados en ninguna bolsa.
韱犽韱� 霃勲雼堨柛 鞚�頄�鞚� 2027雲� 7鞗� 9鞚� 毵岅赴鞚� 旖� 臧�電� 臁瓣贝攵� 靻岆摑 歃濌秾鞐� 雽�頃� 鞛愳湢 鞛戩劚 靹る獏靹滊ゼ 鞝滌稖頄堨溂氅�, 鞚措姅 雮橃姢雼�-100, 霟厐 2000, S&P 500 歆�靾橃潣 靹标臣鞐� 鞐半彊霅╇媹雼�. 鞚� 歃濌秾鞚� 雼れ潓瓿� 臧欖潃 臁瓣贝鞚� 鞝滉车頃╇媹雼�:
- 歃濌秾雼� 1,000雼煬鞚� 鞗愱笀瓿� 攵勱赴氤� 23.90雼煬鞚� 鞛犾灛鞝� 炜犿彴 歆�旮� (鞐� 9.56%)
- 甏�彀� 旮瓣皠 霃欖晥 氇摖 旮办磮 歆�靾橁皜 齑堦赴 臧�旃橃潣 70% 鞚挫儊鞚� 瓴届毎 臁瓣贝攵� 炜犿彴 歆�旮�
- TD臧� 鞛焿鞙茧 歃濌秾鞚� 臁瓣赴 靸來櫂頃� 靾� 鞛堧姅 臁瓣赴 靸來櫂 旮半姤
- 毵岅赴 鞁� 鞏措枻 歆�靾橁皜 70% 鞚错晿搿� 霒柎歆� 瓴届毎 鞗愱笀 靻愳嫟 鞙勴棙
欤检殧 鞙勴棙 鞖旍唽搿滊姅 鞗愱笀鞚� 靸侂嫻頃� 靻愳嫟 臧�電レ劚, 炜犿彴 歆�旮� 氤挫灔 鞐嗢潓, 鞝滍暅霅� 靸侅姽 鞛犾灛霠レ澊 韽暔霅╇媹雼�. 於旍爼 臧�旃橂姅 (935词965雼煬) 鞝滌嫓 臧�瓴╇炒雼� 雮溂氅�, 鞚措姅 鞚胳垬 靾橃垬耄� 氚� 項れ 牍勳毄鞚� 氚橃榿頃╇媹雼�. 歃濌秾鞚� TD鞚� 鞁犾毄 鞙勴棙鞐� 雲胳稖霅橂┌ 鞏措枻 瓯半灅靻岇棎霃� 靸侅灔霅橃 鞎婌姷雼堧嫟.
Toronto Dominion Bank a d茅pos茅 un Free Writing Prospectus pour des titres de revenu conditionnel remboursables arrivant 脿 茅ch茅ance le 9 juillet 2027, li茅s 脿 la performance des indices Nasdaq-100, Russell 2000 et S&P 500. Ces titres offrent :
- Un montant principal de 1 000 $ par titre avec des coupons trimestriels potentiels de 23,90 $ (9,56 % par an)
- Des paiements de coupons conditionnels si tous les indices sous-jacents restent au-dessus de 70 % de leurs valeurs initiales pendant les p茅riodes d'observation
- Une option de remboursement anticip茅 permettant 脿 TD de rappeler les titres 脿 sa discr茅tion
- Un risque de perte du capital si un indice descend en dessous du seuil de 70 % 脿 l'茅ch茅ance
Les principaux risques comprennent une perte significative du capital possible, l'absence de garantie des paiements de coupons et un potentiel de gain limit茅. La valeur estim茅e (935鈥�965 $) est inf茅rieure au prix d'offre, refl茅tant les d茅cotes de souscription et les co没ts de couverture. Les titres sont soumis au risque de cr茅dit de TD et ne seront pas cot茅s en bourse.
Toronto Dominion Bank hat einen Free Writing Prospectus f眉r r眉ckrufbare bedingte Einkommenswerte mit F盲lligkeit am 9. Juli 2027 eingereicht, die an die Entwicklung der Nasdaq-100-, Russell 2000- und S&P 500-Indizes gekoppelt sind. Die Wertpapiere bieten:
- Nominalbetrag von 1.000 $ pro Wertpapier mit potenziellen viertelj盲hrlichen Kupons von 23,90 $ (9,56 % p.a.)
- Bedingte Kuponzahlungen, sofern alle zugrunde liegenden Indizes w盲hrend der Beobachtungszeitr盲ume 眉ber 70 % ihres Anfangswerts bleiben
- Fr眉hzeitige R眉ckzahlungsoption, die es TD erm枚glicht, die Wertpapiere nach eigenem Ermessen zur眉ckzurufen
- Risiko eines Kapitalverlusts, falls ein Index bei F盲lligkeit unter die 70 %-Schwelle f盲llt
Wesentliche Risiken sind unter anderem ein erhebliches Verlustrisiko des Kapitals, keine garantierten Kuponzahlungen und begrenztes Aufw盲rtspotenzial. Der gesch盲tzte Wert (935鈥�965 $) liegt unter dem Ausgabepreis, was Zeichnungsabschl盲ge und Absicherungskosten widerspiegelt. Die Wertpapiere unterliegen dem Kreditrisiko von TD und werden an keiner B枚rse notiert sein.
- Attractive potential yield with 9.56% per annum contingent quarterly coupon ($23.90 per quarter per $1,000 principal)
- Principal protection feature if all underlying indices remain above 70% of initial values at maturity
- Diversification across three major market indices (S&P 500, Nasdaq-100, and Russell 2000) provides broad market exposure
- High risk of principal loss - investors can lose up to 100% of investment if any index falls below 70% threshold
- Coupons are contingent and may not be paid if any index falls below threshold during observation period
- Upside is capped at the fixed coupon rate with no participation in index appreciation
- Early redemption risk at issuer's discretion could force reinvestment at less favorable terms
- Complex product structure with multiple barriers and conditions increases investor risk
Toronto Dominion Bank ha presentato un Free Writing Prospectus per titoli di reddito contingente richiamabili con scadenza il 9 luglio 2027, collegati alla performance degli indici Nasdaq-100, Russell 2000 e S&P 500. I titoli offrono:
- Un importo nominale di 1.000 $ per titolo con potenziali cedole trimestrali di 23,90 $ (9,56% annuo)
- Pagamenti cedolari condizionati al fatto che tutti gli indici sottostanti rimangano sopra il 70% dei loro valori iniziali durante i periodi di osservazione
- Una clausola di rimborso anticipato che consente a TD di richiamare i titoli a sua discrezione
- Rischio di perdita del capitale se uno qualsiasi degli indici scende sotto la soglia del 70% alla scadenza
I principali rischi includono la possibile perdita significativa del capitale, l'assenza di garanzia sulle cedole e un potenziale di guadagno limitato. Il valore stimato (935-965 $) 猫 inferiore al prezzo di offerta, a causa degli sconti di sottoscrizione e dei costi di copertura. I titoli sono soggetti al rischio di credito di TD e non saranno quotati in alcun mercato regolamentato.
Toronto Dominion Bank ha presentado un Free Writing Prospectus para Valores de Ingreso Contingente Rescatables con vencimiento el 9 de julio de 2027, vinculados al desempe帽o de los 铆ndices Nasdaq-100, Russell 2000 y S&P 500. Los valores ofrecen:
- Monto principal de $1,000 por valor con posibles cupones trimestrales de $23.90 (9.56% anual)
- Pagos de cupones contingentes si todos los 铆ndices subyacentes se mantienen por encima del 70% de sus valores iniciales durante los per铆odos de observaci贸n
- Opci贸n de rescate anticipado que permite a TD llamar los valores a su discreci贸n
- Riesgo de p茅rdida del principal si alg煤n 铆ndice cae por debajo del umbral del 70% al vencimiento
Los riesgos clave incluyen la posible p茅rdida significativa del principal, la ausencia de pagos de cupones garantizados y un potencial limitado de ganancias. El valor estimado ($935-$965) es menor que el precio de oferta, reflejando descuentos de suscripci贸n y costos de cobertura. Los valores est谩n sujetos al riesgo crediticio de TD y no estar谩n listados en ninguna bolsa.
韱犽韱� 霃勲雼堨柛 鞚�頄�鞚� 2027雲� 7鞗� 9鞚� 毵岅赴鞚� 旖� 臧�電� 臁瓣贝攵� 靻岆摑 歃濌秾鞐� 雽�頃� 鞛愳湢 鞛戩劚 靹る獏靹滊ゼ 鞝滌稖頄堨溂氅�, 鞚措姅 雮橃姢雼�-100, 霟厐 2000, S&P 500 歆�靾橃潣 靹标臣鞐� 鞐半彊霅╇媹雼�. 鞚� 歃濌秾鞚� 雼れ潓瓿� 臧欖潃 臁瓣贝鞚� 鞝滉车頃╇媹雼�:
- 歃濌秾雼� 1,000雼煬鞚� 鞗愱笀瓿� 攵勱赴氤� 23.90雼煬鞚� 鞛犾灛鞝� 炜犿彴 歆�旮� (鞐� 9.56%)
- 甏�彀� 旮瓣皠 霃欖晥 氇摖 旮办磮 歆�靾橁皜 齑堦赴 臧�旃橃潣 70% 鞚挫儊鞚� 瓴届毎 臁瓣贝攵� 炜犿彴 歆�旮�
- TD臧� 鞛焿鞙茧 歃濌秾鞚� 臁瓣赴 靸來櫂頃� 靾� 鞛堧姅 臁瓣赴 靸來櫂 旮半姤
- 毵岅赴 鞁� 鞏措枻 歆�靾橁皜 70% 鞚错晿搿� 霒柎歆� 瓴届毎 鞗愱笀 靻愳嫟 鞙勴棙
欤检殧 鞙勴棙 鞖旍唽搿滊姅 鞗愱笀鞚� 靸侂嫻頃� 靻愳嫟 臧�電レ劚, 炜犿彴 歆�旮� 氤挫灔 鞐嗢潓, 鞝滍暅霅� 靸侅姽 鞛犾灛霠レ澊 韽暔霅╇媹雼�. 於旍爼 臧�旃橂姅 (935词965雼煬) 鞝滌嫓 臧�瓴╇炒雼� 雮溂氅�, 鞚措姅 鞚胳垬 靾橃垬耄� 氚� 項れ 牍勳毄鞚� 氚橃榿頃╇媹雼�. 歃濌秾鞚� TD鞚� 鞁犾毄 鞙勴棙鞐� 雲胳稖霅橂┌ 鞏措枻 瓯半灅靻岇棎霃� 靸侅灔霅橃 鞎婌姷雼堧嫟.
Toronto Dominion Bank a d茅pos茅 un Free Writing Prospectus pour des titres de revenu conditionnel remboursables arrivant 脿 茅ch茅ance le 9 juillet 2027, li茅s 脿 la performance des indices Nasdaq-100, Russell 2000 et S&P 500. Ces titres offrent :
- Un montant principal de 1 000 $ par titre avec des coupons trimestriels potentiels de 23,90 $ (9,56 % par an)
- Des paiements de coupons conditionnels si tous les indices sous-jacents restent au-dessus de 70 % de leurs valeurs initiales pendant les p茅riodes d'observation
- Une option de remboursement anticip茅 permettant 脿 TD de rappeler les titres 脿 sa discr茅tion
- Un risque de perte du capital si un indice descend en dessous du seuil de 70 % 脿 l'茅ch茅ance
Les principaux risques comprennent une perte significative du capital possible, l'absence de garantie des paiements de coupons et un potentiel de gain limit茅. La valeur estim茅e (935鈥�965 $) est inf茅rieure au prix d'offre, refl茅tant les d茅cotes de souscription et les co没ts de couverture. Les titres sont soumis au risque de cr茅dit de TD et ne seront pas cot茅s en bourse.
Toronto Dominion Bank hat einen Free Writing Prospectus f眉r r眉ckrufbare bedingte Einkommenswerte mit F盲lligkeit am 9. Juli 2027 eingereicht, die an die Entwicklung der Nasdaq-100-, Russell 2000- und S&P 500-Indizes gekoppelt sind. Die Wertpapiere bieten:
- Nominalbetrag von 1.000 $ pro Wertpapier mit potenziellen viertelj盲hrlichen Kupons von 23,90 $ (9,56 % p.a.)
- Bedingte Kuponzahlungen, sofern alle zugrunde liegenden Indizes w盲hrend der Beobachtungszeitr盲ume 眉ber 70 % ihres Anfangswerts bleiben
- Fr眉hzeitige R眉ckzahlungsoption, die es TD erm枚glicht, die Wertpapiere nach eigenem Ermessen zur眉ckzurufen
- Risiko eines Kapitalverlusts, falls ein Index bei F盲lligkeit unter die 70 %-Schwelle f盲llt
Wesentliche Risiken sind unter anderem ein erhebliches Verlustrisiko des Kapitals, keine garantierten Kuponzahlungen und begrenztes Aufw盲rtspotenzial. Der gesch盲tzte Wert (935鈥�965 $) liegt unter dem Ausgabepreis, was Zeichnungsabschl盲ge und Absicherungskosten widerspiegelt. Die Wertpapiere unterliegen dem Kreditrisiko von TD und werden an keiner B枚rse notiert sein.
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ISSUER FREE WRITING PROSPECTUS
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Filed Pursuant to Rule 433
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Registration Statement No. 333-283969
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Dated June 27, 2025
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SUMMARY TERMS
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Issuer:
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The Toronto-Dominion Bank
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Issue:
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Senior Debt Securities, Series H
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Underlying indices:
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Nasdaq-100 Index® (Bloomberg Ticker: “NDX”)
Russell 2000® Index (Bloomberg Ticker: “RTY”)
S&P 500® Index (Bloomberg Ticker: “SPX”)
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Stated principal amount:
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$1,000.00 per security
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Minimum Investment:
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$1,000.00 (1 security)
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Pricing date:
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July 3, 2025
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Original issue date:
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July 9, 2025 (3 business days after the pricing date; see preliminary pricing supplement).
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Final observation period
end-date:
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July 6, 2027, subject to postponement for certain market disruption events and as described in the accompanying product supplement.
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Maturity date:
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July 9, 2027, subject to postponement for certain market disruption events and as described in the accompanying product supplement.
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Optional early
redemption:
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TD may elect, on or before any applicable observation period end-date (other than the final observation date), to redeem the securities at its discretion in whole, but not in part (an
“issuer call”), on the contingent coupon payment date corresponding to such observation period end-date (the “redemption date”), regardless of the index closing values of the underlying indices on such observation period end-date. If TD
elects to redeem the securities prior to maturity, the securities will be redeemed for an amount per security equal to the early redemption payment on the redemption date. No further payments will be made on the securities once they
have been redeemed. TD may elect to redeem the securities at its sole discretion regardless of the performance of the underlying indices.
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Early redemption
payment:
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The early redemption payment will be an amount equal to (i) the stated principal amount plus (ii) any contingent quarterly coupon with respect
to the applicable quarterly observation period.
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Contingent quarterly
coupon:
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■
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If the index closing values of all of the underlying indices on each trading day during the applicable
quarterly observation period are greater than or equal to their respective coupon threshold levels, we will pay a contingent quarterly coupon of $23.90 (equivalent to 9.56% per annum of the
stated principal amount) per security on the related contingent coupon payment date.
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If the index closing value of any underlying index on any trading day during the applicable quarterly
observation period is less than its coupon threshold level, we will not pay a contingent quarterly coupon with respect to that quarterly observation period
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Observation period end-
dates:
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Quarterly (as set forth on the cover of the preliminary pricing supplement), subject to postponement for non-trading days and certain market
disruption events as described in the accompanying product supplement.
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Quarterly observation
period:
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The first quarterly observation period will consist of each trading day from but excluding the pricing date to and including the first
observation period end-date. Each subsequent quarterly observation period will consist of each trading day from but excluding an observation period end-date to and including the next following observation period end-date.
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Contingent coupon
payment dates:
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Quarterly (as set forth on the cover of the preliminary pricing supplement), subject to postponement for non-business days and certain market
disruption events as described in the accompanying product supplement.
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Payment at maturity:
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If the final index values of all of the underlying indices are greater than or equal to their respective
downside threshold levels:
(i) the stated principal amount plus (ii) any contingent quarterly coupon otherwise payable with respect to the final
quarterly observation period
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If the final index value of any underlying index is less than its downside threshold level:
(i) the stated principal amount plus (ii) the stated principal amount times the
underlying return of the worst performing underlying index
If the final index value of any underlying index is less than its downside threshold level, the payment at maturity will be less than 70% of the stated principal
amount and could be as low as zero.
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Underlying return:
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(final index value – initial index value) / initial index value
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Worst performing
underlying index:
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The underlying index with the lowest underlying return
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Coupon threshold level*:
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With respect to each underlying index, 70% of its initial index value. The actual coupon threshold levels will be determined on the pricing
date.
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Downside threshold
level*:
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With respect to each underlying index, 70% of its initial index value. The actual downside threshold levels will be determined on the pricing
date.
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Initial index value*:
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With respect to each underlying index, the closing level of such underlying index on the pricing date.
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Final index value*:
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With respect to each underlying index, the closing level of such underlying index on the final observation period end-date.
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CUSIP / ISIN:
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89115HHN0 / US89115HHN08
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Listing:
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The securities will not be listed or displayed on any securities exchange or any electronic communications network.
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Commission:
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$20.00 per stated principal amount
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Estimated value on the
pricing date:
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Expected to be between $935.00 and $965.00 per security. See “Risk Factors” in the preliminary pricing supplement.
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Preliminary pricing
supplement
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http://www.sec.gov/Archives/edgar/data/947263/000114036125023908/ef20051245_424b2.htm
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Each as determined by the calculation agent and as may be adjusted in the case of certain adjustment events as described in the accompanying product supplement.
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HYPOTHETICAL PAYOUT
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Change in Worst Performing
Underlying Index
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Payment at Maturity (excluding any
contingent quarterly coupon payable at
maturity)
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+50.00%
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$1,000.00
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+40.00%
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$1,000.00
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+30.00%
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$1,000.00
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+20.00%
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$1,000.00
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+10.00%
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$1,000.00
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0.00%
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$1,000.00
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-10.00%
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$1,000.00
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-20.00%
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$1,000.00
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-30.00%
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$1,000.00
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-31.00%
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$690.00
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-40.00%
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$600.00
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-50.00%
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$500.00
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-60.00%
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$400.00
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-70.00%
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$300.00
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-80.00%
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$200.00
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-90.00%
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$100.00
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-100.00%
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$0.00
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Risk of significant loss at maturity
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Contingent repayment of stated principal amount only at maturity.
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You may not receive any contingent quarterly coupons.
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Greater expected volatility with respect to, and lower expected correlation of, the underlying indices generally reflects a higher contingent quarterly coupon and a higher expectation as of the pricing date that
the index closing value of any of the underlying indices could be less than its downside threshold level.
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TD may elect to redeem the securities at its discretion and the securities are subject to reinvestment risk
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An investment in securities with contingent quarterly coupon and optional early redemption features may be more sensitive to interest rate risk than an investment in securities without such features.
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The contingent quarterly coupon, if any, is based solely on the index closing value of each underlying index on each trading day during the related quarterly observation period.
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Your potential return on the securities is limited, you will not participate in any appreciation of the underlying indices and you will not realize a return beyond the returns represented by the contingent
quarterly coupons received, if any, during the term of the securities.
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You are exposed to the market risk of each underlying index.
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Because the securities are linked to the performance of more than one underlying index, there is an increased probability that you will not receive a contingent quarterly coupon with respect to a quarterly
observation period and that you will lose a significant portion or all of your investment in the securities.
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The level of each underlying index will be affected by various factors that interact in complex and unpredictable ways.
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There can be no assurance that the investment view implicit in the securities will be successful.
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The securities are subject to small-capitalization stock risks.
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The underlying indices reflect price return, not total return.
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Changes affecting the underlying indices could have an adverse effect on the market value of, and any amount payable on, the securities.
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There is no affiliation between the respective index sponsors and TD, and TD is not responsible for any disclosure by such.
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The estimated value of your securities is expected to be less than the public offering price of your securities.
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The estimated value of your securities is based on our internal funding rate. The estimated value of your securities on the pricing date is determined by reference to our internal funding rate.
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The estimated value of the securities is based on our internal pricing models, which may prove to be inaccurate and may be different from the pricing models of other financial institutions.
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The estimated value of your securities is not a prediction of the prices at which you may sell your securities in the secondary market, if any, and such secondary market prices, if any, will likely be less than
the public offering price of your securities and may be less than the estimated value of your securities.
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The temporary price at which the agent may initially buy the securities in the secondary market may not be indicative of future prices of your securities.
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The underwriting discount, offering expenses and certain hedging costs are likely to adversely affect secondary market prices.
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There may not be an active trading market for the securities — sales in the secondary market may result in significant losses.
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If the value of an underlying index changes, the market value of your securities may not change in the same manner.
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Investors are subject to TD’s credit risk, and TD’s credit ratings and credit spreads may adversely affect the market value of the securities.
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There are potential conflicts of interest between you and the calculation agent.
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The observation period end-dates and related payment dates are subject to market disruption events and postponements
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Trading and business activities by TD or its affiliates may adversely affect the market value of, and any amounts payable on, the securities.
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Significant aspects of the tax treatment of the securities are uncertain.
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Source:
FAQ
What are TD's Callable Contingent Income Securities offering terms for July 2027?
What is the downside risk for TD's Contingent Income Securities (CUSIP: 89115HHN0)?
How much is the quarterly coupon payment for TD's 2027 Contingent Income Securities?
What is the estimated value of TD's July 2027 Contingent Income Securities?
Can TD call these Contingent Income Securities early?
