Published on 11/22/2020 in the Prospect News Structured Products Daily.
New Issue: TD sells $840,000 callable contingent interest barrier notes on Russell, Dow, Nasdaq
By Taylor Fox
New York, Nov. 23 – Toronto-Dominion Bank priced $840,000 of callable contingent interest barrier notes due Nov. 21, 2024 linked to the least performing of the Nasdaq-100 index, the Russell 2000 index and the Dow Jones industrial average, 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 8.35% if each index closes at or above the 70% contingent interest barrier level on the observation date for that quarter.
The notes will be callable at par on any quarterly observation date starting after six months.
The payout at maturity will be par unless any index finishes below the 70% 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
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Issue: | Callable contingent interest barrier notes
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Underlying indexes: | Nasdaq-100 index, Russell 2000 index and Dow Jones industrial average
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Amount: | $840,000
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Maturity: | Nov. 21, 2024
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Coupon: | 8.35%, payable quarterly if each index closes at or above contingent interest barrier level on observation date for that quarter
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Price: | Par
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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
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Call option: | At par on any quarterly observation date after six months
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Initial levels: | 11,977.49 for Nasdaq, 1,791.914 for Russell, 29,783.35 for Dow
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Coupon barrier levels: | 8,384.243 for Nasdaq, 1,254.3398 for Russell, 20,848.345 for Dow; 70% of initial levels
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Barrier levels: | 8,384.243 for Nasdaq, 1,254.3398 for Russell, 20,848.345 for Dow; 70% of initial levels
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Pricing date: | Nov. 18
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Settlement date: | Nov. 23
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Agent: | TD Securities (USA) LLC
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Fees: | 0.75%
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Cusip: | 89114RY75
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