Published on 1/28/2022 in the Prospect News Structured Products Daily.
New Issue: TD Bank sells $750,000 autocallable contingent interest barrier notes on four stocks
By William Gullotti
Buffalo, N.Y., Jan. 28 – Toronto-Dominion Bank priced $750,000 of autocallable contingent interest barrier notes due Sept. 6, 2024 linked to the least performing of the stocks of Alphabet Inc., Amazon.com, Inc., salesforce.com, inc. and Netflix, Inc., according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent quarterly interest payment at the rate of 10.41% per year if each stock closes at or above the coupon barrier price, 65% of the initial share price, on the observation date for that period.
The notes will be called at par plus the contingent interest payment if the shares of each stock close at or above their initial price on any quarterly observation date.
If the notes are not called, the payout at maturity will be par plus the final contingent interest payment if each stock finishes at or above the 65% of its initial share price. Otherwise, investors will be fully exposed to the laggard stock’s decline from its initial share price.
TD Securities (USA) LLC is the agent.
| Issuer: | Toronto-Dominion Bank
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| Issue: | Autocallable contingent interest barrier notes
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| Underlying stocks: | Alphabet Inc., Amazon.com, Inc., salesforce.com, inc., Netflix, Inc.
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| Amount: | $750,000
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| Maturity: | Sept. 6, 2024
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| Coupon: | 10.41% annual rate, payable quarterly if all stocks close at or above their coupon barrier prices on the relevant observation date
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| Price: | Par
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| Payout at maturity: | Par plus the final coupon if all stocks finish at or above barrier value price; otherwise, lose 1% for every 1% decline of the worst performer from its initial share price
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| Call: | Automatically at par plus contingent interest payment if each stock closes at or above its initial level on any quarterly observation date
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| Initial share prices: | $2,909.39 for Alphabet, $3,421.57 for Amazon, $264.97 for salesforce, $566.18 for Netflix
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| Coupon barrier prices: | $1,891.1035 for Alphabet, $2,224.0205 for Amazon, $172.2305 for salesforce, $368.017 for Netflix; 65% of initial levels
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| Barrier value prices: | $1,891.1035 for Alphabet, $2,224.0205 for Amazon, $172.2305 for salesforce, $368.017 for Netflix; 65% of initial levels
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| Strike date: | Aug. 30
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| Pricing date: | Aug. 31
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| Settlement date: | Sept. 3
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| Agent: | TD Securities (USA) LLC
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| Fees: | 2%
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| Cusip: | 89114TQY1
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