Published on 6/27/2019 in the Prospect News Structured Products Daily.
New Issue: TD Bank sells $460,000 contingent interest barrier autocalls on Stoxx, Russell
By Sarah Lizee
Olympia, Wash., June 27 – Toronto-Dominion Bank priced $460,000 of autocallable contingent interest barrier notes due June 27, 2024 linked to the lesser-performing of the Euro Stoxx 50 index and the Russell 2000 index, according to a 424B2 filing with the Securities and Exchange Commission.
Each quarter, the notes pay a contingent coupon at an annual rate of 8% if each index closes at or above the barrier level, 75% of the initial level, on the observation that quarter.
Starting Dec. 25, the notes will be called at par if each index closes at or above the level on any quarterly valuation date other than the final valuation date.
The payout at maturity will be par unless the lesser performing index finishes below the barrier level, in which case investors will be fully exposed to its decline.
TD Securities (USA) LLC is the underwriter.
| Issuer: | Toronto-Dominion Bank
|
| Issue: | Autocallable contingent interest barrier notes
|
| Underlying indexes: | Euro Stoxx 50 index and Russell 2000 index
|
| Amount: | $460,000
|
| Maturity: | June 27, 2024
|
| Coupon: | 8% per year, payable quarterly if each index closes at or above barrier level on observation date that quarter
|
| Price: | Par
|
| Payout at maturity: | Par unless either index finishes below barrier level, in which case full exposure to lesser performing index’s decline
|
| Call: | Beginning Dec. 25, automatically at par if each index closes at or above initial level price on any valuation date other than final valuation date
|
| Initial level: | 3,444.36 for Stoxx, 1,521.035 for Russell
|
| Barrier levels: | 2,583.270 for Stoxx, 1,140.77625 for Russell, 75% of initial levels
|
| Pricing date: | June 25
|
| Settlement date: | June 28
|
| Agent: | TD Securities (USA) LLC
|
| Fees: | 3.5%
|
| Cusip: | 89114QV70
|
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