Published on 1/12/2024 in the Prospect News Structured Products Daily.
New Issue: TD Bank sells $1 million callable contingent coupon trigger notes on Russell, S&P, Nasdaq
By Wendy Van Sickle
Columbus, Ohio, Jan. 12 – Toronto-Dominion Bank priced $1 million of callable contingent coupon trigger notes due July 9, 2026 linked to the worst performing of the Nasdaq-100 index, the Russell 2000 index and the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes pay a contingent monthly coupon at an annualized rate of 10.70004% if each index closes at or above its coupon barrier level, 70% of its initial level, on the related observation date.
After three months, the notes will be callable in whole at par plus any coupon due on any monthly call date.
If the notes are not redeemed early, the payout at maturity will be par plus the final coupon if each index’s final value is greater than or equal to its 70% trigger. Otherwise, investors will be fully exposed to the decline of the worst performer from its initial level.
TD Securities (USA) LLC and Goldman Sachs & Co. LLC are the agents.
| Issuer: | Toronto-Dominion Bank
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| Issue: | Callable contingent coupon trigger notes
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| Underlying indexes: | Nasdaq-100 index, Russell 2000 index, S&P 500 index
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| Amount: | $1 million
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| Maturity: | July 9, 2026
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| Contingent coupon: | 10.70004% per year, payable monthly if each index closes at or above coupon barrier on the observation date for that period
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| Price: | Par
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| Payout at maturity: | Par plus final coupon if each index finishes at or above trigger; otherwise, full exposure to decline of the worst performer from its initial level
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| Call option: | In whole at par plus any coupon due on any monthly call date after three months
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| Initial levels: | 16,305.98 for Nasdaq, 4,697.24 for S&P, 1,951.142 for Russell
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| Coupon barriers: | 11,414.186 for Nasdaq, 3,288.068 for S&P, 1,365.7994 for Russell; 70% of initial levels
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| Trigger levels: | 11,414.186 for Nasdaq, 3,288.068 for S&P, 1,365.7994 for Russell; 70% of initial levels
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| Pricing date: | Jan. 5
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| Settlement date: | Jan. 10
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| Agents: | TD Securities (USA) LLC and Goldman Sachs & Co. LLC
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| Fees: | 0.7%
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| Cusip: | 89115FNF4
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