TD Bank plans to price contingent interest barrier autocalls on Citi

By Sarah Lizee

Olympia, Wash., May 6 – Toronto-Dominion Bank plans to price autocallable contingent interest barrier notes due Nov. 12, 2020 linked to the common stock of Citigroup Inc., according to a 424B2 filing with the Securities and Exchange Commission.

Each quarter, the notes will pay a contingent coupon at the rate of 7.25% per year if Citi shares close at or above the barrier price, 70% of the initial share price, on the valuation date for that quarter.

After six months, the notes will be called at par plus the contingent coupon if the shares close at or above the initial share price on any quarterly valuation date other than the final valuation date.

The payout at maturity will be par plus the contingent coupon unless the stock finishes below the barrier price, in which case investors will be fully exposed to the stock’s decline.

TD Securities (USA) LLC is the underwriter.

The notes will price on May 8.

The Cusip number is 89114QR59.

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