TD Securities

◆ Foreign and domestic banks find 'strong' liquidity in Australian dollar market ◆ TD achieves several bests for a Canadian senior Kangaroo ◆ Crédit Agricole eyes funding next with 6NC5 bail-in structure

Euro credit spreads move tighter as lone corporate deal shows appetite amid the lull

Large and small US banks add perpetual capital to their funding mix amid tight spreads

◆ Canadian issuer tightened spread by 2bp ◆ Bank's seventh tranche of covereds of 2026 ◆ BMO has placed dollar euro and sterling covereds since January

Head of European credit syndicate leaves TD after more than a decade

◆ First fixed rate sterling covered since February ◆ Order book was 1.5 times oversubscribed ◆ Tenor made the deal 'more competitive', says banker

◆ First covered bond from DBS since October ◆ 11th dollar covered bond issued this year ◆ Diverse set of deals lined up to follow

◆ Priced 5bp through TD's equivalent euro level, lead says ◆ Bank's first sterling deal in three years ◆ Joins rush of FIG issuance in currency

Burst of deals this year in uneven market suggests investors want alternatives to Treasuries

◆ Bank keen to diversify funding from euro ◆ Issuer paid a premium over its normal euro rate ◆ Bawag keen to establish a dollar curve with more issuance

◆ German bank's covered tightened 6bp ◆ Order book peaked at €2.5bn ◆ Banker said the issuer could have gone larger than €1bn

◆ French issuer tightens spread by 6bp ◆ Order book closes at €2.5bn peak ◆ Only covered bond issued on Tuesday