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The Toronto-Dominion Bank (TD) is marketing senior unsecured Autocallable Fixed Interest Barrier Notes (Series H) linked to the worst performer of Amazon.com (AMZN), Intel (INTC) and Tesla (TSLA). The three-year notes (Pricing Date 11-Jul-2025, Maturity 14-Jul-2028) pay a fixed coupon of 13.25% p.a., credited monthly ($11.042 per $1,000) until the earlier of automatic call or maturity.

Automatic call: On any monthly Call Observation Date (first 11-Jan-2026, last 11-Jun-2028) the notes redeem at par plus the current coupon if every reference share closes at or above its initial price (100% call threshold). Early redemption shortens the holding period and stops future coupons.

Principal repayment: 鈥� At maturity, if all three shares are 鈮� 50% of their initial values (barrier), holders receive par.
鈥� Otherwise, repayment equals par plus par 脳 Least Performing Percentage Change. The downside is linear and uncapped; a 鈮�50% decline in the worst stock delivers a loss of equal magnitude, up to total principal loss.

Key terms:

• Issue price: $1,000; minimum investment $1,000.
• Estimated value at pricing: $900-$930 (reflects TD鈥檚 internal models/funding rate).
• Underwriting discount: 3% ($30) paid to TD Securities (USA) LLC; proceeds to TD $970.
• No exchange listing; secondary liquidity solely via dealer market making (none obliged).
• Credit exposure: senior unsecured claim on TD; not CDIC/FDIC insured.
• Barrier 50% of initial price; call threshold 100%.

Risk highlights (per filing): principal is at risk; high coupon compensates for volatility and credit risk; early call reinvestment risk; single-stock concentration; correlation risk (worst-of structure); estimated value below issue price; limited secondary market; potential conflicts of interest as TD acts as issuer, calculation agent and dealer.

The document is a 424(b)(2) pricing supplement and does not provide TD earnings or capital metrics; its relevance is primarily to investors evaluating this note鈥檚 risk/return profile rather than to TD鈥檚 overall financial position.

Toronto-Dominion Bank (TD) is offering $1,000-denominated, senior unsecured Callable Contingent Interest Barrier Notes due January 16, 2030. The notes are linked to the least-performing of three reference assets鈥攖he Nasdaq-100 Index (NDX), the Russell 2000 Index (RTY) and the VanEck Semiconductor ETF (SMH).

Income profile. Investors may receive a 15.40% p.a. contingent coupon, calculated and paid monthly (鈮�1.2833% per month) only if, on each observation date, every reference asset closes at or above 75% of its initial level. Miss the barrier for any asset and the coupon for that month is forfeited.

Call feature. TD can redeem the notes in whole on any monthly payment date starting with the sixth coupon date. If called, holders receive par plus any due coupon, ending further upside.

Principal repayment. If not called, maturity payment depends on final index levels:

• If every asset 鈮� 60% of its initial value, investors receive par.
• If any asset < 60%, repayment equals par plus par 脳 worst-performer percentage change鈥攅xposing principal to a 1-for-1 downside and potential total loss.

Pricing & liquidity. Public offering price = $1,000; underwriting discount up to $5 (0.50%). TD estimates the initial fair value at $925鈥�$955, below issue price. Notes will not be listed; secondary liquidity depends on dealer willingness and may be limited.

Risk highlights. Investors face TD credit risk, conditional coupon risk, barrier breach risk, issuer call/re-investment risk, and valuation/market liquidity risk. The product is suitable only for investors who can tolerate potential loss of principal and coupon deferral.

The Toronto-Dominion Bank (TD) is offering senior unsecured Autocallable Contingent Interest Barrier Notes (Series H) linked to the least performing of three reference assets--the Russell 2000 Index (RTY), the S&P 500 Index (SPX) and the Energy Select Sector SPDR Fund (XLE). The 4-year notes are denominated in USD, issued in $1,000 minimums, and scheduled to mature on 23 July 2029 unless automatically called earlier.

Coupon mechanics: Investors will receive a contingent monthly interest of approximately 11.20% p.a. (0.9333% per month) only if, on the relevant observation date, the closing value of each reference asset is at or above 70% of its initial value (the 鈥淐ontingent Interest Barrier鈥�). Miss any barrier on an observation date and the coupon for that month is forfeited.

Autocall feature: Starting 18 January 2026 and quarterly thereafter, the notes are automatically redeemed at par plus any due coupon if each reference asset closes at or above 100% of its initial value on a Call Observation Date. Early redemption shortens the investment horizon and introduces reinvestment risk.

Principal repayment: 鈥� If the notes are not called and, on the final valuation date, each reference asset is 鈮�65% of its initial value (the 鈥淏arrier鈥�), investors receive 100% of principal.
鈥� If any asset finishes <65%, repayment equals: $1,000 + ($1,000 脳 Least Performing Percentage Change), exposing investors to a dollar-for-dollar loss beyond the 35% buffer, up to total loss.

Key terms:

• Contingent Interest Barrier: 70% of initial value
• Barrier at maturity: 65% of initial value
• Estimated value on pricing date: $920-$960 versus $1,000 offer price
• Underwriting discount: up to $7.50 (0.75%) per note
• Issuer credit risk: senior unsecured obligations of TD; not FDIC/CDIC insured
• Liquidity: no exchange listing; dealer market making discretionary

Risk highlights: Principal is at risk; high volatility reference assets (small-caps and energy) increase likelihood of barrier breach; investors may receive no coupons; secondary market price expected to be below issue price; complex U.S. tax treatment (prepaid derivative contract assumption; possible Section 1260 re-characterisation).

Suitability: The notes may appeal to yield-seeking investors who are moderately bullish on U.S. equities and energy, comfortable with TD credit exposure, and able to tolerate potential loss of principal and coupon deferral.

Toronto-Dominion Bank (TD) is marketing $281,000 aggregate principal amount of five-year, unsecured senior notes that combine high contingent income with significant downside risk. The 鈥淐allable Contingent Interest Barrier Notes鈥� pay a fixed 9.35% p.a. coupon, credited monthly (鈮� 0.7792% per month), but only when the closing level of all three reference equity indices鈥攖he Nasdaq-100 (NDX), Russell 2000 (RTY) and S&P 500 (SPX)鈥攊s at least 70 % of the initial level (the Contingent Interest Barrier) on the relevant observation date. If any index falls below its barrier on an observation date, no interest is paid for that month.

TD may call the notes in whole on any monthly payment date beginning with the third coupon date. If called, holders receive par plus any accrued contingent interest; no further amounts are due. If the notes are not called, principal repayment on 11-Jul-2030 depends on the worst-performing index (the 鈥淟east Performing Reference Asset鈥�). If each index closes at or above 70 % of its initial level on the final valuation date, investors receive par; otherwise, repayment equals par multiplied by the percentage change of the worst index鈥攅xposing investors to up to a 100 % loss of principal.

Key terms

• Issue price: $1,000 per note; estimated value: $967.90 (reflects TD鈥檚 internal funding rate and hedging costs).
• Underwriting discount: 0.75 % ($7.50) per note; net proceeds $992.50 per note.
• Barriers: NDX 15,879.899; RTY 1,549.9582; SPX 4,360.986 (all 70 % of initial levels).
• Observation schedule: monthly, beginning 07-Aug-2025; maturity 11-Jul-2030.
• CUSIP/ISIN: 89115HJ57 / US89115HJ576; not listed on any exchange.

Risk highlights: Investors face (1) contingent income risk鈥攏o coupons if any index breaches its 70 % barrier; (2) principal risk鈥攗nprotected below the same 70 % barrier at maturity; (3) issuer call risk鈥擳D will likely redeem early if market conditions favour the bank, capping upside and creating reinvestment risk; (4) credit risk鈥攑ayments depend on TD鈥檚 ability to pay; and (5) liquidity/valuation risk鈥攏o active market is expected and secondary prices will likely be below issue price and estimated value, particularly after underwriting and hedging costs.

This offering is routine for a large issuer like TD and represents a small fraction of its funding program, but it gives yield-seeking investors exposure to major U.S. equity indices with a relatively high headline coupon in exchange for substantial downside exposure and call uncertainty.