Published on 9/26/2023 in the Prospect News Structured Products Daily.
New Issue: TD Bank prices $2 million callable memory interest barrier notes on three indexes
By William Gullotti
Buffalo, N.Y., Sept. 26 – Toronto-Dominion Bank priced $2 million of callable contingent interest barrier notes with memory interest due Sept. 25, 2025 linked to the performance 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.
The notes will pay a quarterly contingent coupon at an annual rate of 8.5% if each index closes at or above the 60% contingent interest barrier level on the corresponding observation date. Previously unpaid coupons, if any, will be automatically included whenever a coupon is paid.
The notes will be callable at par plus any coupon due on any quarterly observation date after one year.
The payout at maturity will be par plus the final coupon unless any index finishes below the 60% barrier level, in which case investors will lose 1% for each 1% decline of the worst performer from its initial level.
TD Securities (USA) LLC is the agent, with J.P. Morgan Securities LLC and JPMorgan Chase Bank, NA acting as placement agents.
| Issuer: | Toronto-Dominion Bank
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| Issue: | Callable contingent interest barrier notes with memory interest
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| Underlying indexes: | Russell 2000 index, S&P 500 index, Nasdaq-100 index
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| Amount: | $2 million
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| Maturity: | Sept. 25, 2025
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| Coupon: | 8.5% annual rate, payable quarterly if each index closes at or above contingent interest barrier level on the corresponding observation date; coupon payment events will automatically include any previously unpaid coupons
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| Price: | Par
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| Payout at maturity: | Par plus final coupon unless any index finishes below barrier level, in which case 1% loss for each 1% decline of worst performer from initial level
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| Call option: | At par plus any coupon due on any quarterly observation date after one year
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| Initial levels: | 14,701.1 for Nasdaq, 1,776.503 for Russell, 4,320.06 for S&P
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| Coupon barrier levels: | 8,820.66 for Nasdaq, 1,065.9018 for Russell, 2,592.036 for S&P; 60% of initial levels
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| Barrier levels: | 8,820.66 for Nasdaq, 1,065.9018 for Russell, 2,592.036 for S&P; 60% of initial levels
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| Pricing date: | Sept. 22
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| Settlement date: | Sept. 27
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| Agent: | TD Securities (USA) LLC
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| Placement agents: | J.P. Morgan Securities LLC and JPMorgan Chase Bank, NA
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| Fees: | 1.5%
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| Cusip: | 89115FCV1
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