By Taylor Fox
New York, Jan. 19 – Toronto-Dominion Bank priced $1.98 million of autocallable contingent interest barrier notes due Dec. 29, 2023 linked to the common stocks of D.R. Horton, Inc., FedEx Corp. and Nike, Inc., according to a 424B2 filing with the Securities and Exchange Commission.
Monthly, the notes will pay a contingent interest payment at the rate of 10.2% per year if each stock closes at or above the coupon barrier price, 55% 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 prices on any quarterly observation date after six months.
If the notes are not called, the payout at maturity will be par plus any contingent interest payment due unless the least performing stock finishes below the barrier price, 55% 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
|
| Issue: | Autocallable contingent interest barrier notes
|
| Underlying stocks: | D.R. Horton, Inc., FedEx Corp. and Nike, Inc.
|
| Amount: | $1,978,000
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| Maturity: | Dec. 29, 2023
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| Coupon: | 10.2% annual rate, payable monthly if all stocks close at or above their coupon barrier prices on the relevant observation date
|
| Price: | Par
|
| Payout at maturity: | Par plus any contingent interest payment due unless any stock finishes below barrier price, in which case 1% loss for each 1% decline of the laggard stock
|
| Call: | Automatically at par plus contingent interest payment if each stock closes at or above its initial share price on any quarterly observation date after six months
|
| Initial share prices: | $70.75 for D.R. Horton, $270.71 for FedEx and $141.76 for Nike
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| Coupon barrier levels: | $38.9125 for D.R. Horton, $148.8905 for FedEx and $77.968 for Nike; 55% of initial levels
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| Barrier levels: | $38.9125 for D.R. Horton, $148.8905 for FedEx and $77.968 for Nike; 55% of initial levels
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| Pricing date: | Dec. 23
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| Settlement date: | Dec. 29
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| Agent: | TD Securities (USA) LLC
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| Fees: | 3.5%
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| Cusip: | 89114RZM1
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