Published on 7/6/2021 in the Prospect News Structured Products Daily.
New Issue: TD Bank prices $1 million callable contingent interest barrier notes on three stocks
By William Gullotti
Buffalo, N.Y., July 6 – Toronto-Dominion Bank priced $1.16 million of callable contingent interest barrier notes due July 5, 2024 linked to the common stocks of Dollar General Corp., FedEx Corp. and PayPal Holdings, Inc., according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent monthly interest payment at the rate of 13.3% per year if each stock closes at or above its coupon barrier price, 70% of its initial share price, on the observation date for that period.
The notes may be called at par plus any coupon on any quarterly observation date.
If the notes are not called, the payout at maturity will be par unless the least performing stock finishes below its barrier price, 65% of its initial share price, in which case investors will receive a number of shares of the laggard stock equal to its physical delivery amount.
TD Securities (USA) LLC is the agent.
| Issuer: | Toronto-Dominion Bank
|
| Issue: | Callable contingent interest barrier notes
|
| Underlying stocks: | Dollar General Corp., FedEx Corp., PayPal Holdings, Inc.
|
| Amount: | $1,000,000
|
| Maturity: | July 5, 2024
|
| Coupon: | 13.3% annual rate, payable monthly if all stocks close at or above coupon barrier prices on the relevant observation date
|
| Price: | Par
|
| Payout at maturity: | Par unless any stock finishes below barrier price, in which case investors will receive a number of shares of the laggard stock equal to $1,000 divided by that stock’s initial share price
|
| Call option: | At par plus any coupon on any quarterly observation date
|
| Initial share prices: | $216.39 for DG, $298.33 for FedEx, $291.48 for PayPal
|
| Coupon barrier levels: | $151.473 for DG, $208.831 for FedEx, $204.036 for PayPal; 70% of initial levels
|
| Barrier levels: | $140.6535 for DG, $193.9145 for FedEx, $189.462 for PayPal; 65% of initial levels
|
| Physical delivery amounts: | 4.6213 for DG, 3.352 for FedEx, 3.4308 for PayPal; amounts in shares per note
|
| Strike date: | June 30
|
| Pricing date: | July 1
|
| Settlement date: | July 7
|
| Agent: | TD Securities (USA) LLC
|
| Fees: | 0.55%
|
| Cusip: | 89117GBN6
|
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