Published on 6/26/2021 in the Prospect News Structured Products Daily.
New Issue: TD Bank prices $700,000 callable contingent interest barrier notes on stocks
By Kiku Steinfeld
Chicago, June 28 – Toronto-Dominion Bank priced $700,000 of callable contingent interest barrier notes due June 14, 2024 linked to the common stocks of FedEx Corp., PayPal Holdings, Inc. and Ford Motor Co., according to a 424B2 filing with the Securities and Exchange Commission.
Each month, the notes will pay a contingent interest payment at the rate of 16.1286% 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 after six months.
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 be fully exposed to the laggard stock’s decline.
TD Securities (USA) LLC is the agent.
| Issuer: | Toronto-Dominion Bank
|
| Issue: | Callable contingent interest barrier notes
|
| Underlying stocks: | FedEx Corp., PayPal Holdings, Inc. and Ford Motor Co.
|
| Amount: | $700,000
|
| Maturity: | June 14, 2024
|
| Coupon: | 16.1286% annual rate, payable each month that 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 full exposure to laggard stock’s decline
|
| Call option: | At par plus any coupon on any quarterly observation date after six months
|
| Initial share prices: | $15.28 for Ford, $296.09 for FedEx, $271.45 for PayPal
|
| Coupon barrier levels: | $10.696 for Ford, $207.263 for FedEx, $190.015 for PayPal; 70% of initial levels
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| Barrier levels: | $9.168 for Ford, $177.654 for FedEx, $162.87 for PayPal; 65% of initial levels
|
| Pricing date: | June 11
|
| Settlement date: | June 16
|
| Agent: | TD Securities (USA) LLC
|
| Fees: | 0.75%
|
| Cusip: | 89114TKM3
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