TD Bank raises $3.75B in debt, among Canada's largest fintech debt deals
What's the deal? The Toronto-Dominion Bank (TD)Dealroom has a profile for this one. Try Dealroom → has completed a US$3.75 billion public offering of senior medium-term notes in the US. The sale spans four tranches maturing between 2028 and 2036 under TD's Medium-Term Notes program.
The breakdown: The offering comprises US$1 billion of 5.198% notes due 2028, US$400 million of floating-rate notes due 2028, US$1.1 billion of 5.473% notes due 2031, and US$1.25 billion of 5.801% notes due 2036.
What's the money for? TD said net proceeds will fund general corporate purposes. That may include hedging its obligations under the notes and funding its affiliate, TD Securities (USA) LLC.
By the numbers: TD is the sixth-largest bank in North America by assets, serving over 28.2 million customers. It held US$1.54T in assets as of July 31, 2026, with more than 14 million active mobile users across Canada and the US.
The signal: At US$3.75 billion, this ranks among the largest post-IPO debt raises ever recorded for a Canadian fintech company — top 1% of 178 comparable deals. The scale underscores how large banks continue to tap US public debt markets to fund operations across borders.
Read more: stblaw.com
Image credit: OliverN5
