I nvestors in TD Bank's new structured note can earn 2.5 times the positive return of the Swiss Market Index (SMI) at maturity, but they assume the full market risk of the index if it falls more than 40%.
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earnings release Patrick Industries Announces Q1 Earnings Release Date and Investor Call
Institutional investors and analysts will have the opportunity to ask questions during Patrick Industries' Q1 earnings call on April 30, 2026, at 10:00 a.m. Eastern Time. The call will be limited to these participants, with a replay made available on the company's investor relations website. Patrick Industries will release its first-quarter 2026 financial results before the market opens on the same day. Interested parties can access the live webcast of the call at www.patrickind.com under the 'Investors' section. A dial-in number for the live call is (877) 407-9036. The company, which operates more than 85 brands and employs over 10,000 people, serves the RV, Marine, Powersports, and Housing markets.
The Toronto-Dominion Bank is offering $21,352,640 of Trigger GEARS, which are senior, unsecured debt obligations. The payout is linked to the Swiss Market Index, which has an initial level of 13,219.58.
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fixed income Morgan Stanley's $10 billion note offering locks in fixed rates now — but interest resets to SOFR in years, not decades
Investors in Morgan Stanley’s new $9.5 billion fixed/floating notes will begin receiving interest tied to future SOFR levels as soon as April 10, 2029. The firm priced $10.0 billion in debt on April 15, 2026, including a $500 million floating rate tranche due 2030 and three larger tranches maturing in 2030, 2032, and 2037 that carry fixed rates now but reset to Compounded SOFR later. The fixed rates are 4.555% for the 2030 tranche, 4.809% for the 2032 tranche, and 5.296% for the 2037 tranche. Each switches to floating interest on April 10, 2029, April 16, 2031, and April 10, 2036, respectively. Once converted, interest will be based on Compounded SOFR plus spreads of 0.960%, 1.180%, and 1.410%. The floating rate tranche due 2030 pays interest based on SOFR plus 0.970% with quarterly resets from issuance. Morgan Stanley may redeem the notes on or after October 19, 2026, either at par or under a make-whole provision that compensates investors based on the present value of remaining fixed payments. The make-whole price is calculated using the treasury rate plus 15 or 20 basis points, depending on the tranche. The Bank of New York Mellon acts as calculation agent. If SOFR becomes unavailable, Morgan Stanley or its designee may unilaterally select a replacement benchmark and adjustment, with no consent required from noteholders, potentially altering interest payments and market value.
If the SMI return is positive at maturity on April 17, 2031, investors receive their principal plus a gain amplified by the 2.50 upside gearing. If the index return is zero or negative, but the final level remains at or above the downside threshold of 7,931.75, the bank will repay the principal amount.
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active management Institutional Shifts Toward Active Large Cap Core ETF Outpace Indexing Returns
The iShares Large Cap Core Active ETF (BLCR) now represents 1.7% of Kelly Financial Services LLC's reportable assets under management and 1.6% of Sharkey, Howes & Javer's $742.3 million in reportable assets under management. Kelly Financial Services initiated the stake by purchasing 168,755 shares for an estimated $7.3 million. Sharkey, Howes & Javer established a position of 284,414 shares valued at $11.7 million. These allocations follow a year in which BLCR shares rose 54%, outperforming the S&P 500 by approximately 25 percentage points. The fund, which manages $4.0 billion in assets, uses fundamental and quantitative analysis to deviate from market cap-weighted indices. It charges a 0.36% expense ratio. As of April 14, 2026, shares traded at $45.16.
However, if the SMI final level falls below 7,931.75, the contingent repayment of principal fails. Investors suffer a percentage loss of principal equal to the underlying return, meaning they could lose all of their initial investment.
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bitcoin etfs BlackRock's Bitcoin ETF removes 9,631 BTC from open market as lawmakers buy in
The iShares Bitcoin Trust (IBIT) removed 9,631 BTC from the open market over five days, including a single-day purchase of 2,870 BTC. The fund has reached $57.67 billion in assets under management, commanding approximately 70% of the U.S. spot Bitcoin ETF market share. These inflows followed a reduction in inflation concerns as crude oil prices held beneath $100 per barrel. The price retreat in oil was driven by President Trump's revelation that communication channels between Washington and Tehran have been established and an announcement by Iranian Foreign Minister Abbas Araghchi that the Strait of Hormuz has reopened under a 10-day truce. This shift in geopolitical risk increased institutional appetite for riskier assets, leading BlackRock's crypto exchange-traded products to pull in $935 million in net inflows in the first quarter of 2026. The activity generated $42 million in quarterly base fees for BlackRock. On March 4, 2026, Representative Sheri Biggs of South Carolina purchased between $100,001 and $250,000 of IBIT through the W.S.B. Trust at UBS Financial Services. Biggs joins Senator David McCormick and Representative Brandon Gill, who have reported hundreds of thousands of dollars in the same vehicles. These purchases occur as the Senate Banking Committee considers S.954, the BITCOIN Act of 2025, which would direct the U.S. Treasury to acquire one million BTC over five years, and the Mined in America Act, which would allow certified U.S. miners to sell newly mined BTC directly to the Treasury. IBIT bought 2,870 BTC in a single day.
All payments, including the repayment of principal, are subject to the credit risk of TD.
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cryptocurrency regulation Payward spends $550 million to buy the only vertically integrated crypto derivatives stack in the U.S.
U.S. clients of Kraken and NinjaTrader will gain access to CFTC-regulated spot margin, perpetual futures, and options. This access follows a definitive agreement by Payward, the parent company of Kraken, to acquire Bitnomial for up to $550 million in cash and stock. Bitnomial is the first crypto-native platform in the U.S. to hold the three licenses required to operate a vertically integrated derivatives business: a designated contract market, a derivatives clearing organization, and a futures commission merchant. These licenses provide the exchange, clearinghouse, and brokerage framework necessary to run a full-stack business. Payward Co-CEO Arjun Sethi stated that the U.S. lacks clearing infrastructure built for digital assets and that Bitnomial's capabilities cannot be "retrofitted onto legacy systems." By acquiring these licenses, Payward bypasses the years of regulatory engagement and operational planning required to build the stack independently. The deal also expands Payward Services, the company's B2B infrastructure arm, allowing banks, fintechs, and brokerages to integrate regulated U.S. derivatives through a single API integration. The transaction values Payward's equity at $20 billion.
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