Published on 2/7/2022 in the Prospect News Structured Products Daily.
New Issue: TD Bank prices $2.19 million of autocallable contingent interest barrier notes on stocks
By William Gullotti
Buffalo, N.Y., Feb. 7 – Toronto-Dominion Bank priced $2.19 million of autocallable contingent interest barrier notes due April 12, 2024 linked to the least performing of the common stocks of Apple Inc., Amazon.com, Inc., Alphabet Inc. and Microsoft Corp., according to a 424B2 filing with the Securities and Exchange Commission.
Quarterly, the notes will pay a contingent interest payment at the rate of 9% 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 prices on any quarterly observation date.
If the notes are not called, the payout at maturity will be par plus any contingent interest payment due unless the least performing stock finishes below the barrier price, 60% of the initial share price, in which case investors will be fully exposed to the laggard stock’s decline.
TD Securities (USA) LLC is the agent.
| Issuer: | Toronto-Dominion Bank
|
| Issue: | Autocallable contingent interest barrier notes
|
| Underlying stocks: | Apple Inc., Amazon.com, Inc., Alphabet Inc., Microsoft Corp.
|
| Amount: | $2,185,000
|
| Maturity: | April 12, 2024
|
| Coupon: | 9% annual rate, payable quarterly if all stocks close at or above their coupon barrier prices on the relevant observation date
|
| Price: | Par
|
| Payout at maturity: | Par plus any contingent interest payment due unless any stock finishes below barrier price, in which case full exposure to laggard stock’s decline
|
| Call: | Automatically at par plus contingent interest payment if each stock closes at or above its initial share price on any quarterly observation date
|
| Initial share prices: | $130.36 for Apple, $3,299.30 for Amazon, $2,265.44 for Alphabet, $253.25 for Microsoft
|
| Coupon barrier prices: | $84.734 for Apple, $2,144.545 for Amazon, $1,472.536 for Alphabet, $164.6125 for Microsoft; 65% of initial levels
|
| Barrier value prices: | $78.216 for Apple, $1,979.58 for Amazon, $1,359.264 for Alphabet, $151.95 for Microsoft; 60% of initial levels
|
| Pricing date: | April 9
|
| Settlement date: | April 14
|
| Agent: | TD Securities (USA) LLC
|
| Fees: | 1.5085%
|
| Cusip: | 89114TFX5
|
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