Published on 8/23/2023 in the Prospect News Structured Products Daily.
New Issue: TD Bank sells $1.43 million market-linked contingent autocalls tied to four stocks
By William Gullotti
Buffalo, N.Y., Aug. 23 – Toronto-Dominion Bank priced $1.43 million of 0% market-linked autocallable securities with contingent downside due Aug. 20, 2027 linked to the stock performance of ConocoPhillips, Chevron Corp., Halliburton Co. and Exxon Mobil Corp., according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a quarterly contingent interest payment at the rate of 16.4% per year if each stock closes at or above the coupon barrier level, 70% of the initial level, on the observation date for that period.
The notes will be automatically called at par plus the coupon if each stock closes at or above initial levels on any quarterly observation date after six months.
The payout at maturity will be par plus the final coupon unless any stock falls by more than 40%, in which case investors will be fully exposed to the decline of the worst performer from its initial level.
TD Securities (USA) LLC and Wells Fargo Securities, LLC are the agents.
Issuer: | Toronto-Dominion Bank
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Issue: | Market-linked autocallable securities with contingent coupon and contingent downside
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Underlying stocks: | ConocoPhillips, Chevron Corp., Halliburton Co., Exxon Mobil Corp.
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Amount: | $1,428,000
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Maturity: | Aug. 20, 2027
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Coupon: | 16.4% annual rate, payable quarterly if all stocks close at or above their coupon barrier levels on the relevant observation date
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Price: | Par
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Payout at maturity: | Par plus final coupon unless any stock falls by more than 40%, in which case full exposure to decline of worst performer from its initial level
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Call: | Automatically at par plus coupon if each stock closes at or above initial levels on any quarterly observation date after six months
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Initial level: | $116.73 for ConocoPhillips, $159.75 for Chevron, $39.27 for Halliburton, $108.40 for Exxon Mobil
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Coupon barrier: | $81.711 for ConocoPhillips, $111.825 for Chevron, $27.489 for Halliburton, $75.88 for Exxon Mobil; 70% of initial levels
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Threshold level: | $81.711 for ConocoPhillips, $111.825 for Chevron, $27.489 for Halliburton, $75.88 for Exxon Mobil; 70% of initial levels
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Pricing date: | Aug. 17
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Settlement date: | Aug. 22
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Agents: | TD Securities (USA) LLC and Wells Fargo Securities, LLC
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Fees: | 2.475%
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Cusip: | 89115F6A4
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