Published on 2/5/2021 in the Prospect News Structured Products Daily.
New Issue: TD sells $2.49 million contingent interest barrier autocalls on four stocks
By Kiku Steinfeld
Chicago, Feb. 5 – Toronto-Dominion Bank priced $2.49 million of autocallable contingent interest barrier notes due Feb. 1, 2024 linked to the common stock of Amazon.com, Inc., Ford Motor Co., General Motors Co. and Microsoft Corp., according to a 424B2 filing with the Securities and Exchange Commission.
Each quarter, the notes will pay a contingent coupon at the rate of 14.8% per year if each stock closes at or above the coupon barrier price, 70% of the initial share price, on the valuation date for that quarter.
The notes will be called at par plus the contingent coupon if the shares of each stock close at or above 100% 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, 70% of the initial share price, in which case investors will receive a number of shares of the least performing stock equal to $1,000 divided by the initial share price or the cash equivalent.
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 stocks: | Amazon.com, Inc., Ford Motor Co., General Motors Co. and Microsoft Corp.
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| Amount: | $2,487,000
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| Maturity: | Feb. 1, 2024
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| Coupon: | Each quarter, notes pay contingent coupon at rate of 14.8% per year if all shares close at or above coupon barrier price on valuation date
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| Price: | Par
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| Payout at maturity: | If each asset finishes at or above final barrier, par plus coupon; otherwise, a fixed number of shares of worst performing asset equal to its equity ratio or cash value
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| Call: | Automatically at par plus contingent coupon if shares of each stock close at or above 100% of initial share price on any quarterly call observation date
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| Initial share prices: | $3,232.58for Amazon, $10.79 for Ford, $49.34 for GM, $232.90 for Microsoft
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| Barrier prices: | $1,939.548 for Amazon, $6.474 for Ford, $29.604 for GM, $139.74 for Microsoft, 70% of initial share prices
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| Equity ratios: | 0.3094 for Amazon, 92.6784 for Ford, 20.2675 for GM, 4.2937 for Microsoft
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| Pricing date: | Jan. 27
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| Settlement date: | Jan. 29
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| Agent: | TD Securities (USA) LLC
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| Fees: | 3.25%
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| Cusip: | 891160SX2
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