Issues

Tighter spread to Bunds and real money investor interests observed in its new deal

◆ First Canadian tier two in euros since 2008 ◆ How TD alleviated concerns surrounding its profitability ◆ Issuer achieves 'competitive' diversification

◆ No pick-up offered to French govvies ◆ Deal lands through fair value ◆ Investors still eager to pick up paper

◆ Specialist CRE lender raises capital to replace AT1 it kept extending since 2020 ◆ Outcome seen as positive for banks involved in the CRE lending ◆ Dollar funding comes some 300bp below euro AT1 coupon

Blowout demand for 20 year sterling tranche suggests investors are not beholden to rate volatility

◆ Deal finds demand despite arrest of South Korea's president ◆ High single digit concession left for investors ◆ Leads added spread to calm concerns

A straight dollar bond is the most likely format, but it has discussed other options

Lender pays just 20bp-25bp over government as fiscal issues weigh on sovereign and scarcity supports bank spreads

Sustainability-linked revolver refinanced two years early

◆ Investors show little concern over sterling instability ◆ Deal comes flat to fair value ◆ Prices flat to peers and inside recent SSA supply

◆ Bloc takes more than bankers anticipated ◆ Triple-digit orderbook for long-dated tap ◆ Bankers agree on fair value

Risk shifted from lending banks to insurance companies