Published on 10/27/2023 in the Prospect News Structured Products Daily.
New Issue: TD Bank prices $577,000 autocallable contingent interest barrier notes on three indexes
By Kiku Steinfeld
Chicago, Oct. 27 – Toronto-Dominion Bank priced $577,000 of autocallable contingent interest barrier notes due April 3, 2025 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 monthly coupon at an annual rate of 14.02% 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 monthly call observation date starting June 30, 2023.
The payout at maturity will be par plus the final coupon if each index finishes at or above its 70% barrier level.
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, S&P 500 index, Russell 2000 index
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| Amount: | $577,000
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| Maturity: | April 3, 2025
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| Coupon: | 14.02% annual rate, payable monthly if each index closes at or above coupon barrier level the corresponding observation date
|
| Price: | Par
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| Payout at maturity: | Par plus final coupon if each index finishes at or above final barrier; 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 monthly call observation date starting June 30, 2023
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| Initial levels: | 13,181.35 for Nasdaq, 4,109.31 for S&P, 1,802.484 for Russell
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| Coupon barrier levels: | 9,226.945 for Nasdaq, 2,876.517 for S&P, 1,261.7388 for Russell; 70% of initial levels
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| Barrier levels: | 7,181.79 for Nasdaq, 2,382.024 for S&P, 1,134.291 for Russell; 70% of initial levels
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| Pricing date: | March 31, 2023
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| Settlement date: | April 5, 2023
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| Agent: | TD Securities (USA) LLC
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| Fees: | 0.1%
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| Cusip: | 89114YUZ2
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