Published on 12/12/2023 in the Prospect News Structured Products Daily.
New Issue: TD Bank sells $3.42 million contingent market-linked autocalls tied to three indexes
New York, Dec. 12 – Toronto-Dominion Bank priced $3.42 million of market-linked securities –callable with contingent coupon and contingent downside due Oct. 29, 2026 linked to the S&P 500 index, the Russell 2000 index and the Nasdaq-100 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 9.28% per year if each index closes at or above the coupon threshold level, 70% of the initial level, on the observation date for that period.
The notes will be callable at par plus the coupon on any quarterly observation date after six months.
The payout at maturity will be par plus the final coupon if each index finishes at or above its 65% downside threshold level. Otherwise, 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 and contingent downside
|
| Underlying indexes: | S&P 500 index, Russell 2000 index, Nasdaq-100 index
|
| Amount: | $3,421,000
|
| Maturity: | Oct. 29, 2026
|
| Coupon: | 9.28% annual rate, payable quarterly if all indexes close at or above their coupon threshold levels on the relevant observation date
|
| Price: | Par
|
| Payout at maturity: | Par plus final coupon if each index finishes at or above downside threshold; otherwise, 1% loss for each 1% decline of worst performer from initial level
|
| Call: | Callable at par plus coupon on any quarterly observation date after April 24, 2024
|
| Initial levels: | 4,186.77 for S&P, 1,651.428 for Russell, 14,381.64 for Nasdaq
|
| Coupon thresholds: | 2,930.739 for S&P, 1,155.9996 for Russell, 10,067.148 for Nasdaq, 70% of initial levels
|
| Downside thresholds: | 2,721.4005 for S&P, 1,073.4282 for Russell, 9,348.066 for Nasdaq; 65% of initial levels
|
| Pricing date: | Oct. 25
|
| Settlement date: | Oct. 30
|
| Agents: | TD Securities (USA) LLC and Wells Fargo Securities, LLC
|
| Fees: | 2.325%
|
| Cusip: | 89115FEW7
|
|
|
|
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
