Published on 3/14/2021 in the Prospect News Structured Products Daily.
New Issue: TD Bank prices $650,000 callable contingent interest barrier notes on stocks
By Kiku Steinfeld
Chicago, March 15 – Toronto-Dominion Bank priced $650,000 of callable contingent interest barrier notes due Feb. 29, 2024 linked to the common stocks of Alphabet Inc., Amazon.com, Inc., Facebook, Inc. and Netflix, Inc., according to a 424B2 filing with the Securities and Exchange Commission.
Each month, the notes will pay a contingent interest payment at the rate of 16.08% per year if each stock closes at or above the coupon barrier price, 65% of the initial share price, on the observation date for that period.
The notes may be called at par plus any coupon on any quarterly observation date after six months.
If the notes are not called, the payout at maturity will be par unless the least performing stock finishes below the barrier price, 55% of the initial share price, in which case investors will be fully exposed to the laggard stock’s decline.
TD Securities (USA) LLC is the agent.
| Issuer: | Toronto-Dominion Bank
|
| Issue: | Callable contingent interest barrier notes
|
| Underlying stocks: | Alphabet Inc., Amazon.com, Inc., Facebook, Inc. and Netflix, Inc.
|
| Amount: | $650,000
|
| Maturity: | Feb. 29, 2024
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| Coupon: | 16.08% annual rate, payable each month that all stocks close at or above barrier price on the relevant observation date
|
| Price: | Par
|
| Payout at maturity: | Par unless any stock finishes below barrier price, in which case full exposure to laggard stock’s decline
|
| Call option: | At par plus any coupon on any quarterly observation date after six months
|
| Initial share prices: | $3,092.93 for Amazon, $257.62 for Facebook, $2,021.91 for Alphabet and $538.85 for Netflix
|
| Coupon barrier levels: | $2,010.4045 for Amazon, $167.453 for Facebook, $1,314.2415 for Alphabet and $350.2525 for Netflix; 65% of initial levels
|
| Barrier levels: | $1,701.1115 for Amazon, $141.691 for Facebook, $1,112.0505 for Alphabet and $296.3675 for Netflix; 55% of initial levels
|
| Pricing date: | Feb. 26
|
| Settlement date: | March 3
|
| Agent: | TD Securities (USA) LLC
|
| Fees: | 1%
|
| Cusip: | 89114TBW1
|
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