Published on 9/15/2022 in the Prospect News Structured Products Daily.
New Issue: TD sells $1.11 million callable contingent interest barrier notes on S&P, Dow, Russell
Chicago, Sept. 15 – Toronto-Dominion Bank priced $1.11 million of callable contingent interest barrier notes due Jan. 30, 2024 linked to the least performing of the S&P 500 index, the Dow Jones industrial average and the Russell 2000 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent quarterly coupon at an annual rate of 8.21% if each index closes at or above the 70% contingent interest barrier level on the relevant observation date.
The notes will be callable at par plus any coupon due on any quarterly observation date.
If the worst performer finishes above the 70% threshold level, the payout will be par. Otherwise, investors will lose 1% for each 1% decline of the worst performer 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 indexes: | S&P 500 index, Dow Jones industrial average, Russell 2000 index
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Amount: | $1,112,000
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Maturity: | Jan. 30, 2024
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Coupon: | 8.21% annual rate, payable quarterly if each index closes at or above contingent interest barrier level on the corresponding observation date
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Price: | Par
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Payout at maturity: | Par plus final coupon if each index finishes at or above threshold level, par; otherwise, 1% loss for each 1% decline of worst performer from initial level
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Call: | At par plus any coupon due on any quarterly observation date at option of issuer
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Initial levels: | 4,356.45 for S&P, 34,297.73 for Dow, 2,004.033 for Russell
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Coupon barrier levels: | 3,049.515 for S&P, 24,008.411 for Dow, 1,402.8231 for Russell; 70% of initial levels
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Threshold levels: | 3,049.515 for S&P, 24,008.411 for Dow, 1,402.8231 for Russell; 70% of initial levels
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Pricing date: | Jan. 25
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Settlement date: | Jan. 28
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Agent: | TD Securities (USA) LLC
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Fees: | 1.75%
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Cusip: | 89114V2T3
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