Published on 1/27/2021 in the Prospect News Structured Products Daily.
New Issue: TD Bank prices $940,000 of autocallable contingent interest barrier notes on stocks
By Wendy Van Sickle
Columbus, Ohio, Jan. 27 – Toronto-Dominion Bank priced $940,000 of autocallable contingent interest barrier notes due Jan. 24, 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.
Each six months, the notes will pay a contingent interest payment at the rate of 10% 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 85% of their initial prices on any 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
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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: | $940,000
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| Maturity: | Jan. 24, 2024
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| Coupon: | 10% annual rate, payable semiannualy 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 any contingent interest payment due unless any stock finishes below barrier price, in which case full exposure to laggard stock’s decline
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| Call: | Automatically at par plus contingent interest payment if each stock closes at or above 85% of its initial share price on any observation date
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| Initial share prices: | $127.14 for Apple, $3,104.25 for Amazon.com, $1,736.19 for Alphabet and $212.65 for Microsoft
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| Coupon barrier levels: | $82.641 for Apple, $2,017.7625 for Amazon.com, $1,128.5235 for Alphabet and $138.2225 for Microsoft; 65% of initial levels
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| Barrier levels: | $76.284 for Apple, $1,862.55 for Amazon.com, $1,041.714 for Alphabet and $127.59 for Microsoft; 60% of initial levels
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| Pricing date: | Jan. 19
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| Settlement date: | Jan. 22
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| Agent: | TD Securities (USA) LLC
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| Fees: | 1.458%
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| Cusip: | 89114T6P2
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