Published on 7/26/2022 in the Prospect News Structured Products Daily.
New Issue: TD sells $1 million callable contingent interest buffer notes on S&P, Nasdaq, Russell
By Wendy Van Sickle
Columbus, Ohio, July 26 – Toronto-Dominion Bank priced $1 million of callable contingent interest buffer notes due July 27, 2026 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 monthly coupon at an annual rate of 8.2% 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 monthly observation date after six months.
The payout at maturity will be par plus the final coupon if each index finishes at or above its 70% buffer level. Otherwise, investors will lose 1% for each 1% decline of the lesser-performing index beyond 30%.
TD Securities (USA) LLC is the agent.
| Issuer: | Toronto-Dominion Bank
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| Issue: | Callable contingent interest buffer notes
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| Underlying indexes: | S&P 500 index, Nasdaq-100 index, Russell 2000 index
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| Amount: | $1 million
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| Maturity: | July 27, 2026
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| Coupon: | 8.2% annual rate, payable monthly 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 buffer level; otherwise, 1% loss for each 1% decline of least-performing index below buffer level
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| Call option: | At par plus any coupon due on any monthly observation date after six months
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| Initial levels: | 3,961.63 for S&P, 12,397.47 for Nasdaq, 1,806.881 for Russell
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| Coupon barrier levels: | 2,773.141 for S&P, 8,677.529 for Nasdaq, 1,264.8167 for Russell; 70% of initial levels
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| Buffer levels: | 2,773.141 for S&P, 8,677.529 for Nasdaq, 1,264.8167 for Russell; 70% of initial levels
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| Pricing date: | July 22
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| Settlement date: | July 27
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| Agent: | TD Securities (USA) LLC
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| Fees: | 0.75%
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| Cusip: | 89114Y7L9
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