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Toronto-Dominion Bank
Capital/Financing Update • Dec 5, 2025
10247_rns_2025-12-05_7f2a39a7-5ed8-4f85-966d-35b452f8477a.pdf
Capital/Financing Update
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TD Covered Bond (Legislative) Programme Monthly Investor Report
Calculation Date: Date of Report:
This report contains information regarding TD Covered Bond (Legislative) Programme's Cover Pool as of the indicated Calculation Date. The composition of the Cover Pool will change as Loans (and their Related Security) are added and removed from the Cover Pool from time to time and, accordingly, the characteristics and performance of the Loans (and their Related Security) in the Cover Pool will vary over time.
This material is for distribution only under such circumstances as may be permitted by applicable law. This material is published solely for informational purposes and this report does not constitute an invitation or recommendation to invest or otherwise deal in, or an offer to sell or the solicitation of an offer to buy or subscribe for, any security. Reliance should not be placed on the information herein when making any decision to buy, hold or sell any security or for any other purpose.
The information set forth below has been obtained and based upon sources believed by The Toronto-Dominion Bank ("TD") to be accurate, however, TD makes no representation or warranty, express or implied, in relation to the accuracy, completeness or reliability of the information contained herein. Past performance should not be taken as an indication or guarantee of future performance, and no representation or warranty, express or implied, is made regarding future performance. We assume no liability for any errors or any reliance you place on the information provided herein.
THESE COVERED BONDS HAVE NOT BEEN APPROVED OR DISAPPROVED BY CANADA MORTGAGE AND HOUSING CORPORATION ("CMHC") NOR HAS CMHC PASSED UPON THE ACCURACY OR ADEQUACY OF THIS DISCLOSURE DOCUMENT. THESE COVERED BONDS ARE NOT INSURED OR GUARANTEED BY CMHC OR THE GOVERNMENT OF CANADA OR ANY OTHER AGENCY THEREOF.
| BONDS ARE NOT INSURED | OR GUARANTEED BY CMHC OR THE GO | VERNMENT OF CANA | DA OR A | NY OTHER AGENCY THEREO | DF. | ||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Programme I | |||||||||||
| Series (1) | Init | ial Principal | Coupon Rate | Rate Type | Exchange Rate | CAD Equivalent | Final Maturity | Moody's Rating | DBRS Rating | Fitch Rating | |
| CBL28 | € | 1,250,000,000 | 0.100% | Fixed | 1.4713 | \$ | 1,839,125,000 | July 19, 2027 | Aaa | AAA | AAA |
| CBL34 | € | 2,500,000,000 | 0.864% | Fixed | 1.4028 | \$ | 3,507,000,000 | March 24, 2027 | Aaa | AAA | AAA |
| CBL35 | US\$ | 2,000,000,000 | 3.301% | Fixed | 1.2630 | \$ | 2,526,000,000 | April 20, 2027 | Aaa | AAA | AAA |
| CBL41 | € | 1,250,000,000 | 3.250% | Fixed | 1.3492 | \$ | 1,686,500,000 | April 27, 2026 | Aaa | AAA | AAA |
| CBL42 | € | 3,500,000,000 | 3.879% | Fixed | 1.4552 | \$ | 5,093,200,000 | March 13, 2026 | Aaa | AAA | AAA |
| CBL43 | € | 1,500,000,000 | 3.715% | Fixed | 1.4530 | \$ | 2,179,500,000 | March 13, 2030 | Aaa | AAA | AAA |
| CBL44 | AU\$ | 950,000,000 | 4.500% | Fixed | 0.9084 | \$ | 862,986,555 | March 16, 2026 | Aaa | AAA | AAA |
| CBL45 | AU\$ | 1,550,000,000 | Float | 0.9080 | \$ | 1,407,390,390 | March 16, 2026 | Aaa | AAA | AAA | |
| CBL46 | US\$ | 1,600,000,000 | 4.701% | Fixed | 1.3615 | \$ | 2,178,400,000 | June 5, 2026 | Aaa | AAA | AAA |
| CBL47 | CA\$ | 1,250,000,000 | Float | 1.0000 | \$ | 1,250,000,000 | June 8, 2026 | Aaa | AAA | AAA | |
| CBL48 | £ | 850,000,000 | Float | 1.6632 | \$ | 1,413,720,000 | June 12, 2028 | Aaa | AAA | AAA | |
| CBL50 | US\$ | 100,000,000 | Float | 1.3158 | \$ | 131,580,000 | January 9, 2026 | Aaa | AAA | AAA | |
| CBL51 | CHF | 315,000,000 | Fixed | 1.5393 | \$ | 484,888,950 | September 18, 2026 | Aaa | AAA | AAA | |
| CBL52 | CHF | 185,000,000 | Fixed | 1.5393 | \$ | 284,776,050 | September 18, 2029 | Aaa | AAA | AAA | |
| CBL53 | € | 3M EURIBOR + 36 bps | Float | 1.4735 | \$ | 1,105,125,000 | September 8, 2026 | Aaa | AAA | AAA | |
| CBL54 | € | 1,500,000,000 | 3.765% | Fixed | 1.4735 | \$ | 2,210,250,000 | September 8, 2026 | Aaa | AAA | AAA |
| CBL55 | € | 1,000,000,000 | 3.666% | Fixed | 1.4725 | \$ | 1,472,500,000 | September 8, 2031 | Aaa | AAA | AAA |
| CBL56 | US\$ | 1,750,000,000 | 5.141% | Fixed | 1.3668 | \$ | 2,391,900,000 | September 13, 2028 | Aaa | AAA | AAA |
| CBL57 | US\$ | 200,000,000 | Float | 1.3661 | \$ | 273,220,000 | August 24, 2028 | Aaa | AAA | AAA | |
| CBL58 | AU\$ | 1,300,000,000 | Float | 0.8710 | \$ | 1,132,287,000 | September 15, 2028 | Aaa | AAA | AAA | |
| CBL59 | AU\$ | 700,000,000 | 4.950% | Fixed | 0.8710 | \$ | 609,693,000 | September 15, 2028 | Aaa | AAA | AAA |
| CBL60 | € | 30,000,000 | 3.714% | Fixed | 1.4420 | \$ | 43,260,000 | September 25, 2041 | Aaa | AAA | AAA |
| CBL61 | € | 118,500,000 | 3.979% | Fixed | 1.4480 | \$ | 171,588,000 | October 13, 2033 | Aaa | AAA | AAA |
| CBL62 | US\$ | 3,500,000,000 | SOFR + 92 bps | Float | 1.3650 | \$ | 4,777,500,000 | October 20, 2028 | Aaa | AAA | AAA |
| CBL63 | £ | 1,250,000,000 | SONIA + 67 bps | Float | 1.7046 | \$ | 2,130,750,000 | January 18, 2027 | Aaa | AAA | AAA |
| CBL64 | CHF | 265,000,000 | 1.483% | Fixed | 1.5686 | \$ | 415,686,950 | January 30, 2029 | Aaa | AAA | AAA |
| CBL65 | CA\$ | 2,000,000,000 | 4.516% | Fixed | 1.0000 | \$ | 2,000,000,000 | January 29, 2027 | Aaa | AAA | AAA |
| CBL66 | € | 2,000,000,000 | 3M EURIBOR + 35 bps | Float | 1.4728 | \$ | 2,945,502,000 | February 16, 2027 | Aaa | AAA | AAA |
| CBL67 | € | 2,500,000,000 | 3.191% | Fixed | 1.4738 | \$ | 3,684,500,000 | February 16, 2029 | Aaa | AAA | AAA |
| CBL68 | € | 1,000,000,000 | 3.247% | Fixed | 1.4731 | \$ | 1,473,100,000 | February 16, 2034 | Aaa | AAA | AAA |
| CBL69 | CA\$ | 1,000,000,000 | 4.232% | Fixed | 1.0000 | \$ | 1,000,000,000 | April 2, 2029 | Aaa | AAA | AAA |
| CBL70 | € | 3M EURIBOR + 26 bps | Float | 1.4730 | \$ | 441,900,000 | October 19, 2026 | Aaa | AAA | AAA | |
| CBL70-2 | € | 200,000,000 | 3M EURIBOR + 26 bps | Float | 1.4658 | \$ | 293,160,000 | October 19, 2026 | Aaa | AAA | AAA |
| CBL71 | US\$ | 250,000,000 | SOFR + 73 bps | Float | 1.3770 | \$ | 344,250,000 | February 15, 2029 | Aaa | AAA | |
| CBL70-3 | € | 250,000,000 | 3M EURIBOR + 26 bps | Float | 1.4815 | \$ | 370,375,000 | October 19, 2026 | Aaa | AAA | AAA |
| CBL72 | £ | 800,000,000 | SONIA + 60 bps | Float | 1.7371 | \$ | 1,389,680,000 | June 11, 2029 | Aaa | AAA | AAA |
| CBL73 | US\$ | 250,000,000 | SOFR + 69 bps | Float | 1.3625 | \$ | 340,625,000 | July 11, 2029 | Aaa | AAA | |
| CBL74 | US\$ | 2,500,000,000 | 4.814% | Fixed | 1.3635 | \$ | 3,408,750,000 | July 16, 2027 | Aaa | AAA | AAA |
| CBL75 | € | 1,000,000,000 | 3M EURIBOR + 31 bps | Float | 1.4978 | \$ | 1,497,800,000 | September 3, 2027 | Aaa | AAA | AAA |
| CBL76 | € | 1,750,000,000 | 2.776% | Fixed | 1.4990 | \$ | 2,623,250,000 | September 3, 2027 | Aaa | AAA | AAA |
| CBL77 | € | 1,500,000,000 | 2.862% | Fixed | 1.4993 | \$ | 2,248,950,000 | April 15, 2031 | Aaa | AAA | AAA |
| CBL78 | € | 1,750,000,000 | 2.442% | Fixed | 1.6063 | \$ | 2,811,025,000 | September 8, 2028 | Aaa | AAA | AAA |
| CBL79 | € | 1,250,000,000 | 2.973% | Fixed | 1.6056 | \$ | 2,007,000,000 | September 9, 2032 | Aaa | AAA | AAA |
| Covered Bond | s currently o | utstanding (CAD Eq | juivalent): | \$ | 70,458,693,895 | ||||||
| OSFI Covered B | Pand Patio(2) | 3.64% | |||||||||
| OSFI Covered B | mit | 5.50% | |||||||||
| f Outstanding Covere | 29.41 | ||||||||||
| Key Parties Issuer, Seller, S Account Bank, Interest Rate S Standby Account | Servicer, Cash GDA Provider, wap Provider, nt Bank, Stan |
n Manager | The To The To Bank Comp |
23.27 pronto-Dominion Bank pronto-Dominion Bank pronto-Dominion Bank of Montreal utershare Trust Company of Ca wered Bond (Legislative) Guara | |||||||
| Asset Monitor | & Young LLP |
Asset Monitor Paying Agents Intercompany Loan Balance
Events of Default Issuer Event of Default Guarantor Event of Default
Guarantee Loan Demand Loan Total:
Ernst & Young LLP Citibank, N.A. and Citibank, N.A. London Branch
74,244,770,144 43,277,293,418 117,522,063,563
(1) An Extended Due for Payment Date twelve months after the Final Maturity Date has been specified in the Final Terms of each Series. The Coupon Rate specified in this report in respect of each Series applies ut floating rate of interest specified in the Final Terms of each Series is payable monthly in arears from and including the Final Maturity Date to but excluding the Extended Due for Payment Date.
**OPEN OFFIS letter dated May 23, 2019, the OSFI Covered Bond Ratio refers to total assets lagged for covered bonds exhet assets. Total on-balance sheet assets as at April 30, 2025.
| Current Ratings | Moody's | DBRS | Fitch |
|---|---|---|---|
| he Toronto-Dominion Bank's Ratings (1): | |||
| egacy Senior Debt (2) | Aa2 | AA | AA |
| Senior Debt (3) | A2 | AA (Low) | AA- |
| Ratings Outlook | Stable | Negative (Long Term) Stable (Short Term) |
Negative |
| Short-Term | P-1 | R-1 | F1+ |
| Counterparty Risk Assessment (Short-Term/Long-Term) | P-1 (cr)/Aa3 (cr) | N/A | N/A |
| Bank of Montreal's Ratings (1): | |||
| ong Term Deposits/Legacy Senior Debt (2) | Aa2 | AA | AA |
| Senior Debt (3) | A2 | AA (low) | AA- |
| Ratings Outlook | Stable | Stable | Stable |
| Short-Term | P-1 | R-1 (high) | F1+ |
| Ra | tings Triggers | ||||||
|---|---|---|---|---|---|---|---|
| Ratings Triggers | Counterparty | Moody's DBRS Fitch | Fitch | Specified Rating Related Action when Ratings Triggers are below the Threshold |
Ratings Threshold | ||
| Cash Management Deposit Ratings | TD | Short-Term Long-Term |
P-1 - |
BBB (low) | F1 A |
(a) Direct Servicer to deposit cashflows directly into the GDAAccount; and (b) all amounts held by Cash Manager belonging to the Guarantor to be deposited to the GDAAccount or Transaction Account, as applicable, within 2 business days | Above |
| Cash Manager Required Ratings | TD | Short-Term Long-Term |
P-2 (cr) | - BBB (low) |
F2 BBB+ |
Obtain a guarantee from a credit support provider or replace | Above |
| Servicer Deposit Threshold Ratings | TD | Short-Term Long-Term |
P-1 (cr) | - BBB (low) |
F1 A |
Deposit cashflows to the Cash Manager within 2 business days or the GDA Account, as applicable |
Above |
(1) Credit ratings are not recommendations to purchase, sell, or hold a financial obligation in as much as they do not comment on market price or suitability for a particular investor. Ratings are subject to revision or withdrawal at any time by the rating organization.
(2) Includes, (a) Senior debt issued prior to September 23, 2018; and (b) Senior debt issued on or after September 23, 2018 which is excluded from the bank recapitalization "ball-in" regime.
(3) Subject to conversion under the bank recapitalization "ball-in" regime.
Amortization Test Required?
Amortization Test
TD Covered Bond (Legislative) Programme Monthly Investor Report
alculation Date: 9/29/20
Ratings Triggers and Requirements (continued) Ratings Triggers(1) ecified Rating Related Action when Ratings Triggers are below the Ratings Threshold Moody's Servicer Replacement Threshold Ratings Short-Term F2 TD Replace within 60 days Above Long-Term Baa3 BBB (low) Replace with Standby Account Bank Account Bank and GDA Provider Short-Term P-1 F1 Above TD R-1 (low) Threshold Ratings Long-Term Standby Account Bank & Standby GDA вмо Short-Term P-1 R-1 (low) F1 N/A Provider Threshold Ratings Long-Term Registration of Title Threshold Ratings TD Long-Term Baa1 BBB (low) BBB-Transfer the registered title to the Guarantor Above Reserve Fund Threshold Ratings TD Short-Term P-1 (cr) R-1 (low) F1 Establish the Reserve Fund and fund up to the Above Long-Term Reserve Fund Required Amo A (low) Baa1 BBB+ Unless the Guarantor is holding sufficient Contingent Collateral, Contingent Collateral Threshold Ratings BBB (high) Above TD Long-Term the Covered Bond Swap will become effective Interest Rate Swap Provider TD Initial Rating Event Short-Term P-1(cr) R-1 (low) F1 Credit support obtain quarantee or replace Above Long-Term A2(cr) A-Subsequent Downgrade Trigger Event R-2 (middle) F3 Obtain guarantee or replace Short-Term Long-Term A3(cr) BBB BBB. Covered Bond Swap Provider TD P-1(cr) R-1 (low) F1 Credit support, obtain guarantee or replace Initial Rating Event Short-Term Above Long-Term A2(cr) Subsequent Downgrade Trigger Event Short-Term P-2(cr) R=2 (middle) F3 Obtain guarantee or replace Long-Term A3(cr) BBB BBB-(1) Where both a short-term and long-term rating are noted for a particular rating agency, both such triggers must be breached before the co ces apply. Pre-Maturity Test Pre Maturity Minimum Ratings A(low)(1) Following a breach of the Pre-Maturity Test in respect of a Series of Hard Bullet Covered Bonds, and unless the Pre-Maturity Ledger is otherwise funded from other sources, the Partnership shall offer to sell Randomly Selected Loans if the Final Maturity Date is within twelve months from the Pre-Maturity Test Date. (1) For DBRS, if the Final Maturity Date is within six months of the Pre-Maturity Test, then A(high). (i) The Bank has been required to assign the Interest Rate Swap Agreement to a third party (iii) A Notice to Pay has been served on the Guarantor
(iii) The Intercompany Loan has been terminated or the revolving commitment is not renewed Asset Coverage Test (C\$) \$ 70.458.693.895 Outstanding Covered Bonds \$ 111,529,082,601 117 251 918 141 A(i) Aggregated A(ii), Aggregated A(ii), Aggregated Asset Percentage Maximum Asset Percentage (i) LTV Adjusted Loan Balance (1) and 111 520 082 601 (ii) Asset Percentage Adjusted Loan Balance (1) 95.00% 97.00% Principal Receipts C = the sum of (i) Cash Capital Contributions 100 Regulatory OC Minimum Level of Overcollateralizat (ii) unapplied proceeds advanced under the Intercompany Loan Agreement 105.26% (iii) unapplied proceeds from sale of Loans D = Substitute Assets F = Contingent Collateral Amount
G = Negative Carry Factor calculation
Total = A + B + C + D + E - F - G \$ 111.529.082.701 Asset Coverage Test Result (1) LTV Adjusted Loan Balance and Asset Percentage Adjusted Loan Balance are calculated based on quarterly indexation of original or renewal appraised value (ii) Per Section 4.3.8 of the CMHC Guide, the level of overcollateralization is calculated as: (A) the lesser of (i) the total amount of cover pool collateral and (ii) the amount of cover pool collateral required to collateralize the covered bonds outstanding and ensure the Asset Coverage Test is met, divided by (B) the Canadian dollar equivalent of the principal amount of covered bonds outstanding under the registered covered bond program. Valuation Calculation (C\$) Trading Value of Outstanding Covered Bonds \$ 76.899.735.622 A = LTV Adjusted Loan Present Value (1) \$ 118,175,211,786 B = Principal Receipts (i) Cash Capital Contributions 100 (ii) unapplied proceeds advanced under the Intercompany Loan Agreement (iii) unapplied proceeds from sale of Loans D = Trading Value of Substitute Assets E = Reserve Fund F = Trading Value of Swap Collateral
Total = A + B + C + D + E + F Valuation Calculation Test Result Pass Weighted average rate used for discounting: 3.79 (1) LTV Adjusted Loan Present Value is calculated based on quarterly indexation of original or renewal appraised value Amortization Test Do any of the Covered Bonds remain outstanding? Event of Default on the part of the Registered Issuer?
Monthly investor Report - September 29, 2025
TD Covered Bond (Legislative) Programme Monthly Investor Report
Calculation Date: 9/29/2025 Date of Report: 10/22/2025
Cover Pool - Summary Statistics
| Previous Month Ending Balance | \$119,339,902,208 |
|---|---|
| Current Month Ending Balance (1) | \$117,522,063,563 |
| Number of Eligible Loans in cover pool | 323,828 |
| Average Loan Size | \$362,915 |
| Number of Properties | 323,828 |
| Number of Primary Borrowers | 311,007 |
| Weighted Average LTV - Authorized (1) | 68.05% |
| Weighted Average LTV - Original (1) | 68.05% |
| Weighted Average LTV - Current (2) | 54.95% |
| Weighted Average Seasoning (months) | 48.17 |
| Weighted Average Rate | 4.24% |
| Weighted Average Term of Loans (months) | 49.55 |
| Weighted Average Remaining Term of Loans (months) | 23.27 |
(1) Weighted Average Original LTV and Weighted Average Authorized LTV are based on original or renewal.
(2) Weighted Average Current LTV is based on quarterly indexation of original or renewal appraised value.
| Cover Pool Type of Assets | ||
|---|---|---|
| Principal Balance | Percentage | Number of Loans | Percentage | |
|---|---|---|---|---|
| Conventional Amortizing Mortgages | 117,520,281,024 | 100.00% | 323,821 | 100.00% |
| Conventional Non-Amortizing Mortgages (1) | 1,782,539 | 0.00% | 7 | 0.00% |
| Total | 117,522,063,563 | 100.00% | 323,828 | 100.00% |
(1) Represents the percentage of TD Variable Interest Rate Mortgages (TD VIRMs) where the customer's contractual payment is no longer sufficient to cover the interest owed. With TD VIRMs, the customer's contractual payment amount will remain the same as the TD Mortgage Prime Rate changes. Any interest that is not covered by the contractual payment is then added to the customer's principal amount and the customer's amortization period will increase unless the customer takes action to make the mortgage amortizing again (e.g. makes a lump sum principal payment or increases their contractual payment amount).
Cover Pool Rate Type Distribution
| Rate Type | Principal Balance | Percentage | Number of Loans | Percentage |
|---|---|---|---|---|
| Fixed | 79,171,986,666 | 67.37% | 234,588 | 72.44% |
| Variable | 38,350,076,897 | 32.63% | 89,240 | 27.56% |
| Total | 117,522,063,563 | 100.00% | 323,828 | 100.00% |
Cover Pool Rate Distribution
| Loan Rate (%) | Principal Balance | Percentage | Number of Loans | Percentage |
|---|---|---|---|---|
| 1.4999 and Below | 481,740,569 | 0.41% | 622 | 0.19% |
| 1.5000 - 1.9999 | 7,575,834,099 | 6.45% | 23,188 | 7.16% |
| 2.0000 - 2.4999 | 3,954,838,055 | 3.37% | 15,004 | 4.63% |
| 2.5000 - 2.9999 | 2,462,553,827 | 2.10% | 8,944 | 2.76% |
| 3.0000 - 3.4999 | 4,111,257,809 | 3.50% | 8,525 | 2.63% |
| 3.5000 - 3.9999 | 25,355,624,291 | 21.58% | 56,414 | 17.42% |
| 4.0000 and above | 73,580,214,913 | 62.61% | 211,131 | 65.20% |
| Total | 117,522,063,563 | 100.00% | 323,828 | 100.00% |
Cover Pool Occupancy Type Distribution
| Occupancy Code | Principal Balance | Percentage | Number of Loans | Percentage |
|---|---|---|---|---|
| Non-Owner Occupied | 19,675,420,657 | 16.74% | 58,041 | 17.92% |
| Owner Occupied (1) | 97,846,642,906 | 83.26% | 265,787 | 82.08% |
| Total | 117,522,063,563 | 100.00% | 323,828 | 100.00% |
(1) Owner Occupied & Rental mortgages have been reclassified from the "Non-Owner Occupied" to the "Owner Occupied" category to align with updated TD internal policies. This reclassification represents a change of 3.7% in the August 2024 report
Cover Pool Remaining Term Distribution
| Remaining Term (Months) | Principal Balance | Percentage | Number of Loans | Percentage |
|---|---|---|---|---|
| 5.99 and Below | 10,229,138,861 | 8.70% | 32,876 | 10.15% |
| 6.00 - 11.99 | 22,109,945,429 | 18.81% | 57,695 | 17.82% |
| 12.00 - 23.99 | 38,072,020,765 | 32.40% | 97,063 | 29.97% |
| 24.00 - 35.99 | 23,752,386,579 | 20.21% | 68,547 | 21.17% |
| 36.00 - 41.99 | 4,735,696,652 | 4.03% | 14,167 | 4.37% |
| 42.00 - 47.99 | 3,943,874,274 | 3.36% | 11,147 | 3.44% |
| 48.00 - 53.99 | 6,960,304,500 | 5.92% | 20,159 | 6.23% |
| 54.00 - 59.99 | 6,916,345,113 | 5.89% | 19,487 | 6.02% |
| 60.00 - 65.99 | 677,723,826 | 0.58% | 2,164 | 0.67% |
| 66.00 - 71.99 | 24,504,161 | 0.02% | 96 | 0.03% |
| 72.00 - 119.99 | 99,605,296 | 0.08% | 424 | 0.13% |
| 120.00 + | 518,108 | 0.00% | 3 | 0.00% |
| Total | 117,522,063,563 | 100.00% | 323,828 | 100.00% |
Cover Pool Remaining Principal Balance Distribution
| Remaining Principal Balance | Principal Balance | Percentage | Number of Loans | Percentage |
|---|---|---|---|---|
| \$99,999 and below | 1,763,344,693 | 1.50% | 30,609 | 9.45% |
| \$100,000 - \$199,999 | 9,760,089,405 | 8.30% | 63,844 | 19.72% |
| \$200,000 - \$299,999 | 16,570,016,819 | 14.10% | 66,495 | 20.53% |
| \$300,000 - \$399,999 | 17,889,287,703 | 15.22% | 51,370 | 15.86% |
| \$400,000 - \$499,999 | 17,036,132,133 | 14.50% | 38,030 | 11.74% |
| \$500,000 - \$599,999 | 13,885,883,027 | 11.82% | 25,386 | 7.84% |
| \$600,000 - \$699,999 | 10,524,711,070 | 8.96% | 16,269 | 5.02% |
| \$700,000 - \$799,999 | 7,963,565,880 | 6.78% | 10,648 | 3.29% |
| \$800,000 - \$899,999 | 6,123,308,501 | 5.21% | 7,227 | 2.23% |
| \$900,000 - \$999,999 | 4,721,013,676 | 4.02% | 4,983 | 1.54% |
| \$1,000,000 and above | 11,284,710,657 | 9.60% | 8,967 | 2.77% |
| Total | 117,522,063,563 | 100.00% | 323,828 | 100.00% |
Cover Pool Property Type Distribution
| Property Type | Principal Balance | Percentage | Number of Loans | Percentage |
|---|---|---|---|---|
| Detached (Single Family) | 75,656,906,924 | 64.38% | 199,304 | 61.55% |
| Semi-Detached | 7,422,543,317 | 6.32% | 19,154 | 5.91% |
| Multi-Family | 2,811,238,555 | 2.39% | 8,311 | 2.57% |
| Townhouse | 6,202,493,757 | 5.28% | 15,879 | 4.90% |
| Condos | 25,407,470,117 | 21.62% | 81,043 | 25.03% |
| Other | 21,410,892 | 0.02% | 137 | 0.04% |
| Total | 117,522,063,563 | 100.00% | 323,828 | 100.00% |
Cover Pool Multi-Dimensional Distribution by Current LTV(1) and Credit Scores
| Credit Score | ||||||||
|---|---|---|---|---|---|---|---|---|
| Current LTV (\$) | <599 | 600-650 | 651-700 | 701-750 | 751-800 | >800 | Score Unavailable | Total |
| < 20.0 | 47,357,107 | 33,317,603 | 134,958,698 | 322,502,007 | 1,143,054,933 | 2,122,298,090 | 17,921,037 | 3,821,409,475 |
| 20.01 - 30.00 | 123,988,268 | 121,744,312 | 393,385,148 | 951,280,191 | 2,819,748,971 | 4,537,708,089 | 34,099,209 | 8,981,954,188 |
| 30.01 - 40.00 | 185,228,213 | 199,264,518 | 664,275,306 | 1,600,216,621 | 4,667,287,809 | 6,826,809,201 | 39,599,740 | 14,182,681,410 |
| 40.01 - 50.00 | 230,329,785 | 287,123,368 | 968,778,041 | 2,279,275,736 | 6,524,951,213 | 8,789,971,469 | 36,830,341 | 19,117,259,953 |
| 50.01 - 55.00 | 131,717,499 | 158,714,562 | 507,854,785 | 1,315,671,374 | 3,608,156,283 | 4,713,467,038 | 12,931,758 | 10,448,513,299 |
| 55.01 - 60.00 | 113,316,467 | 135,690,613 | 512,531,169 | 1,255,849,484 | 3,540,035,724 | 4,278,530,187 | 12,689,591 | 9,848,643,236 |
| 60.01 - 65.00 | 103,813,715 | 141,708,934 | 508,435,694 | 1,184,208,967 | 3,440,506,053 | 4,075,409,479 | 5,939,989 | 9,460,022,833 |
| 65.01 - 70.00 | 101,878,817 | 140,032,363 | 526,688,048 | 1,349,860,615 | 3,698,137,452 | 4,101,708,305 | 8,154,808 | 9,926,460,407 |
| 70.01 - 75.00 | 135,889,745 | 184,377,137 | 646,916,586 | 1,586,093,015 | 4,598,051,783 | 4,537,426,710 | 7,898,626 | 11,696,653,601 |
| 75.01 - 80.00 | 121,820,328 | 220,159,984 | 868,342,744 | 2,097,634,489 | 5,656,972,500 | 5,327,868,361 | 4,056,871 | 14,296,855,277 |
| > 80.00 | 58,088,695 | 75,188,352 | 293,179,253 | 785,478,574 | 2,268,720,852 | 2,255,513,410 | 5,440,749 | 5,741,609,886 |
| Total | 1,353,428,640 | 1,697,321,745 | 6,025,345,473 | 14,728,071,073 | 41,965,623,574 | 51,566,710,339 | 185,562,718 | 117,522,063,563 |
(1) Current LTV is based on the quarterly indexation of the original or renewal appraised value.
Confidential Monthly Investor Report - September 29, 2025 3
TD Covered Bond (Legislative) Programme Monthly Investor Report
Calculation Date Date of Report:
anal Distribution by Current LTV(1) and Credit Scores (continu
| Credit Score | ||||||||
|---|---|---|---|---|---|---|---|---|
| Current LTV (%) | <599 | 600-650 | 651-700 | 701-750 | 751-800 | >800 | Score Unavailable | Total |
| < 20.0 | 0.04% | 0.03% | 0.11% | 0.27% | 0.97% | 1.81% | 0.02% | 3.25% |
| 20.01 - 30.00 | 0.11% | 0.10% | 0.33% | 0.81% | 2.40% | 3.86% | 0.03% | 7.64% |
| 30.01 - 40.00 | 0.16% | 0.17% | 0.57% | 1.36% | 3.97% | 5.81% | 0.03% | 12.07% |
| 40.01 - 50.00 | 0.20% | 0.24% | 0.82% | 1.94% | 5.55% | 7.48% | 0.03% | 16.27% |
| 50.01 - 55.00 | 0.11% | 0.14% | 0.43% | 1.12% | 3.07% | 4.01% | 0.01% | 8.89% |
| 55.01 - 60.00 | 0.10% | 0.12% | 0.44% | 1.07% | 3.01% | 3.64% | 0.01% | 8.38% |
| 60.01 - 65.00 | 0.09% | 0.12% | 0.43% | 1.01% | 2.93% | 3.47% | 0.01% | 8.05% |
| 65.01 - 70.00 | 0.09% | 0.12% | 0.45% | 1.15% | 3.15% | 3.49% | 0.01% | 8.45% |
| 70.01 - 75.00 | 0.12% | 0.16% | 0.55% | 1.35% | 3.91% | 3.86% | 0.01% | 9.95% |
| 75.01 - 80.00 | 0.10% | 0.19% | 0.74% | 1.78% | 4.81% | 4.53% | 0.00% | 12.17% |
| > 80.00 | 0.05% | 0.06% | 0.25% | 0.67% | 1.93% | 1.92% | 0.00% | 4.89% |
| Total | 1.15% | 1.44% | 5.13% | 12.53% | 35.71% | 43.88% | 0.16% | 100.00% |
(1) Current LTV is based on the quarterly indexation of the original or renewal appraised value
| Cover Pool Multi-Dimensional Distribution by Region, Current LTV (1) and Arrears | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| Region | Current LTV | Current and less than | Percentage | 30 to 59 | Percentage | 60 to 89 | Percentage | 90 or more | Percentage | Total |
| British Columbia | 30 days past due | days past due | days past due | days past due | ||||||
| Distribution Columbia | < 20.0 | 888,461,153 | 3.23% | 515,734 | 0.00% | - | 0.00% | 1,203,615 | 0.00% | 890,180,502 |
| 20.01 - 30.00 | 1,964,543,273 | 7.13% | 575,682 | 0.00% | 122,759 | 0.00% | 1,092,363 | 0.00% | 1,966,334,078 | |
| 30.01 - 40.00 | 3,096,065,029 | 11.24% | 2,643,641 | 0.01% | 1,657,756 | 0.01% | 2,559,959 | 0.01% | 3,102,926,385 | |
| 40.01 - 50.00 | 4,355,935,367 | 15.81% | 3,945,736 | 0.01% | 3,443,408 | 0.01% | 4,961,743 | 0.02% | 4,368,286,254 | |
| 50.01 - 55.00 55.01 - 60.00 |
2,658,278,861 2,583,724,513 |
9.65% 9.38% |
2,728,775 4,253,738 |
0.01% 0.02% |
2,829,070 | 0.01% 0.00% |
1,054,497 3,091,344 |
0.00% 0.01% |
2,664,891,203 2,591,069,596 |
|
| 60.01 - 65.00 | 2,332,847,775 | 8.47% | 4,200,700 | 0.00% | 0.00% | 2,447,489 | 0.01% | 2,335,295,264 | ||
| 65.01 - 70.00 | 2,361,276,470 | 8.57% | 380,070 | 0.00% | - | 0.00% | 1,434,737 | 0.01% | 2,363,091,277 | |
| 70.01 - 75.00 | 2,992,281,242 | 10.86% | 1,408,608 | 0.01% | 0.00% | 2,908,333 | 0.01% | 2,996,598,182 | ||
| 75.01 - 80.00 | 3,201,210,683 | 11.62% | 2,764,710 | 0.01% | 2,002,986 | 0.01% | 3,126,555 | 0.01% | 3,209,104,934 | |
| Total British Colum | > 80.00 | 1,056,895,347 | 3.84% | 0.00% | 996,016 | 0.00% | 1,059,738 | 0.00% | 1,058,951,101 | |
| I otal British Colum | ibia | 27,491,519,713 | 99.80% | 19,216,694 | 0.07% | 11,051,996 | 0.04% | 24,940,372 | 0.09% | 27,546,728,775 |
| Ontario | ||||||||||
| < 20.0 | 2,360,045,598 | 3.50% | 2,726,584 | 0.00% | 803,340 | 0.00% | 3,050,288 | 0.00% | 2,366,625,810 | |
| 20.01 - 30.00 | 5,449,091,649 | 8.08% | 5,680,736 | 0.01% | 2,179,617 | 0.00% | 5,933,789 | 0.01% | 5,462,885,791 | |
| 30.01 - 40.00 40.01 - 50.00 |
8,358,863,034 10,597,834,881 |
12.40% 15.72% |
5,601,851 10,822,428 |
0.01% 0.02% |
1,622,309 6,207,207 |
0.00% 0.01% |
16,094,355 8,568,183 |
0.02% 0.01% |
8,382,181,549 10,623,432,699 |
|
| 50.01 - 55.00 | 5,693,980,669 | 8.44% | 6,796,640 | 0.02% | 1,228,787 | 0.00% | 7,681,339 | 0.01% | 5,709,687,435 | |
| 55.01 - 60.00 | 5,274,342,508 | 7.82% | 5,801,827 | 0.01% | 489.670 | 0.00% | 3,475,247 | 0.01% | 5.284.109.253 | |
| 60.01 - 65.00 | 4,969,370,009 | 7.37% | 6,322,724 | 0.01% | 2,082,374 | 0.00% | 2,639,072 | 0.00% | 4,980,414,179 | |
| 65.01 - 70.00 | 5,189,579,518 | 7.70% | 6,243,644 | 0.01% | 2,011,316 | 0.00% | 3,887,965 | 0.01% | 5,201,722,442 | |
| 70.01 - 75.00 | 6,300,197,150 | 9.34% | 3,677,296 | 0.01% | 2,155,554 | 0.00% | 8,319,477 | 0.01% | 6,314,349,477 | |
| 75.01 - 80.00 | 8,501,608,176 | 12.61% | 5,704,361 | 0.01% | 1,253,584 | 0.00% | 8,579,627 | 0.01% | 8,517,145,748 | |
| Total Ontario | > 80.00 | 4,576,492,526 67,271,405,719 |
6.79% 99.76% |
3,213,034 62,591,124 |
0.00% | 2,676,212 22,709,970 |
0.00% | 10,277,208 78,506,549 |
0.02% 0.12% |
4,592,658,980 67,435,213,363 |
| Prairies | 07,271,400,713 | 33.10/0 | 02,031,124 | 0.0376 | 22,100,010 | 0.0070 | 70,000,040 | 0.12/0 | 07,400,210,000 | |
| Tumoo | < 20.0 | 262,180,346 | 2.14% | 295,391 | 0.00% | 163,436 | 0.00% | 324,693 | 0.00% | 262,963,865 |
| 20.01 - 30.00 | 667,997,317 | 5.46% | 301,911 | 0.00% | 311,125 | 0.00% | 675,196 | 0.01% | 669,285,549 | |
| 30.01 - 40.00 | 1,368,932,228 | 11.19% | 1,223,149 | 0.01% | 824,333 | 0.01% | 1,210,749 | 0.01% | 1,372,190,459 | |
| 40.01 - 50.00 | 2,452,242,362 | 20.05% | 3,223,161 | 0.03% | 1,511,609 | 0.01% | 3,864,546 | 0.03% | 2,460,841,677 | |
| 50.01 - 55.00 | 1,168,010,932 | 9.55% | 1,961,104 | 0.02% | 218,669 | 0.00% | 1,253,794 | 0.01% | 1,171,444,499 | |
| 55.01 - 60.00 60.01 - 65.00 |
1,070,682,643 1,152,805,424 |
8.75% 9.43% |
190,016 | 0.00% 0.00% |
262,297 743,379 |
0.00% 0.01% |
414,986 948,304 |
0.00% 0.01% |
1,071,359,925 1,154,687,123 |
|
| 65.01 - 70.00 | 1,221,076,196 | 9.98% | 827,236 | 0.01% | 163,443 | 0.00% | 597,576 | 0.00% | 1,222,664,451 | |
| 70.01 - 75.00 | 1,271,920,401 | 10.40% | 460,638 | 0.00% | - | 0.00% | 151,473 | 0.00% | 1,272,532,512 | |
| 75.01 - 80.00 | 1,530,332,118 | 12.51% | 146,346 | 0.00% | 0.00% | 0.00% | 1,530,478,464 | |||
| > 80.00 | 41,535,838 | 0.34% | 0.00% | 0.00% | 0.00% | 41,535,838 | ||||
| Total Prairies Quebec | 12,207,715,805 | 99.82% | 8,628,952 | 0.07% | 4,198,291 | 0.03% | 9,441,315 | 0.08% | 12,229,984,363 | |
| Quebec | < 20.0 | 229,947,796 | 2.92% | 74,108 | 0.00% | 68,115 | 0.00% | 232,638 | 0.00% | 230,322,656 |
| 20.01 - 30.00 | 647,418,789 | 8.21% | 1,370,984 | 0.02% | 62,156 | 0.00% | 819,200 | 0.01% | 649,671,130 | |
| 30.01 - 40.00 | 1,018,365,869 | 12.92% | 2,349,955 | 0.03% | 309,018 | 0.00% | 807,567 | 0.01% | 1,021,832,410 | |
| 40.01 - 50.00 | 1,277,677,817 | 16.21% | 960,101 | 0.01% | 109,980 | 0.00% | 840,451 | 0.01% | 1,279,588,349 | |
| 50.01 - 55.00 55.01 - 60.00 |
713,557,609 | 9.05% 8.95% |
281,022 189.995 |
0.00% | 183.067 | 0.00% | 231,264 | 0.00% | 714,069,896 | |
| 60.01 - 65.00 | 705,383,962 766,611,572 |
8.95% 9.73% |
189,995 301,543 |
0.00% 0.00% |
183,067 | 0.00% | 364,872 632,712 |
0.00% | 706,121,897 767,745,836 |
|
| 65.01 - 70.00 | 916,802,776 | 11.63% | 1,685,701 | 0.02% | 2,021,055 | 0.03% | 1,452,719 | 0.02% | 921,962,252 | |
| 70.01 - 75.00 | 820,165,227 | 10.40% | 1,033,687 | 0.01% | ,, | 0.00% | 495,479 | 0.01% | 821,694,394 | |
| 75.01 - 80.00 | 731,640,820 | 9.28% | 468,251 | 0.01% | - | 0.00% | - | 0.00% | 732,109,072 | |
| > 80.00 | 37,492,513 | 0.48% | 0.00% | - | 0.00% | - | 0.00% | 37,492,513 | ||
| Total Quebec Atlantic |
7,865,064,752 | 99.78% | 8,715,349 | 0.11% | 2,953,400 | 0.04% | 5,876,903 | 0.07% | 7,882,610,404 | |
| Atlantic | < 20.0 | 71,172,630 | 2.93% | 31,856 | 0.00% | 97,948 | 0.00% | 14,207 | 0.00% | 71,316,641 |
| 20.01 - 30.00 | 232,981,686 | 9.60% | 300,160 | 0.01% | 55,195 | 0.00% | 440,599 | 0.02% | 233,777,641 | |
| 30.01 - 40.00 | 302,098,969 | 12.44% | 688,747 | 0.03% | - | 0.00% | 762,892 | 0.03% | 303,550,607 | |
| 40.01 - 50.00 | 384,753,301 | 15.85% | 123,552 | 0.01% | - | 0.00% | 234,121 | 0.01% | 385,110,974 | |
| 50.01 - 55.00 | 187,072,753 | 7.71% | 287,484 | 0.01% | - | 0.00% | 1,060,028 | 0.04% | 188,420,265 | |
| 55.01 - 60.00 60.01 - 65.00 |
195,914,082 221.362.944 |
8.07% 9.12% |
68,483 371,946 |
0.00% 0.02% |
145.540 | 0.00% 0.01% |
- | 0.00% | 195,982,565 221.880.431 |
|
| 60.01 - 65.00 65.01 - 70.00 |
221,362,944 215,927,301 |
9.12% 8.89% |
3/1,946 498,422 |
0.02% | 145,540 | 0.01% | 594,262 | 0.00% | 221,880,431 217,019,986 |
|
| 70.01 - 75.00 | 290,316,848 | 11.96% | 987,633 | 0.02% | - | 0.00% | 174,556 | 0.02% | 291,479,037 | |
| 75.01 - 80.00 | 306,706,044 | 12.63% | 327,572 | 0.01% | - | 0.00% | 983,444 | 0.04% | 308,017,059 | |
| > 80.00 | 10,971,454 | 0.45% | 0.00% | 0.00% | 0.00% | 10,971,454 | ||||
| Total Atlantic | 2,419,278,012 | 99.66% | 3,685,856 | 0.15% | 298,684 | 0.01% | 4,264,108 | 0.18% | 2,427,526,659 | |
| Grand Total | 117,254,984,001 | 99.77% | 102,837,975 | 0.09% | 41,212,341 | 0.04% | 123,029,246 | 0.10% | 117,522,063,563 | |
| ,==:,,==:,,001 | 55.7776 | ,,010 | J. J. J. J. J. J. J. J. J. J. J. J. J. J | ,2,041 | J.J470 | ,, | J. 1078 | , 022, 000,000 |
(1) Current LTV is based on the quarterly indexation of the original or renewal appraised value.
As of the date of this Investor Report, the Guarantor uses the following methodology to determine indexed valuations for Properties in the Covered Bond Portfolio for reporting as of a date on or after January 1, 2018 (the "Indexation Methodology") for purposes of the following: (a) the Asset Coverage Test. (b) the Amortization Test. (c) the Valuation Calculation and (d) for other purposes required by the CMHC Guide. Changes to the Indexation Methodology may only be made (i) upon notice to CMHC and satisfaction of any other conditions specified by CMHC in relation thereto, (ii) if such change constitutes a material change, subject to satisfaction of the Rating Agency Condition, and (iii) if such change is materially prejudicial to the Covered Bondholders, subject to satisfaction of the CMHC Guide.
To determine the current market value of a Property, the Guarantor uses The Teranet-National Bank House Price Index", "the "HPI Index", and The Teranet - National Bank City House Price Index" and together with the HPI Index, the "Indices"). At this time, the Property value is calculated using the CHPI Index available for the following eleven Canadian metropolitian areas: Alberta-Calgary, Alberta-Edmonton, British Columbia-Vanocouver, British Columbia-Vanocouver, British Columbia-Vanocouver, Ottava-Gardinero, Ottava-Gardinero, Ottava-Gardinero, Ottava-Gardinero, ottava-Gardinero, ottava-Gardinero, ottava-Gardinero, ottava-Gardinero, ottava-Gardinero, ottava-Gardinero, and the "Composite 11" HPI Index for all other cities outside of the above listed metropolitan areas. The "Composite 11" HPI Index combines the aforementioned eleven Canadian metropolitan areas to form a national composite for low.
Further details on the Indices including a description of the method used to calculate the Indices is available by subscription at https://housepriceindex.ca/
A three step process is used to determine the current market value for each Property subject to the Related Security in respect of the Loan. First, a code (the Forward Sorting Area) which identifies the location of the Property is compared to corresponding codes published by Canada Post that groups properties into the areas covered by the Indices. Second, the rate of change for the applicable area is used to calculate a house price index factor (the "HPI Factor"). In order to calculate the applicable HPI Factor, if the Property is located within an area covered by the CHPI Index, the applicable CHPI Index will be used based on the city mapping assigned in parenthesis above and if the Property is located outside of the metropolitian areas covered by the CHPI Index, the "Composite 11" HPI Index is used. Finally, the current market value is then determined by adjusting the original valuation for such Property, by applying the corresponding HPI Factor from the date of the original valuation in respect of such property pre-dates the first available date for the relevant rate of change is used. Index the indices, the nearest available date within two months for such rate of change is used to determine the rate of change to apply to adjust the latest valuation for purposes of determining the current market value for such Property. The process is repeated at least quarterly.
Material risks associated with using the Indexation Methodology include, but are not limited to, the accuracy and completeness of the Indices being used, the continued availability of the Indices, the risk that the Indices do not account for differences in property value changes based on property type, and, in the case of Properties located outside of the areas covered by the CHPI Index, the risk that the "Composite 11" HPI Index may not accurately unique factors affecting local housing markets.
The Teranet-National Bank House Price Index™ and The Teranet – National Bank City House Price Indices™ are trademarks of Teranet Enterprises Inc. and National Bank of Canada and have been licensed for internal use by The Toronto-Dominion Bank's real estate secured lending team only. The Indices are provided on an "as is" and "as available" basis without warranties or representations, express or implied, of any kind.