Published on 7/9/2020 in the Prospect News Structured Products Daily.
New Issue: TD prices $1.29 million callable contingent interest barrier notes on indexes
By Sarah Lizee
Olympia, Wash., July 9 – Toronto-Dominion Bank priced $1.29 million of callable contingent interest barrier notes due July 7, 2025 linked to the least performing of the Nasdaq-100 index, the Russell 2000 index and the Dow Jones industrial average, according to a 424B2 filing with the Securities and Exchange Commission.
Each quarter, the notes will pay a contingent coupon at an annual rate of 8.8% if each index closes at or above the 60% contingent interest barrier level on the observation date for that quarter.
The notes will be callable at par on any quarterly observation date.
The payout at maturity will be par plus any coupon unless any index finishes below the 50% barrier level, in which case investors will lose 1% for each 1% decline of the lesser-performing index from its initial level.
TD Securities (USA) LLC is the agent.
| Issuer: | Toronto-Dominion Bank
|
| Issue: | Callable contingent interest barrier notes
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| Underlying indexes: | Nasdaq-100 index, Russell 2000 index and Dow Jones industrial average
|
| Amount: | $1,292,000
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| Maturity: | July 7, 2025
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| Coupon: | 8.8%, payable quarterly if each index closes at or above contingent interest barrier level on observation date for that quarter
|
| Price: | Par of $1,000
|
| Payout at maturity: | Par plus any coupon unless any index finishes below barrier level, in which case 1% loss for each 1% decline of lesser-performing index from initial level
|
| Call option: | At par on any quarterly observation date
|
| Initial levels: | 25,734.97 for Dow, 10,279.25 for Nasdaq, 1,427.314 for Russell
|
| Interest barrier levels: | 15,440.982 for Dow, 6,167.55 for Nasdaq, 856.3884 for Russell; 60% of initial levels
|
| Barrier levels: | 12,867.485 for Dow, 5,139.625 for Nasdaq, 713.657 for Russell; 50% of initial levels
|
| Pricing date: | July 1
|
| Settlement date: | July 7
|
| Agent: | TD Securities (USA) LLC
|
| Fees: | 0.75%
|
| Cusip: | 89114RNE2
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