By Taylor Fox
New York, Nov. 16 – Toronto-Dominion Bank priced $905,000 of autocallable contingent interest barrier notes due Oct. 26, 2023 linked to the shares of the Financial Select Sector SPDR fund, the Technology Select Sector SPDR fund and the Health Care Select Sector SPDR fund, according to a 424B2 filing with the Securities and Exchange Commission.
Semiannually, the notes will pay a contingent interest payment at the rate of 7% per year if each fund closes at or above the coupon barrier price, 65% 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 fund close at or above 90% of their initial prices on any semiannual observation date.
If the notes are not called, the payout at maturity will be par plus any contingent interest payment due unless the least performing fund finishes below the barrier price, 60% of the initial share price, in which case investors will be fully exposed to the laggard fund’s decline.
TD Securities (USA) LLC is the agent.
| Issuer: | Toronto-Dominion Bank
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| Issue: | Autocallable contingent interest barrier notes
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| Underlying funds: | Financial Select Sector SPDR fund, Technology Select Sector SPDR fund and Health Care Select Sector SPDR fund
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| Amount: | $905,000
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| Maturity: | Oct. 26, 2023
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| Coupon: | Semiannually, the notes pay a contingent interest at rate of 7% per year if all funds close at or above barrier price on the relevant observation date
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| Price: | Par
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| Payout at maturity: | Par plus any contingent interest payment due unless any fund finishes below barrier price, in which case full exposure to laggard fund’s decline
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| Call: | Automatically at par plus contingent interest payment if shares of each fund close at or above 90% of initial price on any semiannual observation date
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| Initial share prices: | $25.25 for Financial Select, $118.44 for Technology and $107.82 for Health Care
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| Call threshold levels: | $22.725 for Financial Select, $106.596 for Technology and $97.038 for Health Care; 90% of initial levels
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| Coupon barrier prices: | $16.4125 for Financial Select, $76.986 for Technology and $70.083 for Health Care; 65% of initial levels
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| Barrier prices: | $15.15 for Financial Select, $71.064 for Technology and $64.692 for Health Care; 60% of initial levels
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| Pricing date: | Oct. 23
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| Settlement date: | Oct. 28
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| Agent: | TD Securities (USA) LLC
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| Fees: | 2.52%
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| Cusip: | 89114RVR4
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