Published on 10/23/2023 in the Prospect News Structured Products Daily.
New Issue: TD Bank sells $2.62 million callable contingent market-linked notes on three indexes
By William Gullotti
Buffalo, N.Y., Oct. 23 – Toronto-Dominion Bank priced $2.62 million of market-linked securities – callable with contingent coupon with daily observation and contingent downside due Jan. 22, 2027 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.
The notes will pay a quarterly contingent interest payment at the rate of 10.07% per year if each index closes at or above the coupon barrier level, 70% of the initial level, on every trading day during the observation period.
The notes may be called at par plus any coupon otherwise due on any quarterly observation date.
The payout at maturity will be par unless any index falls by more than 40%, in which case investors will be fully exposed to the decline of the worst performer from its initial level.
TD Securities (USA) LLC and Wells Fargo Securities, LLC are the agents.
| Issuer: | Toronto-Dominion Bank
|
| Issue: | Market-linked securities – callable with contingent coupon with daily observation and contingent downside
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| Underlying indexes: | Nasdaq-100 index, Russell 2000 index, S&P 500 index
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| Amount: | $2,615,000
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| Maturity: | Jan. 22, 2027
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| Coupon: | 10.07% annual rate, payable quarterly if all indexes close at or above their coupon barrier levels on every trading day during the observation period
|
| Price: | Par
|
| Payout at maturity: | Par unless any index falls by more than 40%, in which case full exposure to decline of worst performer from its initial level
|
| Call option: | At par plus any coupon otherwise due on any quarterly observation date
|
| Initial level: | 15,122.01 for Nasdaq, 1,766.046 for Russell, 4,373.2 for S&P
|
| Coupon barrier: | 10,585.407 for Nasdaq, 1,236.2322 for Russell, 3,061.24 for S&P; 70% of initial levels
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| Threshold level: | 9,073.206 for Nasdaq, 1,059.6276 for Russell, 2,623.92 for S&P; 60% of initial levels
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| Pricing date: | Oct. 17
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| Settlement date: | Oct. 20
|
| Agents: | TD Securities (USA) LLC and Wells Fargo Securities, LLC
|
| Fees: | 1.525%
|
| Cusip: | 89115FF89
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