TD's first compliant covered bond beats Canadian peers on size

By Jonathan Algar
24 Jul 2014

Toronto Dominion’s first legally compliant covered bond stormed the market on Monday morning, raising €1.75bn — €750m more than any of the other five Canadian euro covered bond benchmarks that have been launched this year, and the joint largest euro deal of the year.

All of the large Canadian banks now have compliant covered bond programmes, and more deals are expected after the summer break. Canadian spreads should also be supported by the likely inclusion of Canadian covered bonds in the liquidity coverage ratio for European banks, following the latest revised draft ...

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