Published on 10/27/2020 in the Prospect News Structured Products Daily.
New Issue: TD sells $1.1 million callable contingent interest barrier notes on Russell, S&P
By Taylor Fox
New York, Oct. 27 – Toronto-Dominion Bank priced $1.1 million of callable contingent interest barrier notes due Oct. 2, 2025 linked to the least performing of the Russell 2000 index and the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
Each quarter, the notes will pay a contingent coupon at an annual rate of 6.52% if each index closes at or above the 75% contingent interest barrier level on the observation date for that quarter.
The notes will be callable at par on any quarterly observation date after six months.
The payout at maturity will be par unless any index finishes below the 75% barrier level, in which case investors will lose 1% for each 1% decline of the lesser-performing index from its initial level.
TD Securities (USA) LLC is the agent.
| Issuer: | Toronto-Dominion Bank
|
| Issue: | Callable contingent interest barrier notes
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| Underlying indexes: | Russell 2000 index and S&P 500 index
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| Amount: | $1,103,000
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| Maturity: | Oct. 2, 2025
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| Coupon: | 6.52% annual rate, payable quarterly if each index closes at or above contingent interest barrier level on observation date for that quarter
|
| Price: | Par
|
| Payout at maturity: | Par unless any index finishes below barrier level, in which case 1% loss for each 1% decline of lesser-performing index from initial level
|
| Call option: | At par on any quarterly observation date after six months
|
| Initial levels: | 1,510.342 for Russell, 3,351.6 for S&P
|
| Coupon barrier levels: | 1,132.7565 for Russell, 2,513.7 for S&P; 75% of initial levels
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| Barrier levels: | 1,132.7565 for Russell, 2,513.7 for S&P; 75% of initial levels
|
| Pricing date: | Sept. 28
|
| Settlement date: | Sept. 30
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| Agent: | TD Securities (USA) LLC
|
| Fees: | 2.5%
|
| Cusip: | 89114RT63
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