Published on 12/11/2023 in the Prospect News Structured Products Daily.
New Issue: TD sells $310,000 autocallable contingent interest barrier notes on Russell, S&P
Chicago, Dec. 11 – Toronto-Dominion Bank priced $310,000 of autocallable contingent interest barrier notes due May 7, 2026 linked to the least performing of 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 an annual rate of 7.3% if each index closes at or above the 70% contingent interest barrier level on the observation date for that period.
The notes will be called at par if each index closes at or above its initial level on any monthly observation date starting after one year.
The payout at maturity will be par unless any index finishes below the 70% barrier level, in which case investors will lose 1% for each 1% decline of the lesser-performing index 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: | Russell 2000 index and S&P 500 index
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Amount: | $310,000
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Maturity: | May 7, 2026
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Coupon: | 7.3% annual rate, payable monthly if each index closes at or above contingent interest barrier level on observation date for that period
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Price: | Par
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Payout at maturity: | Par unless any index finishes below barrier level, in which case 1% loss for each 1% decline of least-performing index from initial level
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Call: | At par if each index closes at or above its initial level on any monthly observation date starting after one year
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Initial levels: | 1,739.284 for Russell, 4,090.75 for S&P
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Coupon barrier levels: | 1,217.4988 for Russell, 2,863.525 for S&P; 70% of initial levels
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Barrier levels: | 1,217.4988 for Russell, 2,863.525 for S&P; 70% of initial levels
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Pricing date: | May 3, 2023
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Settlement date: | May 8, 2023
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Agent: | TD Securities (USA) LLC
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Fees: | 2.75%
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Cusip: | 89114YWG2
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