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LONDON - The Toronto-Dominion Bank announced Tuesday it will begin a stabilisation period for two benchmark euro-denominated fixed rate covered bonds, according to a press release statement.
The bank is offering covered bonds due in 2028 and 2032, with The Toronto-Dominion Bank acting as the stabilisation coordinator. Additional stabilisation managers include Danske Bank A/S, Erste Group Bank AG, ING Bank N.V., LBBW, Natixis, and UniCredit Bank GmbH.
The stabilisation period is expected to start Tuesday and end no later than October 9, 2025, which is 30 days after the proposed issue date of the securities. During this period, stabilisation managers may over-allot securities or conduct transactions to support the market price at levels higher than might otherwise prevail.
The covered bonds will be guaranteed by TD Covered Bond (Legislative) Guarantor Limited Partnership. Offer prices for both bond issues have not yet been determined.
Stabilisation activities, if undertaken, will be conducted in accordance with applicable laws and rules, and will take place over the counter. The bank noted that stabilisation may not necessarily occur and any stabilisation action may cease at any time.
The bonds have not been registered under the United States Securities Act of 1933 and will not be offered in the United States. The offering is primarily directed at qualified investors in the UK and European Economic Area Member States in accordance with relevant regulations.
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