Toronto-Dominion Bank kicked off the new year with a $3 billion, three-part offering printed at the firm end of guidance and through initial whispers. The notes are subject to bail-in conversion under Canadian law.

The Canadian financial services company was last in the U.S. market in September, when it completed two bond placements in quick succession. On Sept. 9, 2020, it placed a $2.25 billion offering of senior bail-in notes, across 0.45% three-year notes due Sept. 11, 2023, at T+33; and 0.75% five-year notes due Sept. 11, 2025, at T+53. It followed that placement with a $500 million offering, on Sept. 23, of floating-rate notes due 2023 at five basis points over the secured overnight financing rate. The latter offering backed the company's sustainability goals.

Toronto-Dominion Bank completed five bond placements last year, totaling $7.75 billion.

S&P Global Ratings and Moody's maintain stable outlooks on their respective AA–/Aa1 issuer ratings. "S&P Global Ratings' stable outlook reflects its expectation that Toronto-Dominion Bank's (TD) robust balance sheet, good diversification by products and geography, strong earnings history, and consistent operating performance will help the bank reduce the negative impact from the COVID-19 pandemic and from lower interest rates," Ratings said in ratings rationale published Dec. 11, 2020.

Fitch has maintained a negative outlook on its AA- rating for Toronto-Dominion and other Canadian banks dating to last April, due to disruptions from the COVID-19 pandemic. Terms: