TD Securities

The Bank of Montreal followed Toronto Dominion’s lead on Wednesday to join the Canadian bail-inable Kangaroo frenzy, placing A$750m of five year debt.

Toronto-Dominion Bank (TD) took full advantage of strong market conditions this week to issue a $1.75bn three year dollar benchmark and a €1.25bn eight year. The two deals followed a recent Sonia-linked £1bn three year and a euro benchmark issued at the start of the year.

Last week’s tightly priced bond issue by KfW has inspired a slew of issuers to print three year dollar notes this week. The Asian Development Bank was first off the blocks on Tuesday with a new benchmark, while a tight Export Development Canada trade followed the next day.

The International Finance Corp (IFC) started its 2019/20 funding year on Tuesday with a pair of Swedish krona green bond taps in the private market.

MTN bankers were “happy” to hear that the Asian Infrastructure Investment Bank is working on documentation for a Euro medium term note programme.

Export Development Canada and Erste Abwicklungsanstalt raised short term dollar debt on Wednesday as the market was buoyed by a dovish congressional testimony from the chair of the Federal Reserve.

The Federal State of Berlin chopped 2bp off the spread offered for its €500m 2039 bond during execution on Wednesday, as SSA investors remain hungry for long duration debt.

Toronto-Dominion Bank (TD) returned to the covered bond market for the second time this week following its dollar benchmark and, thanks to a late rise in yields, the eight year deal offered more than twice the return of CIBC's eight year issued a week ago.

Last week’s tightly priced bond issue by KfW has inspired a slew of issuers to print three year dollar notes this week, a banker said. The Asian Development Bank was first off the blocks on Tuesday with a new benchmark, and Export Development Canada and Erste Abwicklungsanstalt are set to follow.

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.

The Asian Development Bank is set to return with its second dollar benchmark of the year later this week.

Toronto Dominion opened order books on Monday for the third dollar benchmark covered bond from a Canadian issuer this year and, like the others, it has also chosen to issue a three year.