Published on 9/11/2021 in the Prospect News Structured Products Daily.
New Issue: TD Bank prices $1 million contingent interest barrier autocalls on tech stocks
By Kiku Steinfeld
Chicago, Sept. 13 – Toronto-Dominion Bank priced $1 million of autocallable contingent interest barrier notes due July 5, 2024 linked to the least performing of the common stocks of Alphabet Inc., Amazon.com, Inc., Netflix, Inc. and Facebook, Inc., according to a 424B2 filing with the Securities and Exchange Commission.
The notes pay a contingent quarterly coupon at an annual rate of 11.8% if each stock closes at or above its interest barrier value, 70% of its initial share price, on the valuation date for that period.
The notes will be called at par of $10,000 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 70% of its initial value, in which case investors will receive a number of shares of the least performing stock equal to $10,000 divided by the initial share price or, at the issuer’s option, the cash equivalent.
TD Securities (USA) LLC is the agent.
| Issuer: | Toronto-Dominion Bank
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| Issue: | Autocallable contingent interest barrier notes
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| Underlying stocks: | Alphabet Inc., Amazon.com, Inc., Netflix, Inc. and Facebook, Inc.
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| Amount: | $1 million
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| Maturity: | July 5, 2024
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| Coupon: | 11.8% per year, payable quarterly if each stock closes at or above interest barrier on valuation date for that period
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| Price: | Par of $10,000
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| Payout at maturity: | Par unless any stock finishes below final barrier, in which case investors will receive a number of shares of least performing stock equal to $10,000 divided by initial price or, at issuer’s option, cash equivalent
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| Call: | Automatically at par if each stock closes at or its initial value on any quarterly valuation date after six months
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| Initial share prices: | $2,441.79 for Alphabet, $3,440.16 for Amazon, $347.71 for Facebook and $528.21 for Netflix
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| Interest barrier/barrier values: | $1,709.253 for Alphabet, $2,408.112 for Amazon, $243.397 for Facebook and $369.747 for Netflix; 70% of initial share prices
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| Equity ratios: | 4.0954 for Alphabet, 2.9068 for Amazon, 28.7596 for Facebook and 18.9319 for Netflix
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| Pricing date: | June 30
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| Settlement date: | July 6
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| Agent: | TD Securities (USA) LLC
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| Fees: | 3.25%
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| Cusip: | 89117GBH9
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