Published on 9/25/2020 in the Prospect News Structured Products Daily.
New Issue: TD Bank prices $2 million contingent interest buffered autocallables linked to stocks
By Taylor Fox
New York, Sept. 25 – Toronto-Dominion Bank priced $2 million of autocallable contingent interest buffered notes due Sept. 14, 2023 linked to the lesser performing of the least performing of the common stocks of Apple Inc., Amazon.com, Inc., Facebook, Inc. and Netflix, Inc., according to a 424B2 filing with the Securities and Exchange Commission.
Each month, the notes pay a contingent coupon at an annual rate of 12.0984% if each stock closes at or above its interest barrier value, 70% of its initial level, on the valuation date for that month.
The notes will be called at par if each stock closes at or above its initial level on any quarterly valuation date after six months.
The payout at maturity will be par unless any stock finishes below its buffer value, 70% of its initial level, 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 buffered notes
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| Underlying stocks: | Apple Inc., Amazon.com, Inc., Facebook, Inc. and Netflix, Inc.
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| Amount: | $2,003,000
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| Maturity: | Sept. 14, 2023
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| Coupon: | 12.0984% per year, payable monthly if all stocks close at or above interest barrier values on valuation date for that month
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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 initial level on any quarterly valuation date after six months
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| Initial stock levels: | $112 for Apple, $3,116.22 for Amazon, $266.61 for Facebook and $482.03 for Netflix
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| Interest barriers: | $78.40 for Apple, $2,181.354 for Amazon, $186.627 for Facebook and $337.421 for Netflix; 70% of initial levels
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| Buffers: | $78.40 for Apple, $2,181.354 for Amazon, $186.627 for Facebook and $337.421 for Netflix; 70% of initial levels
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| Pricing date: | Sept. 11
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| Settlement date: | Sept. 16
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| Agent: | TD Securities (USA) LLC
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| Fees: | 3.5%
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| Cusip: | 89114RRN8
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