Published on 8/26/2021 in the Prospect News Structured Products Daily.
New Issue: TD prices $1.32 million of autocallable contingent interest barrier notes on bank stocks
By Taylor Fox
New York, Aug. 26 – Toronto-Dominion Bank priced $1.32 million of autocallable contingent interest barrier notes with memory interest due Feb. 27, 2024 linked to the least performing of the common stocks of Citigroup Inc., Goldman Sachs Group, Inc., JPMorgan Chase & Co. and Morgan Stanley, according to a 424B2 filing with the Securities and Exchange Commission.
Monthly, the notes will pay a contingent interest payment at the rate of 8.1% 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. Previously unpaid coupons will also be paid.
The notes will be called at par plus any 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
|
| Issue: | Autocallable contingent interest barrier notes with memory interest
|
| Underlying stocks: | Citigroup Inc., Goldman Sachs Group, Inc., JPMorgan Chase & Co. and Morgan Stanley
|
| Amount: | $1,320,000
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| Maturity: | Feb. 27, 2024
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| Coupon: | 8.1% annual rate, payable monthly if all stocks close at or above their coupon barrier prices on the relevant observation date; previously unpaid coupons will also be paid
|
| Price: | Par
|
| 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
|
| Initial share prices: | $54.52 for Citigroup, $316.87 for Goldman Sachs, $149.41 for JPMorgan and $77.40 for Morgan Stanley
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| Coupon barrier prices: | $39.312 for Citigroup, $190.122 for Goldman Sachs, $89.646 for JPMorgan and $46.44 for Morgan Stanley; 60% of initial levels
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| Barrier value prices: | $39.312 for Citigroup, $190.122 for Goldman Sachs, $89.646 for JPMorgan and $46.44 for Morgan Stanley; 60% of initial levels
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| Pricing date: | Feb. 22
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| Settlement date: | Feb. 26
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| Agent: | TD Securities (USA) LLC
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| Fees: | 3.6189%
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| Cusip: | 89114TAM4
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