NOTE 18


OTHER LIABILITIES


Other Liabilities (millions of Canadian dollars)


October 31 2016


Accounts payable, accrued expenses, and other items Accrued interest


Accrued salaries and employee benefits Cheques and other items in transit Current income tax payable Deferred tax liabilities Defined benefit liability


Liabilities related to structured entities Provisions


Total


$ 4,401 960


2,829 1,598 58


345


3,011 5,469 1,025


$ 19,696 As at


October 31 2015


$ 3,901 882


2,601 –


69 323


1,947 3,400 1,100


$ 14,223


NOTE 19


SUBORDINATED NOTES AND DEBENTURES


Subordinated notes and debentures are direct unsecured obligations of the Bank or its subsidiaries and are subordinated in right of payment to the claims of depositors and certain other creditors. Redemptions,


Subordinated Notes and Debentures (millions of Canadian dollars, except as noted)


Maturity date


November 2, 20201 September 20, 20223 July 9, 2023 May 26, 2025 June 24, 20255


September 30, 20255 March 4, 20315


September 15, 20315 December 14, 2105 December 18, 2106


Total 1


On November 2, 2015 (“Redemption Date”), the Bank redeemed all of its outstanding $1 billion 3.367% subordinated debentures due November 2, 2020, at a redemption price of 100% of the principal amount. Interest on the debentures ceased to accrue on and after the Redemption Date.


2


3 4 5


Interest rate is for the period to but excluding the earliest par redemption date, and thereafter, it will be reset at a rate of 3-month Bankers’ Acceptance rate plus the reset spread noted. Obligation of a subsidiary. Not applicable.


Non-viability contingent capital (NVCC). The subordinated notes and debentures qualify as regulatory capital under OSFI’s Capital Adequacy Requirements (CAR) guideline. If a NVCC conversion were to occur in accordance with the NVCC Provisions, the maximum number of common shares that could be issued based on the formula for conversion set out in the respective prospectus supplements, assuming there are no declared and unpaid interest on the respective subordinated notes, as applicable, would be 450 million for the 2.692% subordinated debentures


REPAYMENT SCHEDULE


The aggregate remaining maturities of the Bank’s subordinated notes and debentures are as follows:


Maturities (millions of Canadian dollars)


October 31 2016


Within 1 year


Over 1 year to 3 years Over 3 years to 4 years Over 4 years to 5 years Over 5 years


Total


$ 2,250 – – –


8,641 $ 10,891 As at


October 31 2015


$ 998 – – –


7,639 $ 8,637 6 7


Interest rate (%)


3.3672 4.6442 5.8282 9.150 2.6922 2.9822 4.8592 3.6256 4.7797 5.7637


Reset


spread (%) 1.2502


1.0002 2.5502 n/a4


1.2102 1.8302 3.4902 2.2056 1.7407 1.9907


Earliest par redemption date


November 2, 2015 September 20, 2017 July 9, 2018 –


June 24, 2020


September 30, 2020 March 4, 2026


September 15, 2026 December 14, 20168 December 18, 2017


October 31 2016


$ –


260 650 200


1,517 1,004 1,242 1,968 2,250 1,800


$ 10,891


cancellations, exchanges, and modifications of subordinated debentures qualifying as regulatory capital are subject to the consent and approval of OSFI.


As at


October 31 2015


$ 998 267 650 199


1,489 1,000 – –


2,235 1,799


$ 8,637


due June 24, 2025, 300 million for the 2.982% subordinated debentures due September 30, 2025, 375 million for the 4.859% subordinated debentures due March 4, 2031 and assuming a Canadian to U.S. dollar exchange rate of 1.00, 450 million for the 3.625% subordinated debentures due September 15, 2031.


Interest rate is for the period to but excluding the earliest par redemption date, and thereafter, it will be reset at a rate of 5-year Mid-Swap Rate plus the reset spread noted.


Interest rate is for the period to but excluding the earliest par redemption date, and thereafter, it will be reset every 5 years at a rate of 5-year Government of Canada yield plus the reset spread noted.


8


On October 27, 2016, the Bank announced its intention to exercise its right to redeem on December 14, 2016 (the “Redemption Date”), all of its outstanding $2.25 billion 4.779% subordinated debentures due December 14, 2105, at a redemption price of 100 per cent of the principal amount. Interest on the debentures will cease to accrue on and after the Redemption Date.


172 TD BANK GROUP ANNUAL REPORT 2016 FINANCIAL RESULTS


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