Published on 10/12/2020 in the Prospect News Structured Products Daily.
New Issue: TD Bank prices $1.4 million contingent interest buffered autocallables linked to stocks
Kiku Steinfeld
Chicago, Oct. 12 – Toronto-Dominion Bank priced $1.4 million of autocallable contingent interest buffered notes due Oct 5, 2023 linked to the least performing of the common stocks of Apple Inc., Citigroup 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 10.2512% if each stock closes at or above its interest barrier value, 70% of its initial share price, on the valuation date for that month.
The notes will be called at par if each stock closes at or above its initial share price 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 share price, in which case investors will be exposed to the decline of the least-performing stock beyond the buffer.
TD Securities (USA) LLC is the underwriter.
| Issuer: | Toronto-Dominion Bank
|
| Issue: | Autocallable contingent interest buffered notes
|
| Underlying stocks: | Apple Inc., Citigroup Inc., Facebook, Inc. and Netflix, Inc.
|
| Amount: | $1,402,000
|
| Maturity: | Oct. 5, 2023
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| Coupon: | 10.2512% per year, payable monthly if all stocks close at or above interest barrier values on valuation date for that month
|
| Price: | Par
|
| Payout at maturity: | Par unless any stock finishes below buffer value, in which case exposure to least-performing stock’s decline beyond the buffer
|
| Call: | Automatically at par if each stock closes at or above initial share price on any quarterly valuation date after six months
|
| Initial share prices: | $115.81 for Apple, $43.11 for Citigroup, $261.90 for Facebook and $500.03 for Netflix
|
| Interest barriers: | $81.067 for Apple, $30.177 for Citigroup, $183.33 for Facebook and $350.021 for Netflix; 70% of initial levels
|
| Buffer values: | $81.067 for Apple, $30.177 for Citigroup, $183.33 for Facebook and $350.021 for Netflix; 70% of initial levels
|
| Pricing date: | Sept. 30
|
| Settlement date: | Oct. 5
|
| Agent: | TD Securities (USA) LLC
|
| Fees: | 3.5%
|
| Cusip: | 89114RTD8
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