Securities Issuance Consortium builds successes in efficient bond issuance

06.04.2023

TD Securities acted as joint lead manager in relation to multiple tranches of Rule 144A securities settled via the ICSDs on various dates throughout 2022, and in doing so aligned itself with the objectives of the Securities Issuance Consortium, creating a stronger and more liquid platform for those securities throughout their lifecycle. TD Securities has been a member of and contributor to the Securities Issuance Consortium since its inception in 2021.

TD Securities has also made further commitment to highlighting the potential for use of the dual XS ISIN structure for relevant Regulation-S/Rule 144A securities through the ICSDs to its issuer clients - in recognition of the significant operational advantages for both TD Securities and its issuer and investor client base.

Fran Watson, Head of UK, Europe and Asia Transaction Advisory at TD Securities said: “The operational advantages of utilising the dual XS ISIN structure for relevant Regulation-S/Rule 1444A issuance are clear and TD Securities in our capacity as Dealer continue to look for opportunities to use ICSD settlement for 144A issuance where appropriate. ICSD settlement for 144A securities can deliver operational advantages for TD Securities and our Issuer clients, while enhancing the liquidity of relevant 144A securities during their lifecycle. We look forward to seeing this approach become more widely recognised and adopted as the market continues to evolve.”

Adrian Dacruz, Vice President, Strategic Market Development at Clearstream said: “TD Securities has demonstrated its commitment to improving the efficiencies of bond issuance in favor of an ICSD model that, as we have shown, enhances processing speeds, market liquidity and reduces overall operating costs. TD Securities is acting in the best interests of every agent, dealer, investor and issuer in the bond market in making this decision and we at the Securities Issuance Consortium thank them for their support”.

The Securities Issuance Consortium, founded in 2021, is a market-wide initiative that promotes efficiency within the bond issuance process - seeking to increase market liquidity, reduce transaction costs and increase industry reputation among participants. 

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