Published on 8/30/2023 in the Prospect News Structured Products Daily.
New Issue: TD Bank sells $9 million callable contingent interest barrier notes on three indexes
By Wendy Van Sickle
Columbus, Ohio, Aug. 30 – Toronto-Dominion Bank priced $9 million of callable contingent interest barrier notes due Nov. 29, 2024 linked to the least performing of the Nasdaq-100 index, the Euro Stoxx 50 index and the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent quarterly coupon at an annual rate of 12% if each index closes at or above the 70% contingent interest barrier level on the relevant observation date.
The notes will be callable at par plus any coupon due on any quarterly observation date.
The payout at maturity will be par plus the final coupon if each index finishes at or above its contingent interest barrier.
If the worst performer finishes below its contingent interest barrier but at or above the 65% threshold level, the payout will be par. Otherwise, investors will lose 1% for each 1% decline of the worst performer 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: | Nasdaq-100 index, Euro Stoxx 50 index, S&P 500 index
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| Amount: | $9 million
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| Maturity: | Nov. 29, 2024
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| Coupon: | 12% annual rate, payable quarterly if each index closes at or above contingent interest barrier level on the corresponding observation date
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| Price: | Par
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| Payout at maturity: | Par plus final coupon if each index finishes at or above coupon barrier; if worst performer finishes below coupon barrier but at or above threshold level, par; otherwise, 1% loss for each 1% decline of worst performer from initial level
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| Call option: | At par plus any coupon due on any quarterly observation date
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| Initial levels: | 14,816.44 for Nasdaq, 4,232.22 for Stoxx, 4,376.31 for S&P
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| Coupon barrier levels: | 10,371.508 for Nasdaq, 2,962.554 for Stoxx, 3,063.417 for S&P; 70% of initial levels
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| Threshold levels: | 9,630.686 for Nasdaq, 2,750.943 for Stoxx, 2,844.6015 for S&P; 65% of initial levels
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| Pricing date: | Aug. 25
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| Settlement date: | Aug. 30
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| Agent: | TD Securities (USA) LLC
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| Fees: | 0%
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| Cusip: | 89115FAN1
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