TD races home with $1.75bn of covered bond funding

By Bill Thornhill
09 Jul 2019

Toronto Dominion took advantage of strong demand on Monday to issue a $1.75bn three year covered bond, which was priced almost flat fair value.

Joint leads TD Securities, Citi, BMO Capital Markets, ING and National Australia Bank priced the $1.75bn deal at 28bp over mid-swaps from 30bp initially, with demand of almost $2bn, a starting level that one of the leads conceded was aggressive.

“We began with an aggressive start ...

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