TD Securities

  • Emerging markets: two steps forward, one step back?

    Emerging markets: two steps forward, one step back?

    With yields across much of the developed world entrapped in an apparently endless downward spiral, investor attention is once again focusing on the potential of emerging market (EM) debt. Cristian Maggio, global head of emerging markets strategy at TD Securities, explains that it is not just the relatively high yields available in the asset class that is attracting renewed investor interest. Following a lengthy period of underperformance, there are several compelling drivers of rising investor confidence in the longer term prospects for EM.

  • Setting a new benchmark in the global SSA market

    Setting a new benchmark in the global SSA market

    When TD Securities was appointed as the 22nd primary dealer in the US in February 2014, it represented an important landmark in the evolution of TD Securities’ global capital market franchise, underscoring its long-term commitment to the world’s largest and most liquid fixed income market. John Moore, head of US and international fixed income, says that the firm’s increasingly prominent position in the US capital market builds on the fast-growing footprint of its parent, Toronto-Dominion Bank (TD Bank) across the US banking sector.

  • Understanding the drivers behind negative swap spreads

    Understanding the drivers behind negative swap spreads

    Issuers and investors have had to get used to an environment of heavily negative swap spreads in the US market during the last six months. Swap spreads have come back from the tightest levels seen before Christmas, however intraday volatility and big swings in the shape of the swap spread curve continue to provide a challenging backdrop for SSA issuers and investors to navigate

  • Sterling SSA primary market dynamics in 2016

    Sterling SSA primary market dynamics in 2016

    The sterling SSA primary bond market is set to have a record breaking first quarter in terms of issuance volumes, which currently stand at £12.25bn. There have been a number of notable deals from inaugural issuers and those returning to the market after a long break, but also regular issuers have achieved much bigger volumes. From the demand side, the breadth of participation has also been apparent, with the three big investor bases — central banks, bank treasuries and UK real money — all participating in good size. We look into the reasons why and whether it will continue.