{"id":2773,"date":"2008-09-02T12:37:04","date_gmt":"2008-09-02T16:37:04","guid":{"rendered":"http:\/\/www.prefblog.com\/?p=2773"},"modified":"2008-09-02T12:37:04","modified_gmt":"2008-09-02T16:37:04","slug":"td-capital-to-issue-asset-backed-tier-1-paper","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=2773","title":{"rendered":"TD Capital to Issue Asset-Backed Tier 1 Paper"},"content":{"rendered":"<p>TD <a href=\"http:\/\/micro.newswire.ca\/release.cgi?rkey=1608298023&#038;view=62342-0&#038;Start=0\">has announced<\/a>:<\/p>\n<blockquote><p>that TD Capital Trust III, a subsidiary of TDBFG, and TDBFG have filed a preliminary prospectus with the securities regulatory authorities in each of the provinces and territories of Canada with respect to a proposed public offering of TD Capital Trust III Securities &#8211; Series 2008 (&#8220;TD CaTS III&#8221;). TDBFG anticipates the issuance of TD CaTS III to constitute Tier 1 Capital of TDBFG.<\/p><\/blockquote>\n<p>The preliminary prospectus (available on <a href=\"http:\/\/www.sedar.com\">SEDAR<\/a>) states:<\/p>\n<blockquote><p>The Initial Trust Assets will consist primarily of Co-Ownership Interests acquired by the Trust under the Sales, Pooling and Servicing Agreements and the Purchase Agreements (each as defined herein). The Trust Assets may consist of Residential Mortgages, Co-Ownership Interests, Mortgage-Backed Securities, Eligible Investments (each as defined herein) and contractual rights in respect of the activities and operations of the Trust (the \u201cEligible Trust Assets\u201d).<\/p><\/blockquote>\n<p>Issue size and coupon has not yet been disclosed.<\/p>\n<p>As with the <a href=\"http:\/\/www.prefblog.com\/?p=2304\">National Bank issue<\/a>:<\/p>\n<blockquote><p>So it&#8217;s ASSET-BACKED, not loan backed. This issue simply goes further to show that <a href=\"http:\/\/www.prefblog.com\/?p=2246\">cumulative coupons to enable the issuance of Loan Based Tier 1 paper<\/a> are not necessary; OSFI should rescind its <a href=\"http:\/\/www.prefblog.com\/?p=2240\">ill-advised draft advisory<\/a>, which rescues the loan-backed structure at the expense of non-cumulativity.<\/p><\/blockquote>\n<p>I have <a href=\"http:\/\/www.prefblog.com\/?p=2312\">made OSFI aware<\/a> of my views on this matter.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>TD has announced: that TD Capital Trust III, a subsidiary of TDBFG, and TDBFG have filed a preliminary prospectus with the securities regulatory authorities in each of the provinces and territories of Canada with respect &hellip;<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[24],"tags":[],"class_list":["post-2773","post","type-post","status-publish","format-standard","hentry","category-regulation"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/2773","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=2773"}],"version-history":[{"count":0,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/2773\/revisions"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=2773"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=2773"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=2773"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}