Published on 10/2/2023 in the Prospect News Structured Products Daily.
New Issue: TD Bank sells $805,000 autocallable contingent interest barrier notes on indexes
By Kiku Steinfeld
Chicago, Oct. 2 – Toronto-Dominion Bank priced $805,000 of autocallable contingent interest barrier notes due Sept. 20, 2024 linked to the least performing of the Nasdaq-100 index, the Dow Jones industrial average 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 11.4% if each index closes at or above the 70% 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.
If the worst performer finishes above the 70% barrier level, the payout at maturity will be par plus any coupon due. 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
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Issue: | Autocallable contingent interest barrier notes
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Underlying indexes: | Nasdaq-100 index, Dow Jones industrial average, Russell 2000 index
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Amount: | $805,000
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Maturity: | Sept. 20, 2024
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Coupon: | 11.4% annual rate, payable quarterly if each index closes at or above coupon barrier level the corresponding observation date
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Price: | Par
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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
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Call: | At par plus coupon if each index closes above initial level on any quarterly call observation date
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Initial levels: | 12,519.88 for Nasdaq, 31,861.98 Dow, 1,725.891 for Russell
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Coupon barrier levels: | 8,763.916 for Nasdaq, 22,303.386 for Dow, 1,208.1237 for Russell; 70% of initial levels
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Barrier levels: | 8,763.916 for Nasdaq, 22,303.386 for Dow, 1,208.1237 for Russell; 70% of initial levels
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Pricing date: | March 17, 2023
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Settlement date: | March 22, 2023
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Agent: | TD Securities (USA) LLC
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Fees: | 0.7%
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Cusip: | 89114YTT8
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