Published on 11/17/2020 in the Prospect News Structured Products Daily.
New Issue: TD prices $500,000 callable contingent interest barrier notes on Dow, Russell, Nasdaq
By Wendy Van Sickle
Columbus, Ohio, Nov. 17 – Toronto-Dominion Bank priced $500,000 of callable contingent interest barrier notes due Nov. 6, 2025 linked to the least performing of the Dow Jones industrial average, the Russell 2000 index and the Nasdaq-100 index trust, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a quarterly contingent coupon at an annual rate of 11.25% if each index closes at or above the 75% contingent interest barrier level on the observation date for that period.
The notes are callable at par plus any contingent interest payment due on any quarterly observation date starting with the sixth one.
The payout at maturity will be par plus any coupon due unless any index finishes below the 70% barrier level, in which case investors will lose 1% for each 1% decline of the least-performing index from its initial level.
TD Securities (USA) LLC is the agent.
| Issuer: | Toronto-Dominion Bank
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| Issue: | Callable contingent interest barrier notes
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| Underlying indexes: | Dow Jones industrial average, Russell 2000 index and Nasdaq-100 index
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| Amount: | $500,000
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| Maturity: | Nov. 6, 2025
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| Coupon: | 11.25%, payable quarterly if each index closes at or above contingent interest barrier level on observation date for that period
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| Price: | Par
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| Payout at maturity: | Par plus any coupon due unless any index finishes below barrier level, in which case 1% loss for each 1% decline of least-performing index from initial level
|
| Call option: | At par plus any contingent coupon due on any quarterly observation date starting with the sixth one
|
| Initial levels: | 26,925.05 for Dow, 1,568.592 for Russell, 11,084.76 for Nasdaq
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| Contingent interest barriers: | 20,193.7875 for Dow, 1,176.444 for Russell, 8,313.57 for Nasdaq; 75% of initial levels
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| Barriers: | 18,847.535 for Dow, 1,098.0144 for Russell, 7,759.332 for Nasdaq; 70% of initial levels
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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: | 1%
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| Cusip: | 89114RWC6
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