Published on 11/10/2020 in the Prospect News Structured Products Daily.
New Issue: TD sells $1.27 million contingent interest barrier autocalls on four stocks
By Kiku Steinfeld
Chicago, Nov. 10 – Toronto-Dominion Bank priced $1.27 million of autocallable contingent interest barrier notes due May 5, 2023 linked to the common stock of Bank of America Corp., Citigroup Inc., Goldman Sachs Group, Inc. and Morgan Stanley, according to a 424B2 filing with the Securities and Exchange Commission.
Each quarter, the notes will pay a contingent coupon at the rate of 16.0656% per year if each stock closes at or above the coupon barrier price, 70% of the initial share price, on the valuation date for that quarter.
The notes will be called at par plus the contingent coupon if the shares of each stock close at or above 100% of the initial share price on any quarterly call observation date.
The payout at maturity will be par plus the contingent coupon unless the stock finishes below the barrier price, 70% of the initial share price, in which case investors will be fully exposed to the laggard stock’s decline.
TD Securities (USA) LLC is the agent.
| Issuer: | Toronto-Dominion Bank
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| Issue: | Autocallable contingent interest barrier notes
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| Underlying stocks: | Bank of America Corp., Goldman Sachs Group, Inc., Citigroup Inc. and Morgan Stanley
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| Amount: | $1,270,000
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| Maturity: | May 5, 2023
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| Coupon: | Each quarter, notes pay contingent coupon at rate of 16.0656% per year if all shares close at or above coupon barrier price on valuation date
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| Price: | Par
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| Payout at maturity: | Par plus contingent coupon unless any stock finishes below barrier price, in which case full exposure to laggard stock’s decline
|
| Call: | Automatically at par plus contingent coupon if shares of each stock close at or above 100% of initial share price on any quarterly call observation date
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| Initial share prices: | $24.08 for BofA, $42.21 for Citi, $190.20 for Goldman, $49.38 for Morgan Stanley
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| Barrier prices: | $16.856 for BofA, $29.547 for Citi, $133.14 for Goldman, $34.566 for Morgan Stanley, 70% of initial share prices
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| Coupon barrier prices: | $16.856 for BofA, $29.547 for Citi, $133.14 for Goldman, $34.566 for Morgan Stanley, 70% of initial share prices
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| Pricing date: | Nov. 2
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| Settlement date: | Nov. 5
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| Agent: | TD Securities (USA) LLC
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| Fees: | 3.5%
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| Cusip: | 89114RWA0
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