By Wendy Van Sickle
Columbus, Ohio, May 7 – Toronto-Dominion Bank priced $2.15 million of autocallable contingent interest barrier notes due April 26, 2024 linked to the least performing of the common stocks of Bank of America Corp., Citigroup Inc. and Wells Fargo & Co., according to a 424B2 filing with the Securities and Exchange Commission.
Monthly, the notes will pay a contingent interest payment at the rate of 7% per year if each stock closes at or above the coupon barrier price, 60% of the initial share price, on the observation date for that period.
The notes will be called at par plus the contingent interest payment if the shares of each stock close at or above their initial prices on any monthly observation date after six months.
If the notes are not called, the payout at maturity will be par plus any contingent interest payment due unless the least performing stock finishes below the barrier price, 60% 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., Citigroup Inc. and Wells Fargo & Co.
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| Amount: | $2,145,000
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| Maturity: | April 26, 2024
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| Coupon: | 7% annual rate, payable monthly if all stocks close at or above their coupon barrier prices on the relevant observation date
|
| Price: | Par
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| Payout at maturity: | Par plus any contingent interest payment due unless any stock finishes below barrier price, in which case full exposure to laggard stock’s decline
|
| Call: | Automatically at par plus contingent interest payment if each stock closes at or above its initial share price on any monthly observation date after six months
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| Initial share prices: | $39.18 for BofA, $71.38 for Citigroup and $43.86 for Wells Fargo
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| Coupon barrier prices: | $23.508 for BofA, $42.828 for Citigroup and $26.316 for Wells Fargo; 60% of initial levels
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| Barrier value prices: | $23.508 for BofA, $42.828 for Citigroup and $26.316 for Wells Fargo; 60% of initial levels
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| Pricing date: | April 23
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| Settlement date: | April 28
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| Agent: | TD Securities (USA) LLC
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| Fees: | 2.8811%
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| Cusip: | 89117FE62
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