Published on 11/5/2020 in the Prospect News Structured Products Daily.
New Issue: TD sells $1.02 million callable contingent interest barrier notes on stocks
By Taylor Fox
New York, Nov. 5 – Toronto-Dominion Bank priced $1.02 million of callable contingent interest barrier notes due Oct. 14, 2022 linked to the least performing common stock of Capital One Financial Corp., General Electric Co. and Netflix, Inc., according to a 424B2 filing with the Securities and Exchange Commission.
Each month, the notes will pay a contingent coupon at an annual rate of 23.28% if each stock closes at or above the 60% contingent interest barrier level on the observation date for that period.
The notes will be callable at par on any quarterly interest payment date starting after six months.
The payout at maturity will be par unless any stock finishes below the 50% barrier level, in which case investors will lose 1% for each 1% decline of the lesser-performing stock from its initial level.
TD Securities (USA) LLC is the agent.
Issuer: | Toronto-Dominion Bank
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Issue: | Callable contingent interest barrier notes
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Underlying stocks: | Capital One Financial Corp., General Electric Co. and Netflix, Inc.
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Amount: | $1,019,000
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Maturity: | Oct. 14, 2022
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Coupon: | 23.28%, payable quarterly if each stock closes at or above contingent interest barrier level on observation date for that quarter
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Price: | Par
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Payout at maturity: | Par unless any stock finishes below barrier level, in which case 1% loss for each 1% decline of lesser-performing stock from initial level
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Call option: | At par on any quarterly observation date after six months
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Initial levels: | $79.88 for Capital One, $6.84 for General Electric and $539.44 for Netflix
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Coupon barrier levels: | $47.928 for Capital One, $4.104 for General Electric and $323.664 for Netflix; 60% of initial levels
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Barrier levels: | $39.94 for Capital One, $3.42 for General Electric and $269.72 for Netflix; 50% of initial levels
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Pricing date: | Oct. 9
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Settlement date: | Oct. 15
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Agent: | TD Securities (USA) LLC
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Fees: | 1.1932%
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Cusip: | 89114RUU8
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