Published on 7/1/2021 in the Prospect News Structured Products Daily.
New Issue: TD sells $2.96 million callable contingent interest barrier notes on three indexes, Microsoft shares
By Wendy Van Sickle
Columbus, Ohio, July 1 – Toronto-Dominion Bank priced $2.96 million of callable contingent interest barrier notes with memory interest due June 27, 2024 linked to the least performing of shares of Microsoft Corp. and the Nasdaq-100 index, the S&P 500 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 7.5% if each asset closes at or above the 80% contingent interest barrier level on the observation date for that month, plus any previously unpaid coupon.
The notes will be callable at par on any quarterly call 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 least-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 with memory interest
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| Underlying assets: | Nasdaq-100 index, S&P 500 index, Russell 2000 index, Microsoft Corp.
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| Amount: | $2,958,000
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| Maturity: | June 27, 2024
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| Coupon: | 7.5% annual rate, payable monthly if each asset closes at or above contingent interest barrier level on observation date for that month, plus any previously unpaid coupon
|
| 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 least-performing asset from initial level
|
| Call option: | At par on any quarterly call date
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| Initial levels: | $265.51 for Microsoft, 14,270.42 for Nasdaq, 4,246.44 for S&P, 2,295.948 for Russell
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| Coupon barrier levels: | $212.408 for Microsoft, 11,416.336 for Nasdaq, 3,397.152 for S&P, 1,836.7584 for Russell; 80% of initial levels
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| Barrier levels: | $159.306 for Microsoft, 8,562.252 for Nasdaq, 2,547.864 for S&P, 1,377.5688 for Russell; 60% of initial levels
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| Pricing date: | June 22
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| Settlement date: | June 25
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| Agent: | TD Securities (USA) LLC
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| Fees: | 1.0845%
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| Cusip: | 89114TLP5
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