Published on 6/26/2023 in the Prospect News Structured Products Daily.
New Issue: TD Bank prices $575,000 contingent interest autocallables linked to indexes
By Angela McDaniels
Tacoma, Wash., June 26 – Toronto-Dominion Bank priced $575,000 of autocallable contingent interest barrier notes due July 31, 2025 linked to the Nasdaq-100 index, the Russell 2000 index and the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
Each quarter, the notes will pay a contingent coupon at the rate of 8.1% if each index closes at or above its coupon barrier level, 65% of its initial level, on the review date for that quarter.
Beginning Jan. 26, 2023, the notes will be called automatically at par if each index closes at or above its initial level on any quarterly observation date.
The payout at maturity will be par unless the least-performing index finishes below its barrier level, 65% of its initial level, in which case investors will be exposed to the least-performing index’s decline.
TD Securities (USA) LLC is the agent.
| Issuer: | Toronto-Dominion Bank
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| Issue: | Autocallable contingent interest barrier notes
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| Underlying indexes: | Nasdaq-100 index, Russell 2000 index and S&P 500 index
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| Amount: | $575,000
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| Maturity: | July 31, 2025
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| Coupon: | 8.1% per year, payable quarterly if each index closes at or above coupon barrier level on review date for that quarter
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| Price: | Par
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| Payout at maturity: | Par unless least-performing index finishes below barrier level, in which case exposure to least-performing index’s decline
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| Call option: | Beginning Jan. 26, 2023, automatically at par if each index closes at or above its initial level on any quarterly observation date.
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| Initial levels: | 12,086.90 for Nasdaq, 1,808.246 for Russell and 3,921.05 for S&P
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| Coupon barrier levels: | 7,856.485 for Nasdaq, 1,173.4099 for Russell and 2,548.6825 for S&P, or 65% of initial levels
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| Barrier levels: | 7,856.485 for Nasdaq, 1,173.4099 for Russell and 2,548.6825 for S&P, or 65% of initial levels
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| Pricing date: | July 26, 2022
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| Settlement date: | July 29, 2022
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| Agent: | TD Securities (USA) LLC
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| Fees: | 3.15%
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| Cusip: | 89114Y5Y3
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