Published on 7/13/2020 in the Prospect News Structured Products Daily.
New Issue: TD Bank prices $845,000 contingent interest barrier autocallables linked to stocks
By Sarah Lizee
Olympia, Wash., July 13 – Toronto-Dominion Bank priced $845,000 of autocallable contingent interest barrier notes due July 11, 2023 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.
Each quarter, the notes pay a contingent coupon at an annual rate of 13.35% if each stock closes at or above its interest barrier value, 60% of its initial share price, on the valuation date for that period.
The notes will be called at par if each stock closes at or above 85% of its initial share price on any quarterly call observation date.
The payout at maturity will be par unless any stock finishes below its barrier value, 60% of its initial value, in which case investors will be fully exposed to the decline of the least-performing stock.
TD Securities (USA) LLC is the underwriter.
Issuer: | Toronto-Dominion Bank
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Issue: | Autocallable contingent interest barrier notes
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Underlying stocks: | Apple Inc., Amazon.com, Inc., Alphabet Inc. and Microsoft Corp.
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Amount: | $845,000
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Maturity: | July 11, 2023
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Coupon: | 13.35% per year, payable quarterly if stocks close at or above interest barrier values on valuation date for that period
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Price: | Par
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Payout at maturity: | Par unless any stock finishes below barrier value, in which case full exposure to least-performing stock’s decline
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Call: | Automatically at par if each stock closes at or above 85% of initial level on any quarterly call observation date
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Initial share prices: | $364.11 for Apple, $2,890.30 for Amazon, $1,464.70 for Alphabet, $206.26 for Microsoft
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Call values: | $309.4935 for Apple, $2,456.755 for Amazon, $1,244.995 for Alphabet, $175.321 for Microsoft
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Interest barrier values: | $218.466 for Apple, $1,734.18 for Amazon, $878.82 for Google, $123.756 for Microsoft, or 60% of initial share prices
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Barrier values: | $218.466 for Apple, $1,734.18 for Amazon, $878.82 for Google, $123.756 for Microsoft, or 60% of initial share prices
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Pricing date: | July 2
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Settlement date: | July 6
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Agent: | TD Securities (USA) LLC
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Fees: | 2%
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Cusip: | 89114RNK8
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