Published on 5/24/2022 in the Prospect News Structured Products Daily.
New Issue: TD Bank prices $1.1 million autocallable contingent interest barrier notes on tech stocks
By Kiku Steinfeld
Chicago, May 24 – Toronto-Dominion Bank priced $1.1 million of autocallable contingent interest barrier notes with memory interest due Oct. 23, 2024 linked to 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.
Each month, the notes will pay a contingent interest payment at the rate of 8.75% per year, plus any previously unpaid coupons, if each stock closes at or above the coupon barrier price, 60% of the initial share price, on the observation date for that period.
The notes will be called at par plus the contingent interest payment if the shares of each stock close at or above their initial price on any monthly 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, 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. and Netflix Inc.
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| Amount: | $1.1 million
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| Maturity: | Oct. 23, 2024
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| Coupon: | Each month, contingent interest paid at rate of 8.75% per year, plus any previously unpaid interest, if all shares close at or above barrier price on the relevant observation date
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| Price: | Par
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| Payout at maturity: | Par 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 if shares of each stock close at or above initial price on any monthly observation date after six months
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| Initial share prices: | $146.55 for Apple, $3,446.74 for Amazon, $335.34 for Facebook, $637.97 for Netflix
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| Coupon barrier prices: | $87.93 for Apple, $2,068.044 for Amazon, $201.204 for Facebook, $382.782 for Netflix; 60% of initial levels
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| Barrier prices: | $87.93 for Apple, $2,068.044 for Amazon, $201.204 for Facebook, $382.782 for Netflix; 60% of initial levels
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| Pricing date: | Oct. 18, 2021
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| Settlement date: | Oct. 21, 2021
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| Agent: | TD Securities (USA) LLC
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| Fees: | 3.2682%
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| Cusip: | 89114TTE2
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