TD Rise in League Tables
Recently saw that TD Securities won the mandate for sole advisor on a $6bn fintech take private and I believe it's gonna be worked on by both the NY and Toronto teams. Considering TD has had a lot more momentum in the past few years (recently acquiring Cowen, great ECM and research platforms, and of course TD already has a huge balance sheet and levfin practice), could they foreseeably rise up in the league tables significantly over the next few years and see more m&a stuff? Would love to hear people's thoughts/opinions, also wondering about this in terms of exit opps
TD glazing thread be like
Lol TD
Wrong TD. The FinTech take private was advised by TD Jakes. He's an ice cold motherfucker.
Think that exit opps ultimately depends on your group. You are probably limited to MM private equity and private credit funds (find it really hard to see an exit from TD to Apollo/KKR/mega fund). Another exit opp is moving to a similar IB (think of Santander, RBC, BNP…)
Current An1 at TD. Can confirm that deal flow is racking up, combined with increase poaching of seniors from EVR/LAZ/other elite boutiques. Definitely rising and on lower/mid tier BB trajectory
Heard deal flow has been group dependent, what groups have seen the most?
I heard similar things. They’ve won good mandates lately. Strong commercial footprint/balance sheet should help drive growth
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firm seems committed to us strategy. time will tell where this goes
To clarify (For what it’s worth), TD only provided a fairness opinion on that 6bn fintech take private (Advent/Nuvei). It’s still a good role but Barclays was the lead m&a advisor for the company
And RBC to the buyer. The thing is, it's easy to get mandates here and there when you're throwing your loan book around but when they start tightening credit and expect more ROI on their balance sheet, that's when it gets tougher.
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