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(Bloomberg) — In just a few months, Toronto-Dominion Bank’s ranking among Canadian bond underwriters has dropped to close to the bottom among its peers, after an exodus of fixed-income professionals.
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TD Securities has led less than 14% of Canadian corporate bond sales since the beginning of the fiscal year in November, according to data compiled by Bloomberg. That puts the firm at fifth of Canada’s six systematically important banks, compared with second place for the same period a year earlier.
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It’s 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.
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TD has seen a drop in public sector bond sales as well, according to data compiled by Bloomberg. 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 at the firm.
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In October, the bank agreed to pay almost $3.1 billion in fines and other penalties after pleading guilty to conspiracy to commit money laundering. The bank slashed bonuses for some executives as a result.
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The bank, the second largest in Canada by stock market value, says it remains focused on bond underwriting, also known as the debt capital markets business.
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“TD is a long-term leader in DCM globally, and we remain fully committed to this market, as evidenced by our continued acceleration in the US, and key hires in the broader Canadian fixed income business,” a bank spokesperson said in a statement. “We are particularly focused on providing leading DCM advisory services in Canada which we continue to view as a key strategic market.”
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TD has been slipping in league tables for months, as key personnel have left the firm. Departures included Jason Cope, TD’s former head of global fixed income; Sameer Rehman, a director in government finance; and David Gourlay, a former managing director and head of Canadian government credit trading and origination.
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TD’s settlement with US law enforcement and regulators has triggered a broader overhaul at the firm, including the sale of its remaining stake in Charles Schwab Corp. for $13.9 billion after taxes and fees.
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—With assistance from Christine Dobby and Lauren Tara LaCapra.
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English (US)