New Issues Centre

TD Direct Investing often has access to new issues that may be available at the other major brokerages. In many cases, we are able to accommodate firm 'Expressions of Interest' on issues that we aren't actively selling. Please contact TD Direct Investing with the details, including the issue name, the lead underwriter, the issue price per share, the number of shares you are committed to buying, and your account information, and we will attempt to fill your 'Expression of Interest'. However, there may be times when there are not enough shares of an issue to meet all ‘Expressions of Interest’. When placing ‘Expressions of Interest’, you must be willing to receive either a partial fill or no fill at all.

The basic eligibility requirements for New Issues are:

You must meet this requirement: Your account must have adequate cash, equity or margin available at the time you place your 'Expression of Interest'. In the case of Registered accounts (i.e. RSP, RIF, RESPs), cash or near-cash (money market mutual funds for example) must be available.

If you don't meet this requirement: You have the option of selling securities or making a deposit or contribution prior to placing your New Issue 'Expression of Interest'. You can do this by contacting TD Direct Investing.

We allocate shares on a Pro-Rated or Percentage basis. In some cases where demand is very high, we may introduce a ceiling, or maximum number of shares per order.

The New Issues Centre is intended to provide eligible clients a potential means of participating in New Issues. It is our goal to be able to fill a client's entire 'Expression of Interest', but when enough shares are not available, we will allocate shares on a percentage basis so that we can provide an allocation to as many clients as possible. When placing 'Expressions of Interest', you must be willing to accept a full fill partial fill or perhaps no fill at all.

TD Direct Investing provides you with two ways to place your 'Expression of Interest' in a New Issue. You can use the New Issues Centre within WebBroker, or contact us at 1-800-465-5463 (Monday to Friday, 7 am to 6 pm ET). Whether it's placed online or over the phone, your 'Expression of Interest' will be given the same fill priority.

Yes. Generally, the minimum quantity for an equity New Issue is 'one board lot' or, in other words, 100 shares. For fixed income New Issues, this minimum is $5,000 face value. If there is a higher (or lower) minimum purchase on a particular issue, it will be indicated in the terms of the offering within the New Issues Centre.

All New Issue purchases must be paid for by the settlement date. This is the date set by the issuer and the lead underwriters for the purchasers of the securities to take delivery and pay for those securities. The approximate settlement date for a New Issue is known during the marketing period and is finalized along with the final prospectus (when applicable).

New Issue fills are normally 'contracted' into a client account only after the terms of the issue have been finalized and the Canadian securities regulators have approved the final prospectus. This takes place approximately one week prior to the settlement date.

Once the New Issue offering has been closed and the allocation completed, you will be able to view your confirmed order by selecting 'List Expressions' within the New Issues Centre. Your 'Expressions of Interest' will be listed under the following headings: 'Request' reflects the amount of the New Issue you requested, 'Allocated' reflects the amount of your order that was filled. 'Status' indicates what stage your order is at whether open, pending, closed, rejected, or cancelled. Although TD Direct Investing attempts to fill requests for New Issues, there may be times when there are not enough shares of an issue to meet all 'Expressions of Interest'. When placing an 'Expressions of Interest', you must be willing to receive either a full fill, partial fill, or no fill at all.

All 'Expressions of Interest' are considered firm; however, it may be possible to change or cancel your 'Expression of Interest' by calling 1-800-667-6299 (Monday to Friday, 7 am to 6 pm ET). By selecting 'Current Offerings' within the New Issues Centre, you will be able to view the 'Status' and availability of the New Issue. If the status is 'Open' you may communicate a change or cancel request for your 'Expression of Interest' to your representative via telephone. If the Status is 'Closed', you will not be able to change or cancel your order.

Check our FAQs in our Help Centre or contact us toll free at 1-800-667-6299 . We are here for you, Monday to Friday, 7 am to 6 pm ET.