Published on 5/7/2021 in the Prospect News Structured Products Daily.
New Issue: TD sells $3.42 million callable contingent interest barrier notes on index, ETF
By Wendy Van Sickle
Columbus, Ohio, May 7 – Toronto-Dominion Bank priced $3.42 million of callable contingent interest barrier notes due April 27, 2023 linked to the least performing of the SPDR S&P Oil & Gas Exploration & Production ETF and the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
Each quarter, the notes will pay a contingent coupon at an annual rate of 11.1% if each asset closes at or above the 65% contingent interest barrier level on the observation date for that period.
The notes will be callable at par on any quarterly call observation date.
The payout at maturity will be par unless any asset finishes below the 60% barrier level, in which case investors will lose 1% for each 1% decline of the lesser-performing asset from its initial level.
TD Securities (USA) LLC is the agent.
Issuer: | Toronto-Dominion Bank
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Issue: | Callable contingent interest barrier notes
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Underlying assets: | SPDR S&P Oil & Gas Exploration & Production ETF and S&P 500 index
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Amount: | $3,422,000
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Maturity: | April 27, 2023
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Coupon: | 11.1% annual rate, payable quarterly if each asset 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 asset finishes below barrier level, in which case 1% loss for each 1% decline of lesser-performing asset from initial level
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Call option: | At par on any quarterly call observation date
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Initial levels: | $74.84for SPDR S&P Oil & Gas, 4,134.98 for S&P 500
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Coupon barrier levels: | $48.646 for SPDR S&P Oil & Gas, 2,687.737 for S&P 500; 65% of initial levels
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Barrier levels: | $44.904 for SPDR S&P Oil & Gas, 2,480.988 for S&P 500; 60% of initial levels
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Pricing date: | April 22
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Settlement date: | April 27
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Agent: | TD Securities (USA) LLC
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Fees: | 1.75%
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Cusip: | 89114TGS5
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