Published on 8/11/2020 in the Prospect News Structured Products Daily.
New Issue: TD sells $4.85 million 10% autocallable fixed-interest barrier notes on tech stocks
By Sarah Lizee
Olympia, Wash., Aug. 11 – Toronto-Dominion Bank priced $4.85 million of 10% autocallable fixed interest barrier notes due Aug. 3, 2023 linked to common stocks of Apple Inc., Amazon.com, Inc., Alphabet Inc. and Netflix, Inc., according to a 424B2 filing with the Securities and Exchange Commission.
Interest is payable monthly.
The notes will be called at par if each stock closes at or above its initial level on any quarterly call observation date, starting Jan. 31, 2021.
The payout at maturity will be par unless any stock finishes below its barrier level, 60% of its initial level, in which case investors will be fully exposed to the laggard stock’s decline.
TD Securities (USA) LLC is the underwriter.
| Issuer: | Toronto-Dominion Bank
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| Issue: | Autocallable fixed interest barrier notes
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| Underlying stocks: | Apple Inc., Amazon.com, Inc., Alphabet Inc. and Netflix, Inc.
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| Amount: | $4,849,000
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| Maturity: | Aug. 3, 2023
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| Coupon: | 10%, payable monthly
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| Price: | Par
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| Payout at maturity: | Par unless any stock finishes below its barrier level, in which case investors will be fully exposed to the laggard stock’s decline
|
| Call: | Automatically at par if each stock closes at or above its initial level on any quarterly call observation date, starting Jan. 31, 2021
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| Initial levels: | $425.04 for Apple, $3,164.68 for Amazon, $1,482.96 for Alphabet, $488.88 for Netflix
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| Barrier levels: | $255.024 for Apple, $1,898.808 for Amazon, $889.776 for Alphabet, $293.328 for Netflix, 60% of initial levels
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| Pricing date: | July 31
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| Settlement date: | Aug. 5
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| Agent: | TD Securities (USA) LLC
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| Fees: | 3.3%
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| Cusip: | 89114RP75
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