Published on 4/18/2022 in the Prospect News Structured Products Daily.
New Issue: TD sells $1.7 million autocallable contingent interest barrier notes on Russell, S&P
By William Gullotti
Buffalo, N.Y., April 18 – Toronto-Dominion Bank priced $1.7 million of autocallable contingent interest barrier notes due April 17, 2025 linked to the least performing of the Russell 2000 index and the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent monthly coupon at an annual rate of 8.35% if each index closes at or above the 70% coupon barrier level on the relevant observation date.
The notes will be called at par plus the coupon if each index closes at or above its initial level on any monthly call observation date after six months.
The payout at maturity will be par plus the final coupon if each index finishes at or above its coupon barrier.
If the worst performer finishes below its coupon barrier but at or above the 60% barrier level, the payout at maturity will be par. Otherwise, investors will lose 1% for each 1% decline of the worst performer from its initial level.
TD Securities (USA) LLC is the agent.
| Issuer: | Toronto-Dominion Bank
|
| Issue: | Autocallable contingent interest barrier notes
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| Underlying indexes: | Russell 2000 index, S&P 500 index
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| Amount: | $1,695,000
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| Maturity: | April 17, 2025
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| Coupon: | 8.35% annual rate, payable monthly if each index closes at or above coupon barrier level the corresponding observation date
|
| Price: | Par
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| Payout at maturity: | Par plus final coupon if each index finishes at or above coupon barrier; if worst performer finishes below coupon barrier but not below final barrier, par; otherwise, 1% loss for each 1% decline of worst performer from initial level
|
| Call: | At par plus coupon if each index closes above initial level on any monthly call observation date after six months
|
| Initial levels: | 2,025.102 for Russell, 4,446.59 for S&P
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| Coupon barrier levels: | 1,417.5714 for Russell, 3,112.613 for S&P; 70% of initial levels
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| Barrier levels: | 1,215.0612 for Russell, 2,667.954 for S&P; 60% of initial levels
|
| Pricing date: | April 13
|
| Settlement date: | April 19
|
| Agent: | TD Securities (USA) LLC
|
| Fees: | 0.75%
|
| Cusip: | 89114VCG0
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