TD breaks senior mould with seven year deal

Toronto-Dominion Bank has gone against the recent trend for shorter issuance in the bank senior debt market, with a rare seven year deal. It is expected to be priced this afternoon, with guidance at 105bp over mid-swaps. Otherwise, there have been more short deals, typical of recent months, including Fortis Bank (two years), OTP (three years) and RBS and ANZ (five years).