The only time that Toronto-Dominion Bank's (NYSE: TD) yield has been higher than it is today was during periods of serious global distress -- namely, during the Great Recession and the COVID-19 pandemic. Is this an opportunity for income investors to lock in an attractive 4.9% yield, or is there something going on that should keep would-be shareholders away?

Here's a look at the buy, sell, and hold arguments for Toronto-Dominion Bank.

TD Bank, as the Canadian banking giant is commonly called, has two main headwinds it is dealing with right now. The first is an industrywide issue. Rising interest rates have put pressure on banks. Higher rates help in some ways because banks can charge more for loans. But they are also potentially detrimental because higher rates can increase the number of customers that fall behind on their loan payments (or worse, default) and reduce the number of customers looking to get new loans. This is an especially acute concern in Canada, where the housing market has been on something of a tear for many years. Investors are worried that a housing crash could lead to big losses for Canadian banks.

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Source Fool.com