Toronto-Dominion Bank launched the third non-Eurozone benchmark in three days today (Thursday), a Eu1bn issue that slotted in between deals for Nationwide Building Society and Commonwealth Bank of Australia, with Coventry due to make it four tomorrow.

Leads Barclays, BNP Paribas, Lloyds and TD went out with initial price thoughts of the high single-digits over mid-swaps and guidance of the 6bp area before pricing the Canadian transaction at 5bp over on the back of a book of over Eu1.5bn.

Nationwide priced a Eu1bn seven year issue at 4bp over mid-swaps yesterday (Wednesday), while CBA sold a Eu1bn seven year at 7bp over on Tuesday. Coventry Building Society is meanwhile expected to launch a seven year euro benchmark tomorrow (Friday), taking the string of non-Eurozone seven year benchmarks to four, and the run of non-Eurozone benchmarks to six since the last Eurozone benchmark covered bond.

A syndicate official away from the leads said that despite the seven year maturity being “almost exhausted”, TD’s transaction went well.

“With the Coventry coming tomorrow we have had quite enough non-Eurozone seven year covered bonds and the window is about to close,” he said. “That put a bit of a muted tone on TD.

“But they did just Eu1bn and it was a quiet solid trade.”

TD’s last euro benchmark was a Eu1.75bn five year at the end of July that was priced at 7bp over mid-swaps and was both TD’s legislative debut and the joint largest euro benchmark of the year.

The last seven year Canadian euro benchmark was a Eu1.5bn seven year for Bank of Nova Scotia on 10 September that a banker noted had been a bit heavy in the aftermarket.

He said that TD’s pricing of 4bp over made sense between Nationwide and CBA given the various regulatory treatments in LCRs and ECB repo eligibility.

Coventry Building Society is targeting launch tomorrow for its first euro benchmark covered bond in three years, a seven year.

A banker at one of Coventry’s leads said that on the back of a well-received roadshow that finished on Tuesday and based on investor feedback it will proceed with the benchmark, with launch expected tomorrow. Danske, HSBC, Natixis and UniCredit are leads.

A market participant had suggested that the issuer might have held off until after AQR results are announced over the weekend.

Nationwide meanwhile accessed the market at short notice ahead of its UK peer yesterday with a Eu.1bn seven year deal priced at 4bp over mid-swaps.

Leads Barclays, BNP Paribas, Commerzbank and HSBC announced the mandate on Tuesday afternoon and on Wednesday morning went out with IPTs of the 7bp over mid-swaps area. After indications of interest topped Eu1bn in just over an hour guidance was revised to the mid-swaps plus 5bp area and the size capped at Eu1bn.

A banker at one of the leads said that this encouraged further growth in the order book, enabling Nationwide to fix the spread at 4bp, with final books above Eu1.6bn. He said that the oversubscribed and tightly priced transaction had allowed Nationwide to crystallise the good performance of its covered bond curve over recent months.

Germany and Austria were allocated 45%, the UK and Ireland 17%, Nordics 14%, France 9%, Asia 6%, the Benelux 4%, Switzerland 3%, and southern Europe 2%. Banks took 29%, fund managers 32%, central banks and official institutions 14%, insurance companies and pension funds 12%, and others 3%.

Suncorp-Metway sold a A$950m five year transaction domestically today. Led by ANZ, Citi, Deutsche and UBS, the issue was split into A$250m fixed and A$700m floating rate tranches. The deal was priced at 70bp over swaps, in the middle of guidance, on the back of A$1.1bn of demand from 45 investors.