Published on 2/2/2024 in the Prospect News Structured Products Daily.
New Issue: TD Bank sells $365,000 callable contingent interest barrier notes on indexes
Chicago, Feb. 2 – Toronto-Dominion Bank priced $365,000 of callable contingent interest barrier notes due Nov. 14, 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.
The notes will pay a contingent monthly coupon at an annual rate of 10.05% if each index closes at or above the 65% contingent interest barrier level on the relevant observation date.
The notes will be callable at par plus any coupon due on any monthly call observation date starting after six months.
The payout at maturity will be par plus any final coupon if each index finishes at or above its 60% threshold level.
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: | Nasdaq-100 index, Russell 2000 index and Dow Jones industrial average
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Amount: | $365,000
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Maturity: | Nov. 14, 2025
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Coupon: | 10.05% 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 any final coupon if each index finishes at or above threshold level; otherwise, 1% loss for each 1% decline of worst performer from initial level
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Call option: | At par plus any coupon due on any monthly call observation date starting after six months
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Initial levels: | 33,309.51 for Dow, 13,389.78 for Nasdaq, 1,744.707 for Russell
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Coupon barrier levels: | 21,651.1815 for Dow, 8,703.357 for Nasdaq, 1,134.0596 for Russell; 65% of initial levels
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Threshold levels: | 19,985.706 for Dow, 8,033.868 for Nasdaq, 1,046.8242 for Russell; 60% of initial levels
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Pricing date: | May 11, 2023
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Settlement date: | May 16, 2023
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Agent: | TD Securities (USA) LLC
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Fees: | 0.7%
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Cusip: | 89114YXD8
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