Moody's has reviewed the following ABCP program in conjunction with the proposed addition and amendment. At this time the addition and amendment, in and of themselves, will not result in any rating impact on the respective program's ABCP. Moody's does not believe they will have an adverse effect on the credit quality of the securities such that the Moody's rating is impacted.

(Bloomberg) -- Oil posted its longest streak of gains in more than a year, buoyed by output cuts across the globe that have whittled away at a stubborn supply glut.Futures climbed 1.3% in New York. U.S. supply data showed crude inventories fell for a second week after climbing steadily since January and stockpiles at the storage hub at Cushing, Oklahoma declined by a record. OPEC and its allies are reducing output and IHS Markit Ltd. says U.S. oil producers are also curtailing about 1.75 million barrels a day of existing production by early June.“There is a lot of narrative out there that the rebalancing is going to come quicker and will be more aggressive than we thought,” said Bart Melek, head of commodity strategy at Toronto Dominion Bank.Oil’s rally this month into the $30-a-barrel range raises the possibility that shale producers may slowly start to turn on the taps again after futures plunged into negative territory in April, leading to layoffs across the energy industry, a slowdown in drilling and deep declines in the number of oil rigs in operation. Goldman Sachs Group Inc. said U.S. shale will emerge from the current slump as a lower growth and more cash generative industry, while consolidation will concentrate the number of players in the sector.While the large decline in stockpiles at Cushing, the delivery point for WTI futures, indicates the supply glut is starting to ease, a surprise increase in U.S. gasoline inventories last week reflects underlying demand weakness in the world’s largest economy. The economic outlook remains uncertain with another 2.44 million Americans filing for unemployment last week, Labor Department figures showed.For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.

TD Asset Management Inc. Announces Notional TD ETF Distributions

Canadian Prime Minister Justin Trudeau has spoken to the heads of the country's six big banks to get their views on the state of the economy and the COVID-19 relief efforts, the Globe and Mail reported on Sunday, citing multiple sources. This was Trudeau's first one-on-one dialogue with the CEOs since the beginning of the coronavirus outbreak, according to the report, which added that the calls took place around the Victoria Day long weekend. The topics covered included adjustments required in relief efforts rolled out by the government, need for further support and pressures faced by clients of the banks, the report said, adding that the talks were 'high-level check-ins rather than deep policy discussions'.

TORONTO , May 28, 2020 /CNW/ - The Toronto-Dominion Bank (the Bank) today announced that a dividend in an amount of seventy-nine cents ( 79 cents ) per fully paid common share in the capital stock of the Bank has been declared for the quarter ending July 31, 2020 , payable on and after July 31, 2020 , to shareholders of record at the close of business on July 10, 2020 . In lieu of receiving their dividends in cash, holders of the Bank's common shares may choose to have their dividends reinvested in additional common shares of the Bank in accordance with the Dividend Reinvestment Plan (the "Plan").

The TD Community Resilience Initiative Allocates $25 Million to Organizations Engaged In COVID-19 Response and Community Recovery

(Bloomberg) -- Oil climbed to the highest level since early April after the U.S. government lowered its output forecast for the year.Futures in New York gained 6.8% on Tuesday. The Energy Information Administration revised down its 2020 and 2021 crude output forecasts in its monthly Short-Term Energy Outlook. An American Petroleum Institute report showed that supplies in Cushing, Oklahoma, fell by 2.26 million barrels, according to people familiar. If the EIA confirms the data on Wednesday, it will be the first draw at the delivery point for U.S. crude futures since the week ending February 28.Saudi Arabia plans to cut production by an additional 1 million barrels a day, easing concerns over storage capacity hitting limits worldwide.“Production is indeed dropping and it might stay down for longer than people thought,” Bart Melek, head of commodity strategy at Toronto Dominion Bank said.Saudi Arabia’s move to reduce output by more than required under the OPEC+ deal was followed by pledges from the United Arab Emirates and Kuwait. The decision prompted U.S. President Donald Trump to tweet that the production cuts are raising oil prices and that “Our great Energy Companies, with millions of JOBS, are starting to look very good again.”Still, oil is down about 58% this year with little clarity about when, and if, global consumption will fully return. Consultancy IHS Markit doesn’t see oil recovering to pre-virus levels until the second half of 2021. The U.S. also lowered its global petroleum demand forecast to 92.6 million barrels a day from 95.5 million a month ago. That compares with a supply outlook of over 95 million barrels a day.The API also reported a 7.58 million barrel build in total U.S. crude stockpiles and a 1.91 million decline in gasoline supplies.See also: Wuhan to Test Whole City of 11 Million After New Cases Emerge“The road to an oil price recovery will likely be choppy and plagued with stop-and-go rallies and selling cycles until some level of price certainty is restored,” said Roger Diwan, vice president of financial services at IHS Markit.See also: Saudis in ‘Whatever It Takes’ Mode to Fast-Track Recovery: RBCSaudi Arabia aims to pump just under 7.5 million barrels a day in June, compared with an official target of about 8.5 million a day. Kuwait and the U.A.E. also plan additional daily curbs of 80,000 barrels and 100,000, respectively.For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.

TD Bank Group Reports Second Quarter 2020 Results

This publication does not announce a credit rating action. For any credit ratings referenced in this publication, please see the ratings tab on the issuer/entity page on www.moodys.com for the most updated credit rating action information and rating history.

Shares of the bank had had a rough start to the year, but it currently offers an over 7% dividend yield Continue reading...

TD Bank Announces Redemption of 2.692% Medium Term Notes (Non-Viability Contingent Capital (NVCC))

(Bloomberg) -- Elevator queues, mandatory masks and staggered start times may await Toronto’s office workers when they start venturing back to North America’s second-largest financial center.These are among the measures Cadillac Fairview Corp. Ltd. is pursuing as the commercial property firm prepares for a “measured” return of workers to downtown buildings. The company is landlord to some of Canada’s largest banks as the owner of office towers such as TD Centre and RBC Centre.“It’s going to be a gradual but steady climb back to normalcy,” Sal Iacono, Cadillac Fairview’s executive vice-president of operations, said in an interview.Ontario has been easing restrictions on business as the Covid-19 pandemic, which has killed nearly 2,000 people in the province, finally eases.Office workers should brace for dramatic changes, with numerous precautions to protect them and the public. Cadillac Fairview, which is owned by the Ontario Teachers’ Pension Plan and oversees 70 properties in Canada including the Toronto Eaton Centre shopping mall, is just one of the city’s large landlords adopting new measures to make returning to work safe.Elevators will have limits of four people and Cadillac Fairview plans to add thin anti-microbial film over the buttons. It’s looking to introduce digital apps so people can schedule their elevator rides instead of waiting in line, Iacono said, “so that you know with certainty that you’re not going to have to wait a long time in order to be able to access your floors.”Shift WorkThe company is also working with tenants on ways to stagger start and end times for employees to avoid crowding in lobbies and common areas.“In order to be able to allow the maximum number of people to come into those office buildings, we’re going to have to change our behaviors for a period of time,” Iacono said.Building occupants at Cadillac Fairview office properties will be required to wear non-medical face masks or coverings in elevators and they’ll be “strongly encouraged” to wear them in common areas, including the underground PATH network that links downtown office buildings in Canada’s largest city.Commercial landlords including Brookfield Properties and Oxford Properties Group have already put down social distance markings and signage throughout downtown. But the many bankers, investment managers, accountants and lawyers who typically populate Toronto’s cluster of skyscrapers likely haven’t seen them yet due to weeks of working from home.In the depths of the pandemic shutdown the number of people in office buildings were no more than 5% to 10% of normal levels, Iacono estimated. He got a first-hand look at how the city’s core has become a ghost town a couple weeks ago during a visit to his office by the shuttered Eaton Centre to sign some paperwork.“The mall under normal circumstances has 53 million people a year going through it, so to see Toronto Eaton Centre as empty as it was on the day that I was there was a little dystopian,” he said. “I took the elevator up to my office and we had two people on our floor.”Even with restrictions easing, Iacono doesn’t anticipate a rush back to the office. Ontario has kept schools and daycares closed, which means a slow return for many workers.In markets that have reopened, Iacono is seeing between 15% and 30% of office workers returning at first, with that percentage increasing over time.“I try to dispel the notion that on the first day that the government lifts restrictions in the market that everybody shows up back at the office all at the same time like any normal day pre-Covid,” he said. “That’s not going to be the case.”For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.

TD Asset Management Inc. Announces TD ETF Distributions

(Bloomberg) -- Federal Reserve Chairman Jerome Powell voiced concern that the coronavirus crisis could leave permanent scars on the U.S. economy and said policy makers of all stripes needed to do more to limit the damage.In a sober 48-minute teleconference with reporters after the Fed left interest rates pinned near zero, Powell suggested that the economic battle against the virus would be far from over even if a recovery begins in the third quarter from the deepest recession since the Great Depression.The ongoing public health crisis “poses considerable risks to the economic outlook over the medium term,” Fed policy makers said in a statement on Wednesday after two days of talks.The central bank’s somber assessment contrasted with hopes for a rapid rebound among stock market investors and President Donald Trump and indicates that the Fed could keep the federal funds rate at rock bottom levels for years.“My estimate is that the funds rate will be at zero for five years,” said Jonathan Wright, economics professor at Johns Hopkins University in Baltimore and a former Fed economist. “The economy cannot be easily restarted and it is going to be a very long slog to get the economy back on its old trajectory.”In perhaps a sign of how concerned he is, Powell set aside his usual reticence about commenting on fiscal policy and urged lawmakers to come up with further measures to support the economy. He also played down worries -- primarily voiced by Republican lawmakers -- about the impact the government spending was having on the nation’s debt.‘Not the Time’“This is not the time to act on those concerns,” said the Fed chief. “This is the time to use the great fiscal power of the U.S.”Powell, who served in the Republican administration of George H.W. Bush, was picked to run the central bank by Trump but was initially appointed to its Board of Governors by the president’s predecessor, Barack Obama.Congress has already enacted a series of aid packages, including $2.2 trillion to support households and businesses to cope with the crisis.While saying that the Fed was prepared to use all its tools to help the economy, Powell did not spell out any new steps at his press conference even as he stressed the difficulties ahead.“Overall they wanted to send a dovish message even though there were no new actions to speak of today,” said Jim O’Sullivan, chief U.S. macro strategist at TD Securities.Powell repeatedly called the stance of monetary “appropriate,” noting that the Fed has promised to keep rates near zero until it is confident that the economy has weathered the coronavirus crisis and is on track to achieve the central bank’s goals of maximum employment and price stability. He hinted that forward guidance might be made more specific at a future Fed meeting without saying how or when.“We’re not going to be in any hurry” to raise rates, he said.Krishna Guha, head of central bank strategy at Evercore ISI, predicted the Fed will strengthen its communications on rates when officials next convene in June and will also adopt a program of quantitative easing aimed at bolstering the economy having so far focused on keeping markets flowing.With financial backing from the Treasury, the Fed has put forward nine emergency financing facilities to provide up to $2.3 trillion throughout the economy, which will deliver help to big and small businesses, state and local governments and even some risky corners of the financial markets.Only four of the facilities are operational. Powell said the Fed would soon publish the terms governing its $600 billion Main Street Lending Program, though he suggested that it could be later expanded beyond that. The facility, which is backed by $75 billion from the Treasury, is aimed at providing help for small and medium-sized businesses.As well as the possibility of beefing up some of the programs if needed, Powell also left open the possibility they could be extended, with several currently scheduled to expire on Sept. 30.‘Wide Open’“Our credit facilities are wide open,” he said. “We can do more on that front.”Powell though did stress that there are limits to what the Fed can do under the law. It can’t hand out grants to businesses struggling to survive, for instance.“We’re going places and providing help in places where we never have and I’m glad that we are,” Powell said. “Nonetheless these are lending powers” not spending ones.The Fed chairman spent a good portion of the press conference laying out the economic devastation caused by the efforts to contain the spread of the virus. While economic activity may soon begin to pick up, it will take some time before the U.S. is back to where it was pre-crisis, he said.‘Heartbreaking’ Harm“I think everyone is suffering here but I think those who are least able to bear it are the ones who are losing their jobs,” Powell said. “It is heartbreaking to see all that threatened right now.”He also highlighted the potential for longer-term damage to the economy as firms are forced out of business and workers lose their jobs and drop out of the labor force.“The Fed is hunkering down for a long fight, not just against Covid-19 but also against its after effects, which are likely to last for a protracted period of time,” Roberto Perli, a former Fed official who is now a partner at Cornerstone Macro LLC, said in an email to clients.(Adds analyst in 14th paragraph)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.

Moody's Investors Service has assigned a Aa1/VMIG 1 to the Tender Option Bond Trust (TD Bank Liquidity), Puttable Floating Rate Receipts, Series 2020-XF0952 (the Receipts). The long-term rating is based upon the long-term rating of the underlying assets, Custodial Receipts (TD Bank), Custodial Receipts, Series 2020-6A, deposited into the trust.

(Bloomberg) -- Gold slipped for a third day as a drumbeat of moves toward easing lockdown restrictions and reopening economies eroded appetite for haven assets.Spain plans to announce loosening measures after Tuesday’s weekly cabinet meeting, and France’s prime minister will present the government’s blueprint to the National Assembly. The moves come even as the World Health Organization warns the coronavirus pandemic is far from over.Gold is still near its highest in more than seven years amid the health crisis, with investors tracking stimulus from governments and central banks to aid growth. The Federal Reserve and the European Central Bank are expected to make policy announcements on Wednesday and Thursday.“The gold market is in a wait-and-see mode ahead of the central bank meetings,” said Ole Hansen, head of commodity strategy at Saxo Bank A/S. While a weakening dollar is providing some support today, investors are waiting for fresh drivers and, most importantly, a breakout, he said.Ahead of the meetings, the economy showed further signs of weakness, with U.S. consumer confidence falling to the lowest in six years, roughly in line with estimates. And as virus tests remain in shortage in the U.S., a restart of state economies is still in question.Gold futures for June delivery fell 0.1% to $1,722.20 an ounce at 1:30 p.m. on the Comex in New York, after sliding as much as 1.1% earlier. Worldwide holdings in bullion-backed exchange-traded funds declined on Monday after 25 days of net inflows, according to data compiled by Bloomberg.“We’ve seen safe-haven demand dry up as equity prices have performed quite well,” Daniel Ghali, a TD Securities analyst, said by phone Tuesday. “At the same time, you have a very strong monetary impulse with concerns about the Fed monetizing the debt, which are really driving investment demand for gold.”Silver futures also declined on the Comex, while platinum advanced and palladium fell on the New York Mercantile Exchange.For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.

Moody's Investors Service, (Moody's) has assigned ratings to the Series 2020-1 notes issued by Genesis Trust II, and sponsored by The Toronto-Dominion Bank (TD Bank) (Aa1, stable; Aa1 (cr); a1; Prime-1). The collateral for the notes is a co-ownership interest in a CAD4.26 billion pool of prime-quality line of credit accounts originated and serviced by TD Bank, and secured by residential properties in Canada. The ratings are primarily based on the level of credit enhancement available in the proposed capital structure to cover losses in a variety of stress scenarios.

TORONTO , May 8, 2020 /CNW/ - The Toronto-Dominion Bank (the "Bank") notes that each of TD Bank, N.A. ("TDBNA") and TD Bank USA ("TDUSA" and, collectively with TDBNA, the "US Banks") has provided to the Federal Deposit Insurance Corporation (the "FDIC") for publication the regulatory Report of Condition and Income (the "Call Report") for the three-month period ended March 31 , 2020. The Call Reports are part of the US Banks' calendar-quarter regulatory reporting requirements in the U.S. and do not comprise the Bank's second fiscal quarter consolidated financial results, which are scheduled to be released on May 28 , 2020. Furthermore, information included in the Call Reports is reported under US GAAP for the calendar quarter, whereas the Bank's financial results will be reported under International Financial Reporting Standards ("IFRS") for the three-month period ended April 30, 2020 .

/R E P E A T -- Media Advisory - TD Bank Group to release second quarter financial results/

Moody's Investors Service (Moody's) has assigned a Aa1 enhanced rating to Custodial Receipts (TD Bank), Custodial Receipts, Series 2020-6A evidencing beneficial ownership of Broward County, Florida Port Facilities Revenue Bonds, Series 2019B (AMT) (the Bonds). The rating is based upon joint default analysis (JDA), which reflects Moody's approach to rating jointly supported transactions.