Published on 4/25/2021 in the Prospect News Structured Products Daily.
New Issue: TD Bank prices $4.74 million contingent interest barrier autocalls on indexes
By Kiku Steinfeld
Chicago, April 26 – Toronto-Dominion Bank priced $4.74 million of autocallable contingent interest barrier notes with memory interest due April 20, 2022 linked to the least performing of the Euro Stoxx 50 index, the Nasdaq-100 index and the Russell 2000 index, according to a 424B2 filing with the Securities and Exchange Commission.
Each quarter, the notes will pay a contingent coupon at the rate of 10.4% per year, plus any previously unpaid coupon(s), if each index closes at or above its barrier level, 75% of its initial level, on the valuation date for that quarter.
The notes will be called at par plus the contingent coupon if each index closes at or above its initial level on any quarterly call observation date other than the final one.
The payout at maturity will be par plus the contingent coupon unless any index finishes below its barrier level, in which case investors will be fully exposed to the laggard index’s decline.
TD Securities (USA) LLC is the agent. J.P. Morgan Securities LLC and JPMorgan Chase Bank, NA are the placement agents.
| Issuer: | Toronto-Dominion Bank
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| Issue: | Autocallable contingent interest barrier notes with memory interest
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| Underlying indexes: | Euro Stoxx 50 index, Nasdaq-100 index and Russell 2000 index
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| Amount: | $4.74 million
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| Maturity: | April 20, 2022
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| Coupon: | 10.4% per year, payable quarterly, plus any previously unpaid contingent interest payments with respect to any previous review dates, if each index closes at or above barrier price on quarterly review date
|
| Price: | Par
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| Payout at maturity: | Par unless any index finishes below barrier level, in which case full exposure to least performing index’s decline
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| Call: | At par if each index closes at or above initial level price on any valuation date other than final valuation date
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| Initial level: | 2,253.903 for Russell, 3,945.96 for Stoxx, 13,329.51 for Nasdaq
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| Barrier levels: | 1,690.4273 for Russell, 2,959.47 for Stoxx, 9,997.1325 for Nasdaq; 75% of initial levels
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| Pricing date: | April 1
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| Settlement date: | April 7
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| Agent: | TD Securities (USA) LLC
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| Placement agents: | J.P. Morgan Securities LLC and JPMorgan Chase Bank, NA
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| Fees: | 1%
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| Cusip: | 89114TFF4
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