TD Securities

New appointment comes amid strong Asian private placement activities

◆ Canadian issuer landed first covered since October ◆ Issuer fixed the spread at the start of execution ◆ Banker said there is decent liquidity in dollar covered bonds

◆ Spread fixed early at 53bp over Sofr ◆ Priced in line with ANZ’s dollar trade on Monday ◆ BMO has been a pioneer in covered issuance this year

◆ Banker said deal offered little new issue premium ◆ Euro transaction on Tuesday triggered the deal ◆ Lloyds' last sterling covered was issued in October 2025

Only one of Canada's big five banks has yet to publicly support new defence bank initiative

◆ Spread tightened by 5bp ◆ Banker put fair value just inside 58bp ◆ Canadian banks continue strong start to year in covereds

Despite widening of business development companies' spreads, technicals remain favourable for FIG issuance

◆ New deal becomes longest issued by a Canadian bank since 2020 in both euros and sterling ◆ Provides clear arb to US dollars ◆ Bolsters TD's funding spree in Aussie, Canadian and US dollars

◆ TD prints largest euro deal for a year ◆ Strong demand for rare three year notes ◆ Minimal premia needed

‘Compelling and unique’ opportunity leads to record demand for new vaccine bond

The Canadian issuer may offer at least one more international benchmark this year

HSBC doubles down with first Yankee AT1 deals for three months