Published on 8/21/2020 in the Prospect News Structured Products Daily.
New Issue: TD Bank prices $810,000 contingent interest barrier autocalls on four stocks
By Sarah Lizee
Olympia, Wash., Aug. 21 – Toronto-Dominion Bank priced $810,000 of autocallable contingent interest barrier notes due Aug. 24, 2023 linked to the least performing of the common stocks of Amazon.com, Inc., Facebook, Inc., Netflix, Inc. and Visa Inc., according to a 424B2 filing with the Securities and Exchange Commission.
Each six months, the notes pay a contingent coupon at an annual rate of 14.5% if each stock closes at or above its interest barrier value, 55% of its initial share price, on the valuation date for that period.
The notes will be called at par if each stock closes at or above 90% of its initial share price on any semiannual call observation date.
The payout at maturity will be par unless any stock finishes below its barrier value, 55% of its initial value, in which case investors will be fully exposed to the decline of the least-performing stock.
TD Securities (USA) LLC is the underwriter.
| Issuer: | Toronto-Dominion Bank
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| Issue: | Autocallable contingent interest barrier notes
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| Underlying stocks: | Amazon.com, Inc., Facebook, Inc., Netflix, Inc. and Visa Inc.
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| Amount: | $810,000
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| Maturity: | Aug. 24, 2023
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| Coupon: | 14.5% per year, payable semiannually if stocks close at or above interest barrier values on valuation date for that period
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| Price: | Par
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| Payout at maturity: | Par unless any stock finishes below barrier value, in which case full exposure to least-performing stock’s decline
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| Call: | Automatically at par if each stock closes at or above 90% of its initial share price on any semiannually call observation date
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| Initial share prices: | $3,260.48 for Amazon, $262.59 for Facebook, $484.53 for Netflix, $200.99 for Visa
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| Interest barrier values: | $1,793.264 for Amazon, $144.4245 for Facebook, $266.4915 for Netflix, $110.5445 for Visa, or 55% of initial share prices
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| Barrier values: | $1,793.264 for Amazon, $144.4245 for Facebook, $266.4915 for Netflix, $110.5445 for Visa, or 55% of initial share prices
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| Pricing date: | Aug. 19
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| Settlement date: | Aug. 24
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| Agent: | TD Securities (USA) LLC
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| Fees: | 2%
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| Cusip: | 89114RR57
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