Published on 8/26/2021 in the Prospect News Structured Products Daily.
New Issue: TD sells $2 million callable contingent interest barrier notes on indexes, ETF
By Taylor Fox
New York, Aug. 26 – Toronto-Dominion Bank priced $2 million of callable contingent interest barrier notes due Feb. 27, 2024 linked to the least performing of the Nasdaq-100 index, the Russell 2000 index and the iShares MSCI EAFE ETF, 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 12.88% if each asset closes at or above the 70% contingent interest barrier level on the observation date for that period.
The notes will be callable at par on any quarterly call observation date.
The payout at maturity will be par unless any asset finishes below the 60% barrier level, in which case investors will lose 1% for each 1% decline of the lesser-performing asset 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 assets: | Nasdaq-100 index, Russell 2000 index and iShares MSCI EAFE ETF
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Amount: | $2 million
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Maturity: | Feb. 27, 2024
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Coupon: | 12.88% annual rate, payable quarterly if each asset closes at or above contingent interest barrier level on observation date for that period
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Price: | Par
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Payout at maturity: | Par unless any asset finishes below barrier level, in which case 1% loss for each 1% decline of lesser-performing asset from initial level
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Call option: | At par on any quarterly call observation date
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Initial levels: | 13,580.78 for Nasdaq, 2,266.689 for Russell, $76.25 for ETF
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Coupon barrier levels: | 9,506.546 for Nasdaq, 1,586.6823 for Russell, $53.375 for ETF; 70% of initial levels
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Barrier levels: | 8,148.468 for Nasdaq, 1,360.0134 for Russell, $45.75 for ETF; 60% of initial levels
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Pricing date: | Feb. 19
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Settlement date: | Feb. 22
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Agent: | TD Securities (USA) LLC
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Fees: | None
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Cusip: | 89114TBX9
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