Published on 2/13/2024 in the Prospect News Structured Products Daily.
New Issue: TD sells $500,000 callable contingent interest buffer notes on Russell, Nasdaq, Dow
Chicago, Feb. 13 – Toronto-Dominion Bank priced $500,000 of callable contingent interest buffer notes due June 5, 2026 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.
Each month, the notes will pay a contingent coupon at an annual rate of 7.85% if each index closes at or above the 70% contingent interest barrier level on the observation date for that period.
The notes will be callable at par on any quarterly interest payment date after six months.
The payout at maturity will be par unless any index finishes below the 70% buffer level, in which case investors will lose 1% for each 1% decline of the lesser-performing index beyond its 30% buffer.
TD Securities (USA) LLC is the agent.
| Issuer: | Toronto-Dominion Bank
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| Issue: | Callable contingent interest buffer notes
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| Underlying indexes: | Dow Jones industrial average, Nasdaq-100 index and the Russell 2000 index
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| Amount: | $500,000
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| Maturity: | June 5, 2026
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| Coupon: | 7.85% 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 buffer level, in which case 1% loss for each 1% decline of lesser-performing index beyond 30% buffer
|
| Call option: | At par on any quarterly observation date after six months
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| Initial levels: | 33,762.76 for Dow, 14,546.64 for Nasdaq and 1,830.906 for Russell
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| Coupon barrier levels: | 23,633.932 for Dow, 10,182.648 for Nasdaq and 1,281.6342 for Russell; 70% of initial levels
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| Buffer levels: | 23,633.932 for Dow, 10,182.648 for Nasdaq and 1,281.6342 for Russell; 70% of initial levels
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| Pricing date: | June 2, 2023
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| Settlement date: | June 7, 2023
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| Agent: | TD Securities (USA) LLC
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| Fees: | 0.75%
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| Cusip: | 89114YYN5
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