By Wendy Van Sickle
Columbus, Ohio, Oct. 13 – Toronto-Dominion Bank priced $1 million of autocallable contingent interest barrier notes with memory interest due Oct. 20, 2021 linked to the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a quarterly contingent interest payment at the rate of 9.65% per year if the index closes at or above the coupon barrier level, 75% of the initial level, on the observation date for that period. Any previously unpaid coupons will also be paid.
The notes will be called at par plus the contingent interest payment if the index closes at or above the initial level on any quarterly observation date. Previously unpaid coupon will also be paid.
If the notes are not called, the payout at maturity will be par plus any contingent interest payment(s) due unless the index finishes below the barrier level, 75% of the initial level, in which case investors will be fully exposed to the decline.
TD Securities (USA) LLC is the agent. J.P. Morgan Securities LLC and JPMorgan Chase Bank, NA are the placement agents.
| Issuer: | Toronto-Dominion Bank
|
| Issue: | Autocallable contingent interest barrier notes with memory interest
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| Underlying index: | S&P 500
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| Amount: | $1 million
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| Maturity: | Oct. 20, 2021
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| Coupon: | 9.65% annual rate, payable quarterly if index closes above 75% of initial level on related observation date; previously unpaid coupons will also be paid
|
| Price: | Par
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| Payout at maturity: | Par plus any contingent interest payment(s) due unless the index finishes below the barrier level, in which case full exposure to the index’s decline
|
| Call: | Automatically at par plus the contingent interest payment, and any previously unpaid coupons, if the index closes at or above the initial level on any quarterly observation date other than the final one
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| Initial level: | 3,380.8
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| Coupon barrier level: | 2,535.6, 75% of initial levels
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| Barrier level: | 2,535.6, 75% of initial levels
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| Pricing date: | Oct. 2
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| Settlement date: | Oct. 7
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| Agent: | TD Securities (USA) LLC
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| Placement agents: | J.P. Morgan Securities LLC and JPMorgan Chase Bank, NA
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| Fees: | 1%
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| Cusip: | 89114RUN4
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