TD takes £1bn 'at pace' with Canada’s first Sonia-linked covered bond

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By Tyler Davies
17 Jun 2019

Toronto Dominion Bank has become only the second borrower from outside of the UK to sell a Sonia-linked covered bond, having quickly met enough orders on Monday to launch a £1bn offering in the sterling market.

The Canadian bank opened books on a three year deal through joint bookrunners HSBC, Lloyds Bank, NatWest Markets, Santander and TD Securities.

The syndicate group started the pricing in the 50bp area over Sonia — the new risk-free rate created to replace Libor as ...

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