Published on 8/21/2020 in the Prospect News Structured Products Daily.
New Issue: TD sells $4.35 million of 10% autocallable fixed-interest barrier notes on stocks
By Kiku Steinfeld
Chicago, Aug. 21 – Toronto-Dominion Bank priced $4.35 million of 10% autocallable fixed interest barrier notes due Aug. 16, 2022 linked to common stocks of FedEx Corp., Knight-Swift Transportation Holdings Inc., United Parcel Service, Inc. and XPO Logistics, Inc., according to a 424B2 filing with the Securities and Exchange Commission.
Interest is payable monthly.
The notes will be called at par if each stock closes at or above its initial level on any monthly call observation date after six months.
The payout at maturity will be par unless any stock finishes below its barrier level, 53% of its initial level, in which case investors will receive a number of shares of the worst-performing stock equal to $1,000 divided by that stock’s initial share price or, at the issuer’s option, an amount in cash equal to the value of those shares.
TD Securities (USA) LLC is the underwriter.
| Issuer: | Toronto-Dominion Bank
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| Issue: | Autocallable fixed interest barrier notes
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| Underlying stocks: | FedEx Corp., Knight-Swift Transportation Holdings Inc., United Parcel Service, Inc. and XPO Logistics, Inc.
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| Amount: | $4,350,000
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| Maturity: | Aug. 16, 2022
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| Coupon: | 10%, payable monthly
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| Price: | Par
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| Payout at maturity: | Par unless any stock finishes below its barrier level, in which case number of shares equal to $1,000 divided by initial share price of least-performing stock, or, at issuer’s option, cash equivalent
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| Call: | Automatically at par if each stock closes at or above its initial level on any monthly call observation date after six months
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| Initial levels: | $196.45 for FedEx, $44.44 for Knight-Swift, $155.85 for UPS and $84.00 for XPO
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| Barrier levels: | $104.1185 for FedEx, $23.5532 for Knight-Swift, $82.6005 for UPS and $44.52 for XPO, 53% of initial levels
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| Equity ratios: | 5.0904 for FedEx, 22.5023 for Knight-Swift, 6.4164 for UPS and 11.9048 for XPO
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| Pricing date: | Aug. 11
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| Settlement date: | Aug. 14
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| Agent: | TD Securities (USA) LLC
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| Fees: | 3.08%
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| Cusip: | 89117FXW4
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