Published on 5/9/2022 in the Prospect News Structured Products Daily.
New Issue: TD sells $3.99 million callable contingent interest barrier notes on Dow, Nasdaq, Russell
By William Gullotti
Buffalo, N.Y., May 9 – Toronto-Dominion Bank priced $3.99 million of callable contingent interest barrier notes due Aug. 3, 2023 linked to the least performing of the Dow Jones industrial average, the Nasdaq-100 index and the Russell 2000 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent monthly coupon at an annual rate of 16.69% if each index closes at or above the 75% contingent interest barrier level on the relevant observation date.
The notes will be callable at par plus any coupon due on any quarterly observation date.
The payout at maturity will be par plus the final coupon if each index finishes at or above its contingent interest barrier.
If the worst performer finishes below its contingent interest barrier but at or above the 70% barrier level, the payout will be par. Otherwise, investors will lose 1% for each 1% decline of the worst performer 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: | Dow Jones industrial average, Nasdaq-100 index, Russell 2000 index
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Amount: | $3,987,000
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Maturity: | Aug. 3, 2023
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Coupon: | 16.69% annual rate, payable monthly if each index closes at or above contingent interest barrier level on the corresponding observation date
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Price: | Par
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Payout at maturity: | Par plus final coupon if each index finishes at or above coupon barrier; if worst performer finishes below coupon barrier but not below final barrier, par; otherwise, 1% loss for each 1% decline of least-performing index from initial level
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Call option: | At par plus any coupon due on any quarterly observation date
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Initial levels: | 32,977.21 for Dow, 12,854.8 for Nasdaq, 1,864.103 for Russell
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Coupon barrier levels: | 24,732.9075 for Dow, 9,641.1 for Nasdaq, 1,398.0773 for Russell; 75% of initial levels
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Barrier levels: | 23,084.047 for Dow, 8,998.36 for Nasdaq, 1,304.8721 for Russell; 70% of initial levels
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Pricing date: | April 29
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Settlement date: | May 6
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Agent: | TD Securities (USA) LLC
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Fees: | 0.5%
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Cusip: | 89114VE78
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