Published on 12/14/2023 in the Prospect News Structured Products Daily.
New Issue: TD sells $402,000 callable fixed-interest barrier notes on Dow, Nasdaq, Russell
By Kiku Steinfeld
Chicago, Dec. 14– Toronto-Dominion Bank priced $402,000 of 8.15% callable fixed-interest barrier notes due Oct. 24, 2024 linked to the least performing of the Dow Jones industrial average, the Nasdaq-100 index and the Russell 2000 index, according to a 424B2 filing with the Securities and Exchange Commission.
Investors will receive a quarterly coupon at an annual rate of 8.15%.
The notes will be callable at par plus any coupon due on any quarterly observation date after six months.
The payout at maturity will be par 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: | Callable fixed-interest barrier notes
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| Underlying indexes: | Dow Jones industrial average, Nasdaq-100 index, Russell 2000 index
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| Amount: | $402,000
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| Maturity: | Oct. 24, 2024
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| Coupon: | 8.15% annual rate, paid quarterly
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| Price: | Par
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| Payout at maturity: | Par if each index finishes at or above final barrier; otherwise, 1% loss for each 1% decline of least-performing index from initial level
|
| Call option: | At par plus any coupon due on any quarterly observation date after six months
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| Initial levels: | 13,000.77 for Nasdaq, 1,791.506 for Russell, 33,808.96 for Dow
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| Coupon barrier levels: | 9,100.539 for Nasdaq, 1,254.0542 for Russell, 23,666.272 for Dow; 70% of initial levels
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| Barrier levels: | 9,100.539 for Nasdaq, 1,254.0542 for Russell, 23,666.272 for Dow; 70% of initial levels
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| Pricing date: | April 21, 2023
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| Settlement date: | April 26, 2023
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| Agent: | TD Securities (USA) LLC
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| Fees: | 2.2%
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| Cusip: | 89114YVN8
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