Published on 5/24/2023 in the Prospect News Structured Products Daily.
New Issue: TD Bank prices $1.41 million contingent interest barrier autocallables on index, ETFs
By William Gullotti
Buffalo, N.Y., May 24 – Toronto-Dominion Bank priced $1.41 million of autocallable contingent interest barrier notes due May 22, 2025 linked to the least performing of the SPDR Gold Trust, the Nasdaq-100 index and the iShares Silver Trust, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent monthly coupon at an annual rate of 8.6% if each underlier closes at or above the 70% contingent interest barrier level on the relevant observation date.
The notes will be called at par plus the coupon if each underlier closes at or above its initial level on any monthly call observation date after three months.
The payout at maturity will be par plus the final coupon if each underlier finishes at or above its contingent interest barrier.
If the worst performer finishes below the contingent interest barrier but at or above the 60% barrier level, the payout will be par. Otherwise, investors will lose 1% for each 1% decline of the worst performer from its initial level.
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 assets: | SPDR Gold Trust, Nasdaq-100 index, iShares Silver Trust
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| Amount: | $1.41 million
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| Maturity: | May 22, 2025
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| Coupon: | 8.6% annual rate, payable monthly if each underlier closes at or above contingent interest barrier level on the corresponding observation date
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| Price: | Par
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| Payout at maturity: | Par plus final coupon if each underlier finishes at or above contingent interest barrier; if worst performer finishes below contingent interest barrier but at or above barrier level, par; otherwise, 1% loss for each 1% decline of worst performer from initial level
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| Call: | At par plus coupon if each underlier closes above initial level on any monthly call observation date after three months
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| Initial levels: | $183.64 for SPDR, 13,803.49 for Nasdaq, $21.86 for iShares
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| Coupon barrier levels: | $128.548 for SPDR, 9,662.443 for Nasdaq, $15.302 for iShares; 70% of initial levels
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| Barrier levels: | $110.184 for SPDR, 8,282.094 for Nasdaq, $13.116 for iShares; 60% of initial levels
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| Pricing date: | May 19
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| Settlement date: | May 25
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| Agent: | TD Securities (USA) LLC
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| Fees: | 2.2482%
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| Cusip: | 89114YXJ5
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