Published on 11/22/2020 in the Prospect News Structured Products Daily.
New Issue: TD Bank prices $1.35 million autocallable contingent interest barrier notes on stocks
By Taylor Fox
New York, Nov. 23 – Toronto-Dominion Bank priced $1.35 million of autocallable contingent interest barrier notes due Nov. 16, 2023 linked to the common stocks of Apple Inc., Amazon.com, Inc., Alphabet Inc. and Microsoft Corp., according to a 424B2 filing with the Securities and Exchange Commission.
Semiannually, the notes will pay a contingent interest payment at the rate of 11% per year if each stock closes at or above the coupon barrier price, 60% of the initial share price, on the observation date for that period.
The notes will be called at par plus the contingent interest payment if the shares of each stock close at or above 90% of the initial price on any semiannual observation date.
If the notes are not called, the payout at maturity will be par plus any contingent interest payment due unless the least performing stock finishes below the barrier price, 55% of the 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
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| Issue: | Autocallable contingent interest barrier notes
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| Underlying stocks: | Apple Inc., Amazon.com, Inc., Alphabet Inc. and Microsoft Corp.
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| Amount: | $1,345,000
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| Maturity: | Nov. 16, 2023
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| Coupon: | Semiannually, the notes pay a contingent coupon at rate of 11% per year if all stocks close at or above their barrier prices on the relevant observation date
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| Price: | Par
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| Payout at maturity: | Par plus any contingent interest payment due unless any stock finishes below barrier price, in which case full exposure to laggard stock’s decline
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| Call: | Automatically at par plus contingent interest payment if shares of each stock close at or above 90% of initial price on any semiannual observation date
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| Initial share prices: | $119.26 for Apple, $3,128.81 Amazon, $1,772.26 for Google and $216.51 for Microsoft
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| Coupon barrier prices: | $71.556 for Apple, $1,877.286 Amazon, $1,063.356 for Google and $129.906 for Microsoft; 60% of initial levels
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| Barrier prices: | $65.593 for Apple, $1,720.8455 Amazon, $974.743 for Google and $119.0805 for Microsoft; 55% of initial levels
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| Pricing date: | Nov. 13
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| Settlement date: | Nov. 18
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| Agent: | TD Securities (USA) LLC
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| Fees: | 1.04%
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| Cusip: | 89114RXY7
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