TD Bank closes on TLAC target

A series of bail-in bond issuances helped TD Bank shrink the gap between its current and target total loss-absorbing capacity (TLAC) ratios over the three months to end-July. 

The Canadian bank reported TLAC-eligible debt and capital of C$86 billion ($64.7 billion), up 10% on end-April and 22% on end-January. Total capital made up 85.3% of this total, and external TLAC debt the remaining 14.7%.

The firm issued four TLAC-eligible notes in Q3: one Canadian dollar bond of C$1.75 billion, one US

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