Published on 5/9/2021 in the Prospect News Structured Products Daily.
New Issue: TD sells $4.3 million 10% autocallable fixed interest barrier notes on stocks
Chicago, May 10 – Toronto-Dominion Bank priced $4.3 million of 10% autocallable fixed-interest barrier notes due March 28, 2023 linked to the 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 plus the contingent coupon if the shares of each stock close at or above the initial share price on any monthly call observation date after six months.
The payout at maturity will be par plus the contingent coupon unless the stock finishes below the barrier price, 59% of the initial share price, in which case investors will be fully exposed to the laggard stock’s decline, payable in shares of the worst performer.
TD Securities (USA) LLC is the underwriter.
| Issuer: | Toronto-Dominion Bank
|
| Issue: | Autocallable fixed interest barrier notes
|
| Underlying stocks: | FedEx Corp., Knight-Swift Transportation Holdings Inc., United Parcel Service, Inc. and XPO Logistics, Inc.
|
| Amount: | $4,300,000
|
| Maturity: | March 28, 2023
|
| Coupon: | 10% annual rate, payable monthly
|
| Price: | Par
|
| Payout at maturity: | Par plus contingent coupon unless any stock finishes below barrier price, in which case full exposure to laggard stock’s decline, payable in shares of worst performer
|
| Call: | Automatically at par plus contingent coupon if shares of each stock close at or above initial share price on any monthly call observation date after six months
|
| Initial share prices: | $266.81 for FedEx, $44.39 for Knight, $159.86 for UPS, $116.79 for XPO
|
| Barrier levels: | $157.4179 for FedEx, $26.1901 for Knight, $94.3174 for UPS, $68.9061 for XPO; 59% of initial share prices
|
| Pricing date: | March 23
|
| Settlement date: | March 26
|
| Agent: | TD Securities (USA) LLC
|
| Fees: | 2.7221%
|
| Cusip: | 891160A86
|
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