Published on 7/23/2021 in the Prospect News Structured Products Daily.
New Issue: TD Bank sells $500,000 contingent interest barrier autocalls tied to ARK ETF, indexes
By Kiku Steinfeld
Chicago, July 23 – Toronto-Dominion Bank sold $500,000 of autocallable contingent interest barrier notes due June 6, 2024 linked to the least performing of the ARK Innovation ETF, the S&P 500 index, the Russell 2000 index and the Nasdaq-100 index, according to a 424B2 filing with the Securities and Exchange Commission.
Monthly, the notes will pay a contingent interest payment at the rate of 8.26% per year if each underlying closes at or above the coupon barrier level, 75% of the initial share level, on the observation date for that period.
The notes will be called at par plus the coupon if each underlying closes at or above its initial level on any quarterly observation date.
If the notes are not called, the payout at maturity will be par unless the least performing underlier finishes below the barrier level, 75% of the initial share level, in which case investors will be fully exposed to the laggard’s decline.
TD Securities (USA) LLC is the agent.
| Issuer: | Toronto-Dominion Bank
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| Issue: | Autocallable contingent interest barrier notes
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| Underlying assets: | ARK Innovation ETF, Russell 2000 index, Nasdaq-100 index, S&P 500 index
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| Amount: | $500,000
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| Maturity: | June 6, 2024
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| Coupon: | 8.26% annual rate, payable monthly if each underlying closes at or above coupon barrier level on relevant observation date
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| Level: | Par
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| Payout at maturity: | Par unless any underlying finishes below barrier level, in which case full exposure to laggard’s decline
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| Call: | Automatically at par if each underlying closes at or above its initial level on any quarterly observation date
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| Initial levels: | $111.25 for ETF, 2,294.742 for Russell, 4,202.04 for S&P, 13,654.59 for Nasdaq
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| Coupon barrier levels: | $83.4375 for ETF, 1,721.0565 for Russell, 3,151.53 for S&P, 10,240.9425 for Nasdaq; 75% of initial levels
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| Barrier levels: | $83.4375 for ETF, 1,721.0565 for Russell, 3,151.53 for S&P, 10,240.9425 for Nasdaq; 75% of initial levels
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| Pricing date: | June 1
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| Settlement date: | June 4
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| Agent: | TD Securities (USA) LLC
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| Fees: | 4%
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| Cusip: | 89114TKQ4
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