Toronto Dominion Bank

Toronto-Dominion Bank announced on Wednesday its intent to launch a new share repurchase program of up to C$10B, not exceeding 61M common shares. The buybacks are intended to be completed by July 2027. The new program would represent up to 3.74% of the bank's 1,633,130,726 shares issued and outstanding as of August 31. TD Bank completed repurchasing C$7B of shares on September 25 under its existing normal course issuer bid, which is scheduled to expire on January 15, 2027.

Morgan Stanley co-head of public finance investment banking Zach Solomon has left the firm to join TD Securities, Bloomberg reported, citing people familiar with the matter. Solomon departed Morgan Stanley this week and confirmed his departure Friday, declining further comment; a Morgan Stanley representative also declined to comment, and a TD Securities spokesperson did not respond to Bloomberg's request for comment. At Morgan Stanley, Solomon served as lead banker on more than $5 billion of bond sales for Brightline, the privately owned Florida passenger railroad connecting Miami and Orlando. His move comes as TD Securities expands its municipal bond operations, adding sales employees from JPMorgan Chase and Cantor Fitzgerald and building its public finance banking presence in Texas. Solomon's departure also coincides with financial difficulties at Brightline, which filed for Chapter 11 bankruptcy protection on Thursday after years of revenue falling short of expectations left it unable to repay billions of dollars borrowed to finance its Florida railroad; the filing does not include Brightline's operating company, allowing its passenger trains to continue running during the restructuring.

Canada's six leading banks are planning to launch a Canadian-dollar tokenized deposit system designed to move money faster between financial institutions. The first phase of the project focuses on moving tokenized deposits across participating banks, and a joint statement from the lenders said more banks could join the initiative later on. The system would eventually connect lenders such as Royal Bank of Canada and TD Bank with other digital asset initiatives, and the banks, which also include Bank of Montreal and Scotiabank, said the project aims to offer faster, more efficient payments to Canadian customers. The shared system could enable Canadian banks to test 24/7 programmable payments while keeping customer funds within the banking system. The move comes after Canada's banking regulator said tokenized deposits are not legally distinct from traditional deposits, and as banks worldwide race to put deposits on blockchain infrastructure, with U.S. regional lenders building a similar shared tokenized-deposit network and the biggest U.S. banks, such as JPMorgan Chase, pursuing their own system for institutional clients.

TD Bank Group has committed to allocate up to C$25m over three years into AI development and adoption, through a tie-up involving technology company Cohere and Layer 6, the bank's AI centre of excellence acquired by TD in 2018. The two groups will examine how AI developed in Canada can be used within TD to raise productivity, support decision-making and improve client experience, combining Cohere's secure enterprise AI models and technical expertise with Layer 6's applied research capabilities and its understanding of the bank. A team from Cohere will work alongside Layer 6 at the MaRS Discovery District site, placing technical specialists closer to teams working on AI use cases. Rizwan Khalfan, TD's executive vice president and vice chair of strategic growth, innovation and partnerships, said Canada has extraordinary AI talent, research and companies, and that the collaboration can help the country lead not only in AI innovation but also in responsible adoption. In a separate development, six Canadian banks including TD are examining Canadian dollar based digital money options, starting with a tokenised deposits project whose first phase focuses on moving tokenised deposits efficiently between Canadian financial institutions; the other participants are Bank of Montreal, Canadian Imperial Bank of Commerce, National Bank of Canada, Royal Bank of Canada and Bank of Nova Scotia, though other deposit-taking institutions may join later.

Irving Forest Products, Inc., a subsidiary of J.D. Irving, Limited, is undertaking a modernization project to expand its Ashland Sawmill in Nashville Plantation, Maine, that will double the facility's annual lumber production capacity from 130 million to 250 million board feet. The project is expected to create and retain the equivalent of 220 permanent, full-time jobs while supporting upstream foresters and loggers throughout the region. The expansion is supported by the Federal New Markets Tax Credit program and the Maine New Markets Capital Investment Program, which together bring a combined total of $112.9 million of tax credit allocations to the project, with the state portion previously announced by the Finance Authority of Maine in June. That funding has been allocated to seven Community Development Entities, including TD Community Development Corporation, Mascoma Community Development, CEI Capital Management, Evernorth Rural Ventures, MHIC, CityScape Capital Group and Stonehenge Capital, and those investments generate approximately $44 million in federal and state tax credits. TD Community Development Corporation provided $10 million in a New Markets Tax Credit allocation and supported $49 million in NMTC investments, while CityScape affiliate CCG Community Partners LLC provided $10.4 million of Maine State NMCIP allocation. Irving Forest Products rebuilt the Ashland sawmill in 2014 and has continued to invest in the mill since then.

Toronto-Dominion Bank launched a five-year, $150B commitment to accelerate investment, growth, and innovation across sectors critical to Canada's economy. The commitment will support new lending, underwriting, advisory, and other financing activities across five key areas: energy, critical minerals and resources, defence and aerospace, digital and AI, and infrastructure. TD will also focus on supporting small and mid-sized businesses, Indigenous economic participation, sustainable growth, workforce readiness and AI enablement.

Canada's financial regulator, OSFI, announced it will keep the Domestic Stability Buffer requirement at 3% throughout the tenure of the current superintendent. Peter Routledge, Canada's superintendent of financial institutions, confirmed during a conference hosted by Bank of Nova Scotia that the 3% level will remain unchanged until June 2028, when his term ends. This follows OSFI's reduction of the buffer by 0.50 percentage points, or 50 basis points, to 3% last June, the first change in three years. Currently, Canada's largest banks must maintain a Common Equity Tier 1 ratio of at least 11% of risk-weighted assets, and the country's six largest banks hold capital comfortably above that minimum. Routledge said OSFI has not imposed restrictions on how banks may use excess capital, unlike during the COVID-19 pandemic, when the regulator limited dividend payments and share buybacks. Several executives of major banks attending the conference said their approach to deploying capital going forward will prioritize organic growth first, followed by share buybacks, rather than large acquisitions. Scott Thomson, chief executive officer of Scotiabank, said organic growth comes first and buybacks second, while Raymond Chun, chief executive officer of Toronto-Dominion Bank, said the bank has strong potential to run a high level of share buyback programs. Royal Bank of Canada and Bank of Montreal also said they plan to continue returning excess capital to shareholders through share buybacks.

A consortium of 21 international banks plans to launch a new company in the second half of this year to issue a stablecoin, with a market debut targeted for the first half of 2027. The venture's first product will be a US dollar-pegged stablecoin, with plans to later introduce versions tied to other G7 currencies, starting with the euro. The expanded group, which grew from an initial ten banks in October 2025, includes Bank of America, Goldman Sachs, Scotiabank, TD Bank Group, Wells Fargo, Banco Santander, BBVA, Commerzbank, Deutsche Bank, Lloyds Banking Group, MUFG Bank, and Standard Bank. The stablecoin will target wholesale, institutional, and retail users, with applications such as cross-border payments and digital asset settlement, and aims to be GENIUS Act and MiCA compliant. This announcement follows a separate initiative by Open Standard, which launched its own dollar-pegged stablecoin, Open USD, backed by over 140 companies including Visa and Mastercard.

Toronto-Dominion Bank reported a record third quarter with adjusted net income of $4.7 billion, up 21% year over year, and adjusted diluted EPS of $2.77, up 26%, as all major business segments grew earnings simultaneously. However, management flagged ongoing trade uncertainty and a still-active US anti-money laundering consent order, with roughly $500 million set aside for trade and policy risk and about $550 million in expected remediation costs for the fiscal year. The bank's US Banking net income jumped 41% to $1,074 million, while Wholesale Banking surged 87% to $743 million, and Wealth Management and Insurance rose 20% to $841 million. CEO Raymond Chun highlighted total loans turning positive sequentially in the US as an inflection point, and the bank has already banked $900 million of its targeted structural cost cuts for fiscal 2026. Despite the strong results, hedge fund ownership of TD fell from 33 to 30 funds, and the stock trades at a forward P/E of 15.48, suggesting the market has not fully credited the acceleration, with management pointing to as much as $13 billion in potential capital return for fiscal 2027.

TD Bank Group reported record third-quarter earnings of $4.7 billion and record EPS of $2.77, with revenue up 8% year-over-year, driven by strong performance in Canadian businesses and Wholesale Banking. The bank's CEO, Raymond Chun, announced plans to open 100 new U.S. branches by the end of calendar 2028, subject to regulatory approval, as part of its growth strategy. TD also expects to return over $13 billion in capital to shareholders in fiscal 2027 to reach a 13% CET1 ratio, while maintaining its commitment to organic growth and investments in AI. The bank's U.S. Banking segment saw total loans turn positive sequentially, with bank card balances up 20% year-over-year, and the company reaffirmed its outlook for approximately $2.9 billion in U.S. Banking net income for fiscal 2026.

A consortium of more than 12 major global banks, including Bank of America, Wells Fargo, Santander, Barclays, BNP Paribas, Citi, Deutsche Bank, Goldman Sachs, MUFG, TD Bank, and UBS, is moving to compete directly with the $308 billion stablecoin market by issuing their own assets on public blockchains. This marks a departure from their previous strategy of lobbying against stablecoins. The decision to use public blockchains signals an intent to capture liquidity from the crypto-native ecosystem rather than retreating to private ledgers. The regulatory architecture enabling this pivot is the GENIUS Act, enacted on July 18, 2025, which provides a federal framework for bank stablecoin issuance through OCC-approved subsidiaries. While the OCC's 376-page Notice of Proposed Rulemaking from February 2026 is still pending finalization ahead of the January 18, 2027 effective date, the path is clear. JPMorgan has opted out, choosing instead to focus on its proprietary JPM Coin and Kinexys deposit token infrastructure. The consortium plans to start with USD-backed 1:1 assets before expanding into EUR and other G7 currencies, aiming to build a network effect mirroring the reach of USDT and USDC.

Toronto Dominion Bank shares moved higher in U.S. pre-market trading after the lender reported increased adjusted earnings and revenue for its fiscal third quarter, supported by growth across its Canadian, U.S., wealth management and wholesale banking operations. Adjusted diluted earnings per share rose to C$2.77 from C$2.20 in the same period last year, while adjusted net income increased to C$4.67 billion from C$3.87 billion. Total revenue advanced to C$16.92 billion, compared with C$16.03 billion a year earlier. TD shares were up 1.4% in U.S. pre-market trading as of 06:49 ET (10:49 GMT). The bank also reported an improvement in several measures of profitability and credit performance, with provision for credit losses decreasing to C$917 million from C$1 billion in the prior-year period. Adjusted return on equity increased to 16% from 14.4%, while adjusted return on tangible common equity improved to 19.1% from 17.2%. Canadian Personal and Commercial Banking generated net income of C$2.10 billion, up 7% from a year earlier, while U.S. Banking adjusted net income increased 12% to C$1.07 billion. Wealth Management and Insurance delivered net income of C$841 million, up 20%, and Wholesale Banking adjusted net income jumped 76% to C$743 million.

The Toronto-Dominion Bank has declared a quarterly dividend of $1.12 per common share for the quarter ending October 31, 2026, payable on or after that date to shareholders of record on October 9, 2026. The bank also declared dividends on several series of its Non-Cumulative Redeemable Class A First Preferred Shares, with amounts ranging from $0.310625 to $36.16 per share. Shareholders may opt to reinvest their dividends through the Dividend Reinvestment Plan, and for this dividend, the bank will purchase shares in the open market, so no discount will apply. The bank noted that these dividends are eligible dividends for tax purposes.

TD Asset Management Inc. has launched the TD Target 2031 Investment Grade Bond Fund - ETF Series, trading under the ticker TBCK on the Toronto Stock Exchange. The new fund offers exposure to a portfolio of investment-grade Canadian corporate bonds denominated in Canadian dollars with a target maturity of 2031, and carries a management fee of 0.20%. TBCK joins the existing TD Target Maturity Bond ETFs suite, which includes funds with target maturities of 2027, 2028, 2029, and 2030. The fund is expected to cease trading on or about November 30, 2031, with wind-up and termination occurring shortly thereafter.

TD Asset Management Inc. has closed its first loan in its newly-launched global private credit strategy, the TD Greystone Global Private Credit Fund. The fund is part of the TD Greystone private markets platform, which manages C$42.4 billion of assets. This initial deployment involves a sole-sourced, bilateral loan that monetizes equity distributions of operational fibre networks in North America, structured with appropriate covenants and reserve accounts while targeting an 8% to 10% unlevered yield. The firm expects the fund’s second and third deals to follow rapidly, and has recently added origination specialists in London, UK, after adding specialists in Toronto and New York in 2025.

Toronto-Dominion Bank currently pays a quarterly dividend of $0.79 per share, yielding 2.57%, and analysts expect fiscal 2026 earnings to grow 14.72% to $6.86 per share. The company's annualized dividend of $3.15 represents a 5.5% increase from last year, and it has raised its dividend three times over the past five years for an average annual increase of 5.24%. The payout ratio stands at 45% of trailing twelve-month earnings. The stock has gained 30.45% year-to-date and carries a Zacks Rank of #3, or Hold.

Stablecorp Digital Currencies has named TD Bank Group as the primary custodian for reserves backing the Canadian-dollar stablecoin QCAD. Under the agreement, TD will hold fiat reserves for QCAD Digital Trust as part of a phased custody rollout expected across the third and fourth quarters of 2026. QCAD is issued by QCAD Digital Trust and backed one-to-one by Canadian dollars held in segregated accounts, designed for round-the-clock CAD payments and settlement. The custody mandate adds a major domestic banking partner to that framework, with TD Executive Vice President James Salem stating the bank plans to provide custody services supporting QCAD as the market develops. The announcement follows QCAD's listing on Kraken in April and its use in the first onchain Canadian-dollar-to-U.S.-dollar settlement through Circle's StableFX network.

Realty Income has closed on the recast and expansion of its multicurrency unsecured revolving credit facilities to $5.5 billion, up from the prior $4.0 billion capacity, and also expanded its global commercial paper programs to a combined $5.5 billion, up from $3.0 billion. The revolving credit facilities are split into two $2.75 billion tranches maturing in April 2029 and July 2030, with an accordion feature allowing an increase to $6.5 billion. The company's current credit ratings provide for a borrowing rate of 67.5 basis points over SOFR and a facility fee of 12.5 basis points, resulting in all-in drawn pricing of 80 basis points over SOFR, a reduction of 5 basis points from the prior facilities. The commercial paper programs consist of a $2.75 billion U.S. program and a $2.75 billion European program, with the revolving credit facilities serving as a liquidity backstop. A total of 26 lenders are participating, with Wells Fargo as administrative agent and Wells Fargo Securities, JPMorgan Chase, BofA Securities, Mizuho, and TD Bank as joint bookrunners.

AerCap Holdings N.V. has priced a $900 million offering of senior notes through its wholly-owned subsidiary AerCap Funding Designated Activity Company. The notes carry a 4.875% coupon and mature in 2031, with full and unconditional guarantees from AerCap and certain other subsidiaries. Proceeds will be used for general corporate purposes, including aircraft asset acquisitions, investments, financing, or refinancing, and debt repayment. Barclays, BofA Securities, HSBC, MUFG, and TD Securities are joint book-running managers for the underwritten public offering.

GameStop reaffirmed its commitment to acquire eBay despite the board's rejection of its unsolicited offer, while projecting adjusted EBITDA for fiscal 2026 to surpass $600 million, up from $345.4 million in fiscal 2025. The company said further documentation on the proposed transaction will be released in the coming days. CEO Ryan Cohen's non-binding May proposal offered $125 per eBay share in a cash-and-stock deal valuing eBay at roughly $55.5 billion, backed by $9.4 billion in GameStop cash reserves and up to $20 billion in debt financing from TD Securities. eBay's board called the proposal neither credible nor attractive, citing concerns over financing, management, and compensation structure. GameStop, with a market value of about $10 billion, is pursuing a company roughly five times its size, and a $35 billion bonus plan tied to market-cap milestones was scrapped at Cohen's request earlier this week.

GameStop CEO Ryan Cohen declared he will not back down from his unsolicited pursuit of eBay, telling the All-In podcast he is prepared to go hostile or launch a tender offer to force his $125-per-share bid. GameStop has built its stake to roughly 7.8% of eBay, and its Q1 FY2026 filing now lists the proposed acquisition as a formal risk factor. eBay's board rejected Cohen's $55.5 billion offer in May as neither credible nor attractive, citing financing and governance concerns. GameStop, with a market cap near $9.64 billion, is targeting a company worth roughly $49.4 billion, backed by a $20 billion highly confident financing letter from TD Securities rather than committed capital. Polymarket bettors give the deal just a 14% chance of closing by year-end 2026, while Michael Burry exited his GameStop position warning that debt makes the acquisition unworkable.

The Canadian Salsa Festivals Project has announced its largest-ever series of events, with programming from June to September 2026 that includes a first-time expansion to Niagara Falls. The new Salsa at Niagara Falls event will take place September 12 and 13 in partnership with Niagara Falls Tourism, Niagara Parks Commission, and Fallsview Casino Resort. Returning festivals include TD Salsa at Blue Mountain from June 26 to 28, TD Salsa on St. Clair on July 11 and 12 as Canada's largest free Latin-themed street festival, and TD Salsa Tremblant from August 21 to 23 in Quebec's Laurentians region. TD Bank Group has expanded its title sponsorship to include Salsa Tremblant while renewing support for the Toronto and Blue Mountain events. The series also features a Latin art exhibition, free dance classes across southern Ontario, Salsa on Market Street on August 9, and family salsa events at Toronto museums from August to October.

Canada's banking regulator lowered the capital requirement for the country's largest banks, sending Canadian bank stocks higher. The Office of the Superintendent of Financial Institutions reduced the domestic stability buffer to 3.0% from 3.5% of total risk-weighted assets, the first change since June 2023, effective immediately. The regulator also narrowed the buffer's range to 0% to 3% from 0% to 4%. The six largest banks hold an average Common Equity Tier 1 ratio of 13.5%, well above the new supervisory expectation of 11.0%, representing a capital cushion of roughly $74 billion or an expansion in risk-weighted assets of $673 billion. Superintendent Peter Routledge said the move enables the banking sector to deploy excess capital in support of Canada's economic adaptation to new opportunities.

Cardiovascular biotech Kardigan has priced its upsized initial public offering of 25 million shares at $16 per share, generating $400 million in gross proceeds. The company had initially planned to sell 23.3 million shares, targeting roughly $350 million, but expanded the deal to the final size. Shares are set to begin trading today on the Nasdaq Global Market under the ticker symbol KARD, with the offering expected to close on June 22, 2026, subject to customary conditions. Underwriters have a 30-day option to purchase up to an additional 3.75 million shares at the IPO price. J.P. Morgan Securities, Jefferies, Leerink Partners, and TD Securities are acting as joint book-running managers.