By Taylor Fox
New York, Dec. 7 – Toronto-Dominion Bank priced $420,000 of autocallable contingent interest barrier notes due Nov. 29, 2023 linked to the common stocks of AbbVie Inc., Applied Materials, Inc. and Northrop Grumman Corp., according to a 424B2 filing with the Securities and Exchange Commission.
Monthly, the notes will pay a contingent interest payment at the rate of 11.75% 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 their initial prices on any quarterly observation date after six months.
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, 60% 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: | AbbVie Inc., Applied Materials, Inc. and Northrop Grumman Corp.
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Amount: | $420,000
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Maturity: | Nov. 29, 2023
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Coupon: | Monthly, the notes pay a contingent coupon at rate of 11.75% per year if all stocks close at or above their coupon 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 its initial price on any quarterly observation date after six months
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Initial share prices: | $103.96 for AbbVie, $82.95 for Applied Materials and $309.98 for Northrop
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Coupon barrier prices: | $62.376 for AbbVie, $49.77 for Applied Materials and $185.988 for Northrop; 60% of initial levels
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Final barrier prices: | $62.376 for AbbVie, $49.77 for Applied Materials and $185.988 for Northrop; 60% of initial levels
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Pricing date: | Nov. 24
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Settlement date: | Nov. 30
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Agent: | TD Securities (USA) LLC
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Fees: | 3.5%
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Cusip: | 89114RWM4
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