By Kiku Steinfeld
Chicago, Dec. 3 – Toronto-Dominion Bank priced $795,000 of autocallable contingent interest barrier notes with memory interest due Aug. 15, 2024 linked to the least performing of the stocks of Bank of America Corp., Citigroup Inc. and JPMorgan Chase & Co., according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent quarterly interest payment at the rate of 8% per year if each stock closes at or above the coupon barrier price, 65% of the initial share price, on the observation date for that period. Any previously unpaid contingent interest payments will also be paid whenever a interest payment is made.
The notes will be called at par plus the contingent interest payment and any previously unpaid contingent payments if the shares of each stock close at or above their initial prices on any quarterly observation date.
If the notes are not called, the payout at maturity will be par plus all unpaid contingent interest payments unless the least performing stock finishes below the barrier price, 65% 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
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| Underlying stocks: | Bank of America Corp., Citigroup Inc. and JPMorgan Chase & Co.
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| Amount: | $795,000
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| Maturity: | Aug. 15, 2024
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| Coupon: | 8% annual rate, payable quarterly if all stocks close at or above their coupon barrier prices on the relevant observation date; payment will include any previously unpaid coupons
|
| Price: | Par
|
| Payout at maturity: | Par plus all unpaid contingent interest payments 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 and any previously unpaid contingent interest payments if each stock closes at or above its initial share price on any quarterly observation date
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| Initial share prices: | $41.95 for BofA, $74.30 for Citi, $161.16 for JPMorgan
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| Coupon barrier prices: | $27.2675 for BofA, $48.295 for Citi, $104.754 for JPMorgan; 65% of initial levels
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| Barrier value prices: | $27.2675 for BofA, $48.295 for Citi, $104.754 for JPMorgan; 65% of initial levels
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| Pricing date: | Aug. 12
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| Settlement date: | Aug. 17
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| Agent: | TD Securities (USA) LLC
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| Fees: | 1.1211%
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| Cusip: | 89114TPV8
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