Published on 9/5/2018 in the Prospect News Structured Products Daily.
New Issue: TD Bank prices $5.76 million 10% contingent interest autocalls tied to tech stocks
By Susanna Moon
Chicago, Sept. 5 – Toronto-Dominion Bank priced $5.76 million of autocallable contingent interest barrier notes due Aug. 31, 2021 linked to the least performing of the common stocks of Amazon.com Inc., Facebook, Inc. and Netflix, Inc., according to a 424B2 filing with the Securities and Exchange Commission.
The notes pay a contingent monthly coupon at an annual rate of 10% if each underlying asset closes at or above its 50% coupon barrier on the observation date for that month.
The notes will be called at par if each stock closes at or above its initial level on any quarterly observation date.
The payout at maturity will be par unless any asset finishes below its 50% trigger level, in which case investors will receive par plus the return of the worst performing asset with full exposure to any losses.
TD Securities (USA) LLC is the underwriter.
| Issuer: | Toronto-Dominion Bank
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| Issue: | Autocallable contingent interest barrier notes
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| Underlying funds: | Amazon.com Inc. (Symbol: AMZN), Facebook, Inc. (Symbol: FB) and Netflix, Inc. (Symbol: NFLX)
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| Amount: | $5,757,000
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| Maturity: | Aug. 31, 2021
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| Coupon: | 10% annualized, payable monthly if each stock closes at or above 50% coupon barrier on review date for that month
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| Price: | Par
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| Payout at maturity: | Par unless any stock falls by more than 50%, in which case 1% loss for each 1% decline of worst performing stock
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| Call: | At par plus contingent coupon if each stock closes at or above initial level on any quarterly valuation date
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| Initial levels: | $1,927.68 for Amazon, $177.46 for Facebook and $364.58 for Netflix
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| Trigger levels: | $963.84 for Amazon, $88.73 for Facebook and $182.29 for Netflix, 50% of initial levels
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| Pricing date: | Aug. 27
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| Settlement date: | Aug. 31
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| Agent: | TD Securities (USA) LLC
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| Fees: | 3.25%
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| Cusip: | 89114QPT9
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