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Toronto Dominion

Toronto Dominion is the largest depository institution in Canada with C$1,293 bn in assets and a market capitalization of C$132 bn as of October 29, 2018. At fiscal 3Q18, the company had C$839 bn in total deposits. In 2018, TD ranked 7th in terms of U.S. deposits with approximately $248 bn in deposits and 1,258 branches (SNL). The U.S. footprint is focused on the Atlantic coast including Delaware, New Jersey, New York, Massachusetts, New Hampshire, Connecticut, Maine, Vermont, and Pennsylvania. (30 Oct 2018)

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US Banks: Libor Risk in Preferred Stock

Sector Analysis: 13 Dec 2018, 6:02 AM ET - The scheduled decommissioning of Libor would impact $108 bn of variable-rate preferred stock in our US bank coverage. The most common impact would be to convert floaters into fixed-rate prefs, but our main concern is Citi prefs.

Canadian Banks: Stability Buffer Raised by 25 bp

Worth Watching: 12 Dec 2018, 10:07 PM ET - Canadian Banks: the Office of the Superintendent of Financial Institutions (OSFI), the banks' primary regulator in Canada, announced that it is raising the domestic stability buffer to 1.75% (as a percentage of risk-weighted assets) from 1.50%. In ..

TD: 4Q18, Air Canada Deal & U.S. Results Flying

Earnings Note: 03 Dec 2018, 6:06 AM ET - TD reported earnings that met consensus on an adjusted basis. Earnings were up 9% YoY, with growth across all three operating segments. 

Euro Financial Movers: Stressing The Positives

Euro Financial Movers: 02 Dec 2018, 10:07 PM ET - The Bank of England's stress test results, more money laundering problems for Danske Bank and Deutsche Bank, HSH Nordbank's Tier 1 termination, Axa's deleveraging, and the effect of S&P's rating methodology change on insurance hybrids.

US Banks: A Glance at Impact of Mid-term Elections

Sector Analysis: 15 Nov 2018, 5:14 AM ET - We explore the impact of mid-term elections in the US on banks. The rollback from legislation is likely to end (ex-bipartisan initiatives). Regulators still have leeway to alter requirements/details, and we see more hearings on the horizon.

U.S. Regional Banks: Fed Guidance on 2019 CCAR

Worth Watching: 14 Nov 2018, 10:27 PM ET - U.S. Regional Banks: In a recent speech, the Fed's Vice Chairman of Bank Supervision Randal Quarles commented on plans for the upcoming CCAR cycle. The Fed is in the process of deciding  how to implement a number of changes that have been proposed ..

US Banks Conf. Notes: Big Data + Digital Divide

Sector Analysis: 13 Nov 2018, 4:14 AM ET - We attended BancAnalysts Association of Boston (BAAB) conference in Boston, where 10 banks in our coverage presented. One of the main takeaways was the capabilities that the big money centers have built around data analytics.

US Banks: Fed Proposes Reg. Overhaul for Non-GSIBs

Sector Analysis: 01 Nov 2018, 5:30 AM ET - The Federal Reserve released two Notices of Proposed Rulemaking (NPRs) to revise capital and liquidity requirements for banks $100 - 700 bn in assets. Certain requirements for the 8 GSIBs were addressed in a separate NPR.

US Strategy: What to Watch for on 3Q Earning Calls

Strategy Analysis: 11 Oct 2018, 4:37 AM ET - We surveyed our analyst teams for key sector level issues they will be paying close attention to with upcoming third quarter earnings calls beyond the typical sales, margins and earnings guidance. 

US Banks: 3Q18 Preview - Reg. Oversight & Funding

Sector Analysis: 10 Oct 2018, 9:08 PM ET - Citigroup, JPMorgan, Wells Fargo and PNC kick off U.S. bank earnings on Friday. We will be paying close attention to funding costs as well as commentary on lending standards reflecting the possible easing of regulatory oversight.

Canadian Banks Webcast Transcript: Bail-in & TLAC

Transcript: 04 Oct 2018, 3:50 AM ET - This is a transcript of our recent webcast presentation "Canadian Banks - FAQ on Bail-in and TLAC." The webcast covered the impact of the recently-implemented bail-in rules and TLAC requirements on banks' issuance plans and other issues. 

WEBCAST: Canadian Banks - FAQ on Bail-in and TLAC

Announcement: 19 Sep 2018, 11:55 PM ET - In this 20-minute webcast, we outline Canada’s bail-in rules ahead of September 23 implementation, as well as TLAC requirements. We answer FAQ on what the new regulations mean for the Canadian banks’ senior debt issuance going forward. 

US Banks: Emerging Markets Exposure

Sector Analysis: 11 Sep 2018, 5:55 AM ET - We review the exposure of US banks to emerging economies as they experience a number of challenges ranging from geopolitical issues to trade-related concerns to rising current account deficits.

Register Now: 2018 Global Financials Seminars

Announcement: 10 Sep 2018, 9:51 PM ET - Register for our upcoming fifth annual Global Financials Seminars.

TD 3Q18: Boost from Rates and Online Brokerage

Earnings Note: 03 Sep 2018, 7:31 PM ET - TD reported F3Q18 earnings of C$3.1 bn, or C$1.65 per diluted share. Canadian retail banking results benefited from rising rates and loan growth. Wholesale banking was a relative soft spot due to soft trading results. 

Canadian Banks: S&P Announces Ratings for Bail-in

Worth Watching: 16 Aug 2018, 9:08 PM ET - Canadian Banks: S&P Ratings announced that it is not changing the credit ratings or outlooks of any of the six domestic systemically important banks (DSIBs). S&P's decision comes after it reviewed the final bail-in regulations which go into eff ..

US Financials: Turkish Delights (Exposures)

Sector Analysis: 13 Aug 2018, 4:14 AM ET - Given ongoing turmoil associated with Turkey, we outline exposure to that country for US financials. In short, direct exposure tends to be immaterial. Turkey is not a major market for US banks, while insurers have modest exposure, if any.

US IG Chart of the Day: The 50 Most Traded Names

Strategy Analysis: 09 Aug 2018, 9:05 AM ET - With declining market liquidity another hot topic, today we look at which names are most often traded. 

Interplay Between US Banks & Fed's Balance Sheet

Sector Analysis: 08 Aug 2018, 5:36 AM ET - In this note, we discuss the impacts of the Fed's balance sheet unwind on banks. We expect that U.S. banks will become the "natural buyers" of U.S. Treasuries not bought by the Fed, offsetting the impact on rates.

HK/SG Conference 2018: US Banks

Transcript: 06 Aug 2018, 9:39 AM ET - We recently presented on US Banks as part of the Hong  Kong and Singapore conference series. 

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