Published on 3/24/2022 in the Prospect News Structured Products Daily.
New Issue: TD sells $1.55 million callable contingent interest barrier notes on S&P, Nasdaq, Russell
By William Gullotti
Buffalo, N.Y., March 24 – Toronto-Dominion Bank priced $1.55 million of callable contingent interest barrier notes due March 25, 2027 linked to the least performing of the S&P 500 index, the Nasdaq-100 index and the Russell 2000 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent quarterly coupon at an annual rate of 8.24% if each index closes at or above the 70% contingent interest barrier level on the relevant observation date.
The notes will be callable at par plus any coupon due on any quarterly observation date after six months.
The payout at maturity will be par plus the final coupon if each index finishes at or above its contingent interest barrier.
If the worst performer finishes below the contingent interest barrier but at or above the 60% barrier level, the payout will be par. Otherwise, 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: | S&P 500 index, Nasdaq-100 index, Russell 2000 index
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| Amount: | $1,547,000
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| Maturity: | March 25, 2027
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| Coupon: | 8.24% annual rate, payable quarterly if each index closes at or above contingent interest barrier level on the corresponding observation date
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| Price: | Par
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| Payout at maturity: | Par plus final coupon if each index finishes at or above coupon barrier level; if the worst performer finishes below coupon barrier but at or above barrier level, par; otherwise, 1% loss for each 1% decline of worst performer from initial level
|
| Call option: | At par plus any coupon due on any quarterly observation date after six months
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| Initial levels: | 4,461.18 for S&P, 14,376.09 for Nasdaq, 2,065.936 for Russell
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| Coupon barrier levels: | 3,122.826 for S&P, 10,063.263 for Nasdaq, 1,446.1552 for Russell; 70% of initial levels
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| Barrier levels: | 2,676.708 for S&P, 8,625.654 for Nasdaq, 1,239.5616 for Russell; 60% of initial levels
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| Pricing date: | March 21
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| Settlement date: | March 24
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| Agent: | TD Securities (USA) LLC
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| Fees: | 3.1006%
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| Cusip: | 89114VA23
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