Published on 5/3/2023 in the Prospect News Structured Products Daily.
New Issue: TD sells $1.55 million callable contingent interest buffer notes on S&P, Nasdaq, Russell
Chicago, May 3 – Toronto-Dominion Bank priced $1.55 million of callable contingent interest buffered notes due May 2, 2024 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 9.15% if each index closes at or above the 75% contingent interest barrier level on the relevant observation date.
The notes will be callable at par plus any coupon due on any monthly contingent coupon date starting after six months.
The payout at maturity will be par plus the final coupon if each index finishes at or above its 75% buffer level. Otherwise, investors will lose 1.3333% for each 1% decline of the lesser-performing index beyond 25%.
TD Securities (USA) LLC is the agent.
| Issuer: | Toronto-Dominion Bank
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| Issue: | Callable contingent interest buffered notes
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| Underlying indexes: | S&P 500 index, Nasdaq-100 index, Russell 2000 index
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| Amount: | $1,545,000
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| Maturity: | May 2, 2024
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| Coupon: | 9.15% annual rate, payable monthly if each index closes at or above contingent interest barrier level on the corresponding observation date
|
| Price: | Par
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| Payout at maturity: | Par plus final coupon if each index finishes at or above buffer level; otherwise, 1.3333% loss for each 1% decline of least-performing index below buffer level
|
| Call: | At par plus any coupon due on any monthly contingent coupon date at issuer’s option starting after six months
|
| Initial levels: | 4,135.35 for S&P, 13,160.03 for Nasdaq, 1,751.223 for Russell
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| Coupon barrier levels: | 3,101.5125 for S&P, 9,870.0225 for Nasdaq, 1,313.4173 for Russell; 75% of initial levels
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| Buffer levels: | 3,101.5125 for S&P, 9,870.0225 for Nasdaq, 1,313.4173 for Russell; 75% of initial levels
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| Pricing date: | April 27
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| Settlement date: | May 2
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| Agent: | TD Securities (USA) LLC
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| Fees: | 0.6%
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| Cusip: | 89114YWM9
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