Published on 7/7/2022 in the Prospect News Structured Products Daily.
New Issue: TD sells $1.44 million callable contingent interest barrier notes on S&P, Nasdaq, Russell
By William Gullotti
Buffalo, N.Y., July 7 – Toronto-Dominion Bank priced $1.44 million of callable contingent interest barrier notes due Jan. 5, 2024 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.
The notes will pay a contingent quarterly coupon at an annual rate of 16.25% 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 declines further but finishes at or above its 70% barrier level, the payout will be par. Otherwise, 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: | $1,438,000
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Maturity: | Jan. 5, 2024
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Coupon: | 16.25% annual rate, payable quarterly if each index closes at or above coupon 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 the worst performer finishes below coupon barrier but at or above barrier level, 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: | 3,785.38 for S&P, 11,503.72 for Nasdaq, 1,707.99 for Russell
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Coupon barrier levels: | 2,839.035 for S&P, 8,627.79 for Nasdaq, 1,280.9925 for Russell; 75% of initial levels
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Barrier levels: | 2,649.766 for S&P, 8,052.604 for Nasdaq, 1,195.593 for Russell; 70% of initial levels
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Pricing date: | June 30
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Settlement date: | July 6
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Agent: | TD Securities (USA) LLC
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Fees: | 0.6951%
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Cusip: | 89114Y5F4
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