Toronto-Dominion Bank drew almost $1.4bn of demand to a $1.25bn three year deal today (Friday), with the leads attributing greater investor participation versus a similar BNS trade on Wednesday to stronger name recognition and better market conditions.

After announcing the mandate this morning, leads Credit Suisse, TD and UBS went out with initial price thoughts of mid-swaps plus 100bp for TD’s three year US dollar benchmark-sized transaction. After books were reported as being over $1bn, the deal was ultimately priced at 100bp and sized at $1.25bn (C$1.77bn, €1.14bn), on the back of orders just under $1.4bn.

On Wednesday, compatriot Bank of Nova Scotia (BNS) issued a three year trade that was the first US dollar benchmark in over six weeks, and sized its deal at $900m on the back of orders just under $1bn.

A syndicate banker at one of TD’s leads its outcome was a clear improvement on the BNS print, reflecting a broader improvement in the overall market environment over the course of the week, adding that the number of investors in the book was some 25% greater.

“It has the same price,” he said, “but it got a bigger size with the larger book.”

Another lead banker said the deal reflected the issuer’s reputation as “best in class” in the Canadian banking landscape, and noted a meaningful differentiation between it and its peer group’s senior ratings.

“This certainly played a factor in its success,” he said, “especially when you’re looking at the dual-recourse nature of these notes and comparing between issuers.”

He said that dollar issuance would now be on the radar of other Canadian names for next week.

“The price is fairly well defined now in US dollars,” he said, “as between this and Scotia, you’ve got over $2bn taken from the market, so there will be others looking, in particular at the senior-covered differentials in play, and see this as an efficient use of collateral.”