The Toronto-Dominion Bank today announced that it intends to issue $1.8 billion of reset medium term notes.

The notes constitute subordinated indebtedness and will be issued pursuant to TD’s medium term note program.

The reset medium term notes, sold through an agency syndicate led by TD Securities Inc, are expected to be issued July 20, and will pay a coupon of 5.763% until Dec. 18, 2017 and then reset every five years to the five-year Government of Canada yield plus 1.99% thereafter until maturity on Dec. 18, 2106.

The notes are redeemable at the bank;s option at par on Dec. 18, 2017.

TD will include the issue as Tier 2A regulatory capital and intends to file in Canada a pricing supplement to its Jan. 11, 2007 base shelf prospectus and July 12, 2007 prospectus supplement in respect of this issue.