Published on 6/27/2019 in the Prospect News Structured Products Daily.
New Issue: TD sells $151,000 contingent interest barrier autocalls on three stocks
By Sarah Lizee
Olympia, Wash., June 27 – Toronto-Dominion Bank priced $151,000 of autocallable contingent interest barrier notes due June 29, 2022 linked to the shares of FedEx Corp., Marriott International, Inc. and State Street Corp., according to a 424B2 filing with the Securities and Exchange Commission.
Each month, the notes will pay a contingent coupon at the rate of 11.3% per year if each stock closes at or above the coupon barrier price, 60% of the initial share price, on the valuation date for that month.
The notes will be called at par plus the contingent coupon if the shares of each stock close at or above 95% of the initial share price on any quarterly call observation date.
The payout at maturity will be par plus the contingent coupon unless the stock finishes below the barrier price, 60% 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 underwriter.
| Issuer: | Toronto-Dominion Bank
|
| Issue: | Autocallable contingent interest barrier notes
|
| Underlying stocks: | FedEx Corp., Marriott International, Inc. and State Street Corp.
|
| Amount: | $151,000
|
| Maturity: | June 29, 2022
|
| Coupon: | Each month, notes pay contingent coupon at rate of 11.3% per year if all shares close at or above coupon barrier price on valuation date
|
| 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
|
| Call: | Automatically at par plus contingent coupon if shares of each stock closes at or above 95% of initial share price on any quarterly call observation date
|
| Initial share prices: | $155.98 for FedEx, $133.28 for Marriott, $56.00 for State Street
|
| Call levels: | $148.1810 for FedEx, $126.6160 for Marriott, $53.20 for State Street; 95% of initial prices
|
| Barrier prices: | $93.5880 for FedEx, $79.9680 for Marriott, $33.60 for State Street, 60% of initial share prices
|
| Coupon barrier prices: | $93.5880 for FedEx, $79.9680 for Marriott, $33.60 for State Street, 60% of initial share prices
|
| Pricing date: | June 25
|
| Settlement date: | June 28
|
| Agent: | TD Securities (USA) LLC
|
| Fees: | 3.5%
|
| Cusip: | 89114QU55
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
