Published on 4/3/2024 in the Prospect News Structured Products Daily.
New Issue: TD sells $3.14 million callable contingent interest buffered notes with downside leverage
By William Gullotti
Buffalo, N.Y., April 3 – Toronto-Dominion Bank priced $3.14 million of callable contingent interest buffered notes with downside leverage due March 25, 2027 linked to the least performing of the S&P 500 index, 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 monthly coupon at an annual rate of 9.05% if each index closes at or above the 75% contingent interest barrier level on the observation date for that period.
The notes will be callable at par on any quarterly interest payment date.
The payout at maturity will be par plus the final coupon unless any index finishes below the 75% buffer level, in which case investors will lose 1.3333% for each 1% decline of the lesser-performing index beyond its 25% buffer.
TD Securities (USA) LLC is the agent.
| Issuer: | Toronto-Dominion Bank
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| Issue: | Callable contingent interest buffered notes with downside leverage
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| Underlying indexes: | S&P 500 index, Nasdaq-100 index and the Russell 2000 index
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| Amount: | $3,138,000
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| Maturity: | March 25, 2027
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| Coupon: | 9.05%, payable monthly if each index closes at or above contingent interest barrier level on observation date for that period
|
| Price: | Par
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| Payout at maturity: | Par plus final coupon unless any index finishes below buffer level, in which case 1.3333% loss for each 1% decline of lesser-performing index beyond 25% buffer
|
| Call option: | At par on any quarterly observation date
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| Initial levels: | 5,241.53 for S&P, 18,320.38 for Nasdaq, 2,098.561 for Russell
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| Coupon barrier levels: | 3,931.1475 for S&P, 13,740.285 for Nasdaq, 1,573.9208 for Russell; 75% of initial levels
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| Buffer levels: | 3,931.1475 for S&P, 13,740.285 for Nasdaq, 1,573.9208 for Russell; 75% of initial levels
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| Pricing date: | March 21
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| Settlement date: | March 26
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| Agent: | TD Securities (USA) LLC
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| Fees: | 0.7%
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| Cusip: | 89115FVQ1
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