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TD Bank Sells $2.5 Billion of Bonds as Sector Storms Market

  • Longest portion of the deal is a $600 million, 10-year tranche
  • Corporations looking to borrow before yields rise further
Updated on

Toronto-Dominion Bank is the latest financial institution to tap the red-hot U.S. corporate bond market as companies look to borrow before yields rise further.

The lender sold $2.5 billion of bonds in four parts, according to a person with knowledge of the matter. The longest portion of the offering, a $600 million tranche of 10-year securities, yields 0.8 percentage point above Treasuries, after initial discussions of between 0.95 percentage point and 1 percentage point, said the person, who asked not to be identified as the details are private.