Published on 7/19/2023 in the Prospect News Structured Products Daily.
New Issue: TD Bank prices $2.91 million autocallable contingent interest barrier notes on indexes
By William Gullotti
Buffalo, N.Y., July 19 – Toronto-Dominion Bank priced $2.91 million of autocallable contingent interest barrier notes due July 16, 2026 linked to the least performing of the Nasdaq-100 index, the S&P 500 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 9.15% if each index closes at or above the 80% 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 quarterly 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 75% 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
|
| Underlying indexes: | Nasdaq-100 index, S&P 500 index, Russell 2000 index
|
| Amount: | $2,912,000
|
| Maturity: | July 16, 2026
|
| Coupon: | 9.15% annual rate, payable quarterly if each index closes at or above coupon barrier level the corresponding observation date
|
| Price: | Par
|
| 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 quarterly call observation date after six months
|
| Initial levels: | 15,307.23 for Nasdaq, 4,472.16 for S&P, 1,933.376 for Russell
|
| Coupon barrier levels: | 12,245.784 for Nasdaq, 3,577.728 for S&P, 1,546.7008 for Russell; 80% of initial levels
|
| Barrier levels: | 11,480.4225 for Nasdaq, 3,354.12 for S&P, 1,450.032 for Russell; 75% of initial levels
|
| Pricing date: | July 12
|
| Settlement date: | July 17
|
| Agent: | TD Securities (USA) LLC
|
| Fees: | 2.5%
|
| Cusip: | 89115F3Y5
|
|
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
