The Financial Post reports in its Friday edition that in just a few months, TD Bank's ranking among Canadian bond underwriters has dropped to close to the bottom among its peers, after an exodus of fixed-income professionals. A Bloomberg dispatch to the Post says TD Securities has led less than 14 per cent of Canadian corporate bond sales since the beginning of the fiscal year in November. That puts the firm at fifth of Canada's six systematically important banks, compared with second place for the same period a year earlier. It is a rare tumble for the bank in a typically low-drama business. TD has been in one of the top-three spots for Canadian corporate bond sales from November through May 20 for every year since the period beginning Nov. 1, 2018. The figures exclude sales of bonds issued by the banks themselves, known as self-led deals. TD has seen a drop in public sector bond sales as well. The decline of the bank in league tables -- scoreboards for banks' capital market activities -- coincided with a series of high-profile departures and leadership shakeups. TD slashed bonuses for some executives after it agreed to pay almost $3.1-billion in fines after pleading guilty to conspiracy to commit money laundering.
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