Published on 12/20/2023 in the Prospect News Structured Products Daily.
New Issue: TD Bank sells $9 million callable contingent interest barrier notes on indexes, ETF
By William Gullotti
Buffalo, N.Y., Dec. 20 – Toronto-Dominion Bank priced $9 million of callable contingent interest barrier notes due Sept. 18, 2025 linked to the least performing of the iShares MSCI EAFE ETF, the Nasdaq-100 index and the Russell 2000 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent quarterly coupon at an annual rate of 10.9% if each underlier closes at or above the 70% coupon barrier level on the relevant observation date.
The notes will be callable at par on any quarterly observation date.
The payout at maturity will be par plus the final coupon if each underlier finishes at or above its coupon barrier level.
If the worst performer finishes below its coupon barrier but not below the 65% barrier level, the payout at maturity will be par. 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 contingent interest barrier notes
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| Underlying assets: | iShares MSCI EAFE ETF, Nasdaq-100 index, Russell 2000 index
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| Amount: | $9 million
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| Maturity: | Sept. 18, 2025
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| Coupon: | 10.9% annual rate, payable quarterly if each underlier closes at or above contingent interest barrier level on the corresponding observation date
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| Price: | Par
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| Payout at maturity: | Par plus final coupon if all underliers finish at or above coupon barrier; if worst performer finishes below its coupon barrier but at or above final barrier, par; otherwise, 1% loss for each 1% decline of worst performer from initial level
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| Call option: | At par on any quarterly observation date
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| Initial levels: | $74.34 for ETF, 16,623.45 for Nasdaq, 1,985.127 for Russell
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| Coupon barrier levels: | $52.038 for ETF, 11,636.415 for Nasdaq, 1,389.5889 for Russell; 70% of initial levels
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| Barrier levels: | $48.321 for ETF, 10,805.2425 for Nasdaq, 1,290.3326 for Russell; 65% of initial levels
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| Strike date: | Dec. 15
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| Pricing date: | Dec. 18
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| Settlement date: | Dec. 20
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| Agent: | TD Securities (USA) LLC
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| Fees: | None
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| Cusip: | 89115FLF6
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