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Published on 5/15/2019 in the Prospect News Structured Products Daily.

TD Bank plans contingent interest barrier autocallables tied to stocks

By Sarah Lizee

Olympia, Wash., May 15 – Toronto-Dominion Bank plans to price autocallable contingent interest barrier notes due June 2, 2022 linked to the least performing of the common stocks of Baker Hughes, Marathon Petroleum Corp. and Valero Energy Corp., according to a 424B2 filing with the Securities and Exchange Commission.

Each quarter, the notes pay a contingent coupon if each stock closes at or above its barrier value, 60% of its initial share price, on the valuation date for that quarter. The contingent coupon rate is expected to be 16.6% to 17.6% per year and will be set at pricing.

The notes will be called at par if each stock closes at or above its call threshold value, its initial share price, on any quarterly valuation date.

The payout at maturity will be par unless any stock finishes below its barrier value, in which case investors will be fully exposed to the decline of the least-performing stock.

TD Securities (USA) LLC is the underwriter.

The notes will price May 31.

The Cusip number is 89114QR26.


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