Published on 11/11/2020 in the Prospect News Structured Products Daily.
New Issue: TD prices $1.7 million contingent interest barrier autocalls on Stoxx, Russell, Nasdaq
By Taylor Fox
New York, Nov. 11 – Toronto-Dominion Bank priced $1.7 million of autocallable contingent interest barrier notes due Oct. 24, 2023 linked to the least performing of the Nasdaq-100 index, the Russell 2000 index and the Euro Stoxx Banks 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 9% if each index closes at or above the 70% contingent interest barrier level on the observation date for that period.
The notes will be automatically called at par if each index closes at or above its initial level on any quarterly observation date.
The payout at maturity will be par plus any coupon due unless any index finishes below the 55% 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 and Jefferies LLC are the agents.
| Issuer: | Toronto-Dominion Bank
|
| Issue: | Autocallable contingent interest barrier notes
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| Underlying indexes: | Nasdaq-100 index, the Russell 2000 index and the Euro Stoxx Banks index
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| Amount: | $1,700,000
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| Maturity: | Oct. 24, 2023
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| Coupon: | 9%, payable quarterly if each index closes at or above contingent interest barrier level on observation date for that period
|
| Price: | Par
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| Payout at maturity: | Par plus any coupon due unless any index finishes below barrier level, in which case 1% loss for each 1% decline of lesser-performing index from initial level
|
| Call: | Automatically at par if each index closes at or above initial level on any quarterly observation date
|
| Initial levels: | 56.02 for Stoxx, 1,613.628 for Russell, 11,634.35 for Nasdaq
|
| Contingent interest barriers: | 39.214 for Stoxx, 1,129.5396 for Russell, 8,144.045 for Nasdaq; 70% of initial levels
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| Barriers: | 30.811 for Stoxx, 887.4954 for Russell, 6,398.8925 for Nasdaq; 55% of initial levels
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| Pricing date: | Oct. 19
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| Settlement date: | Oct. 22
|
| Agents: | TD Securities (USA) LLC and Jefferies LLC
|
| Fees: | 3.9%
|
| Cusip: | 89114RV60
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