Published on 3/28/2024 in the Prospect News Structured Products Daily.
New Issue: TD Bank prices $942,000 callable contingent interest barrier notes linked to indexes
By Angela McDaniels
Tacoma, Wash., March 28 – Toronto-Dominion Bank priced $942,000 of callable contingent interest barrier notes due July 6, 2026 linked to 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.
Each month, the notes will pay a contingent coupon at an annual rate of 10.15% if each index closes at or above its 70% barrier level on the relevant observation date.
The notes will be callable at par on any monthly observation date after 12 months.
If the notes have not been called, the payout at maturity will be par unless any index finishes below its barrier level, in which case investors will lose 1% for every 1% that the worst performer declines 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 and Russell 2000 index
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| Amount: | $942,000
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| Maturity: | July 6, 2026
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| Coupon: | 10.15% per year, payable monthly if each index closes at or above barrier level on relevant observation date
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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 every 1% that worst performer declines from initial level
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| Call option: | At par on any monthly observation date after 12 months
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| Initial levels: | 34,407.60 for Dow, 15,179.21 for Nasdaq and 1,888.743 for Russell
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| Barrier levels: | 24,085.32 for Dow, 10,625.447 for Nasdaq and 1,322.1138 for Russell, or 70% of initial levels
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| Pricing date: | June 30, 2023
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| Settlement date: | July 6, 2023
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| Agent: | TD Securities (USA) LLC
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| Fees: | 0.7%
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| Cusip: | 89115F2P5
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