Published on 8/4/2023 in the Prospect News Structured Products Daily.
New Issue: TD Bank prices $680,000 contingent interest autocallables linked to indexes
By Angela McDaniels
Tacoma, Wash., Aug. 4 – Toronto-Dominion Bank priced $680,000 of autocallable contingent interest barrier notes due Dec. 14, 2023 linked to the least performing of 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 month, the notes will pay a contingent coupon at the rate of 13.68% if each index closes at or above its barrier level, 70% of its initial level, on the review date for that month.
Beginning Dec. 9, 2022, the notes will be called automatically at par if each index closes at or above its initial level on any monthly observation date.
The payout at maturity will be par unless the least-performing index finishes below its barrier level, in which case investors will be exposed to the least-performing index’s decline.
TD Securities (USA) LLC is the underwriter.
| 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: | $680,000
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| Maturity: | Dec. 14, 2023
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| Coupon: | 13.68% per year, payable monthly if each index closes at or above barrier level on review date for that month
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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: | Beginning Dec. 9, 2022, automatically at par if each index closes at or above its initial level on any monthly observation date.
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| Initial levels: | 12,588.29 for Nasdaq, 1,882.848 for Russell and 4,067.36 for S&P
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| Barrier levels: | 8,811.803 for Nasdaq, 1,317.9936 for Russell and 2,847.152 for S&P, or 70% of initial levels
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| Pricing date: | Sept. 9, 2022
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| Settlement date: | Sept. 14, 2022
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| Underwriter: | TD Securities (USA) LLC
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| Fees: | 0.65%
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| Cusip: | 89114YC58
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