Toronto-Dominion Bank Covered Bond Program Prospectus

In April, Toronto-Dominion (TD) announced that it was joining other prominent Canadian banks in establishing a covered bond program.  TD's prospectus (April 26) describes the program in detail, including a graphic of its structure. 

According to the prospectus, "The Initial Covered Bond Portfolio will consist solely of Loans originated by the Seller that are residential real estate secured lines of credit established in favour of borrowers residing in provinces and territories of Canada secured by Canadian first lien residential mortgages insured under CMHC Mortgage Insurance as to principal and interest by Canada Mortgage and Housing Corporation ("CMHC") under the National Housing Act (Canada) ("CMHC Insured Mortgages") as described herein."

The prospectus is not intended for distribution "to any U.S. person or to any person or address in the U.S. except for qualified institutional buyers" (as defined therein). 

A PDF of the TD covered bond program prospectus can be downloaded from the London Stock Exchange website by clicking here.