Published on 7/15/2021 in the Prospect News Structured Products Daily.
New Issue: TD sells $4.45 million callable contingent interest barrier notes on three indexes
By Wendy Van Sickle
Columbus, Ohio, July 15 – Toronto-Dominion Bank priced $4.45 million of callable contingent interest barrier notes due July 17, 2023 linked to the least performing of the S&P 500 index, the Nasdaq-100 index and the Russell 2000 index, 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 9.57% if each index closes at or above the 70% 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 unless any index finishes below the 70% 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
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Issue: | Callable contingent interest barrier notes
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Underlying indexes: | S&P 500 index Nasdaq-100 index, Russell 2000 index
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Amount: | $4.45 million
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Maturity: | July 17, 2023
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Coupon: | 9.57% annual rate, payable quarterly if each index 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 index finishes below barrier level, in which case 1% loss for each 1% decline of least-performing index from initial level
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Call option: | At par on any quarterly observation date
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Initial levels: | 4,320.82 for S&P 500, 14,722.14 for Nasdaq, 2,231.677 for Russell
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Coupon barrier levels: | 3,024.574 for S&P 500, 10,305.498 for Nasdaq, 1,562.1739 for Russell; 70% of initial levels
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Barrier levels: | 3,024.574 for S&P 500, 10,305.498 for Nasdaq, 1,562.1739 for Russell; 70% of initial levels
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Pricing date: | July 12
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Settlement date: | July 15
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Agent: | TD Securities (USA) LLC
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Fees: | 0.15%
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Cusip: | 89114TN57
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