Published on 4/30/2020 in the Prospect News Structured Products Daily.
New Issue: TD Bank sells $945,000 contingent interest barrier autocalls on S&P, Russell
By Sarah Lizee
Olympia, Wash., April 30 – Toronto-Dominion Bank priced $945,000 of autocallable contingent interest barrier notes due April 29, 2022 linked to the lesser-performing of the S&P 500 index and the Russell 2000 index, according to a 424B2 filing with the Securities and Exchange Commission.
Each quarter, the notes pay a contingent coupon at an annual rate of 7.6% if each index closes at or above the barrier level, 70% of the initial level, on the observation that quarter.
After six months, the notes will be called at par if each index closes at or above the level on any quarterly valuation date.
The payout at maturity will be par plus the coupon unless the lesser performing index finishes below the barrier level, in which case investors will be fully exposed to its decline.
TD Securities (USA) LLC is the underwriter.
Issuer: | Toronto-Dominion Bank
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Issue: | Autocallable contingent interest barrier notes
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Underlying indexes: | S&P 500 index and Russell 2000 index
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Amount: | $945,000
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Maturity: | April 29, 2022
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Coupon: | 7.6% per year, payable quarterly if each index closes at or above barrier level on observation date that quarter
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Price: | Par
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Payout at maturity: | Par unless either index finishes below barrier level, in which case full exposure to lesser performing index’s decline
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Call: | After six months, automatically at par if each index closes at or above initial level price on any valuation date
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Initial level: | 2,878.48 for S&P, 1,281.878 for Russell
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Barrier levels: | 2,014.936 for S&P, 897.3146 for Russell, 70% of initial levels
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Pricing date: | April 27
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Settlement date: | April 30
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Agent: | TD Securities (USA) LLC
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Fees: | 2.25%
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Cusip: | 89114RH66
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