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Toronto-Dominion Bank (TD) logos are seen outside of a branch in Ottawa. (© Chris Wattie / Reuters)
Toronto-Dominion Bank (TD) logos are seen outside of a branch in Ottawa. (© Chris Wattie / Reuters)

Investors flock to TD preferred-share offering despite lower yield Add to ...

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Anyone who looked longingly at the big yields attached to bank-issued preferred shares earlier this year may be disappointed by the latest issues: Yields are falling.

Toronto-Dominion Bank announced on Monday that it will issue preferred shares yielding 4.85 per cent.

While that looks attractive relative to the slim yields on government bonds, it is down from a much higher yield on the previous round of TD preferred shares. For shares issued in January, yields were 5.5 per cent – meaning that the yield on the new issue is 0.65 percentage points lower.

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