Published on 7/26/2021 in the Prospect News Structured Products Daily.
New Issue: TD Bank sells $1.2 million contingent interest barrier autocalls with memory on stocks
By William Gullotti
Buffalo, N.Y., July 26 – Toronto-Dominion Bank priced $1.2 million of autocallable contingent interest barrier notes with memory interest due July 18, 2024 linked to 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.
The notes will pay a contingent quarterly interest payment at the rate of 10% per year if each stock closes at or above the coupon barrier price, 60% of the initial share price, on the observation date for that period. Any previously unpaid contingent interest payments will also be paid.
The notes will be called at par plus the contingent interest payment and any previously unpaid contingent payments if the shares of each stock close at or above their initial prices on any quarterly observation date.
If the notes are not called, the payout at maturity will be par plus all unpaid contingent interest payments unless the least performing stock finishes below the barrier price, 60% 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
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| Issue: | Autocallable contingent interest barrier notes with memory interest
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| Underlying stocks: | Apple Inc., Amazon.com, Inc., Facebook, Inc., Netflix, Inc.
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| Amount: | $1,200,000
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| Maturity: | July 18, 2024
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| Coupon: | 10% annual rate, payable quarterly if all stocks close at or above their coupon barrier prices on the relevant observation date; payment will include any previously unpaid coupons
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| Price: | Par
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| Payout at maturity: | Par plus all unpaid contingent interest payments unless any stock finishes below barrier price, in which case full exposure to laggard stock’s decline
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| Call: | Automatically at par plus contingent interest payment and any previously unpaid contingent interest payments if each stock closes at or above its initial share price on any quarterly observation date
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| Initial share prices: | $149.15 for Apple, $3,681.68 for Amazon, $347.63 for Facebook, $547.95 for Netflix
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| Coupon barrier prices: | $89.49 for Apple, $2,209.008 for Amazon, $208.578 for Facebook, $328.77 for Netflix; 60% of initial levels
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| Barrier value prices: | $89.49 for Apple, $2,209.008 for Amazon, $208.578 for Facebook, $328.77 for Netflix; 60% of initial levels
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| Strike date: | July 14
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| Pricing date: | July 15
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| Settlement date: | July 20
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| Agent: | TD Securities (USA) LLC
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| Fees: | 1.5%
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| Cusip: | 89114TNE8
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