TD prices wider and in smaller size in sterling covereds

By Bill Thornhill
08 Mar 2017

Toronto Dominion had less luck than its Canadian peers when it issued the third sterling Canadian covered bond of the year this week. Even though the transaction offered a hefty concession there was only sufficient demand to issue in half the size of the previous deals.

TD opened books on Monday for a December 2021, the fourth in this maturity this year and the third from a Canadian bank in sterling.

Joint leads Barclays, Lloyds and TD Securities started with a relatively attractive guidance of 68bp area over the 3.75% September 2021 ...

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