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TD Bank issues a €5B dual tranche covered bond

Date Closed

March 13, 2023

Lead Office



5.00 Billion EUR

On March 13, 2023, The Toronto-Dominion Bank ("TD") issued a €5 billion dual tranche covered bond, the offering was composed of €3.5 billion 3.879% Covered Bonds due March 13, 2026 and €1.5 3.715% Covered Bonds due March 13, 2030. This was both the largest dual tranche covered bond ever, and also the biggest single tranche at €3.5 billion.

TD provides retail and corporate banking, wealth management, and related financial solutions.

McCarthy Tétrault advised TD with a team led by Marc MacMullin that included Candace Pallone, Laaiba Nawal (Financial Services), Tamas Toezser, Tina Benson, Adina Chis, Danyal Bajwa, and Ariane Monjauze (Business).