Published on 10/8/2020 in the Prospect News Structured Products Daily.
New Issue: TD Bank prices $1.05 million contingent interest barrier autocalls on four stocks
By Kiku Steinfeld
Chicago, Oct. 8 – Toronto-Dominion Bank priced $1.05 million of autocallable contingent interest barrier notes due Oct. 3, 2024 linked to the least performing of the common stocks of Apple Inc., Facebook, Inc., Alphabet Inc. and Microsoft Corp., according to a 424B2 filing with the Securities and Exchange Commission.
The notes pay a contingent quarterly coupon at an annual rate of 12.2% if each stock closes at or above its interest barrier value, 60% 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 its initial share price on any quarterly call observation date after six months.
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: | Apple Inc., Facebook, Inc., Alphabet Inc. and Microsoft Corp.
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| Amount: | $1,050,000
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| Maturity: | Oct. 3, 2024
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| Coupon: | 12.2% per year, payable quarterly 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
|
| Call: | Automatically at par if each stock closes at or above its initial share price on any quarterly call observation date after six months
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| Initial share prices: | $114.09 for Apple, $261.79 for Facebook, $1,466.02 for Alphabet and $207.26 for Microsoft
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| Interest barrier values: | $68.454 for Apple, $157.074 for Facebook, $879.612 for Alphabet and $124.356 for Microsoft; or 60% of initial share prices
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| Barrier values: | $62.7495 for Apple, $143.9845 for Facebook, $806.311 for Alphabet and $113.993 for Microsoft; or 55% of initial share prices
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| Pricing date: | Sept. 30
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| Settlement date: | Oct. 5
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| Agent: | TD Securities (USA) LLC
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| Fees: | 1.5%
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| Cusip: | 89114RUF1
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