Published on 11/22/2020 in the Prospect News Structured Products Daily.
New Issue: TD sells $3 million 9% autocallable fixed-interest barrier notes on stocks
By Taylor Fox
New York, Nov. 23 – Toronto-Dominion Bank priced $3 million of 9% autocallable fixed-interest barrier notes due Nov. 17, 2022 linked to the common stocks of Ameriprise Financial, Inc., Goldman Sachs Group, Inc., Morgan Stanley and Raymond James Financial, Inc., according to a 424B2 filing with the Securities and Exchange Commission.
Interest is payable monthly.
The notes will be called at par plus the contingent coupon if the shares of each stock close at or above the initial share price on any monthly call observation date after six months.
The payout at maturity will be par plus the contingent coupon unless the 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 underwriter.
| Issuer: | Toronto-Dominion Bank
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| Issue: | Autocallable fixed-interest barrier notes
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| Underlying stocks: | Ameriprise Financial, Inc., Goldman Sachs Group, Inc., Morgan Stanley and Raymond James Financial, Inc.
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| Amount: | $3 million
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| Maturity: | Nov. 17, 2022
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| Coupon: | 9%, payable monthly
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| Price: | Par
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| Payout at maturity: | Par plus contingent coupon 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 coupon if shares of each stock close at or above initial share price on any monthly call observation date after six months
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| Initial share prices: | $177.30 for Ameriprise, $214.51 for Goldman, $55.55 for Morgan Stanley and $82.79 for Raymond
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| Barrier prices: | $106.38 for Ameriprise, $128.706 for Goldman, $33.33 for Morgan Stanley and $49.674 for Raymond, 60% of initial share prices
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| Pricing date: | Nov. 12
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| Settlement date: | Nov. 17
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| Agent: | TD Securities (USA) LLC
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| Fees: | 2.3%
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| Cusip: | 891160J79
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