By William Gullotti
Buffalo, N.Y., Oct. 4 – Toronto-Dominion Bank priced $96.5 million of 0% autocallable market-linked step-up notes due Sept. 26, 2025 linked to the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will be called at par of $10 plus a premium of 15.5% per year if the index closes at or above its initial level on any annual observation date.
If the index finishes above the step-up level, 140% of the initial level, the payout at maturity will be par plus the index return.
If the index finishes flat or gains up to the step-up level, the payout will be par plus the step-up payment of 40%.
Investors will be fully exposed to any index decline.
BofA Securities, Inc. is the underwriter.
Issuer: | Toronto-Dominion Bank
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Issue: | Autocallable market-linked step-up notes
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Underlying index: | S&P 500 index
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Amount: | $96,504,970
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Maturity: | Sept. 26, 2025
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Coupon: | 0%
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Price: | Par of $10
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Payout at maturity: | If the index finishes above the step-up level, par plus the index return; if the index finishes at or below the step-up level but at or above the initial level, par plus 40%; otherwise, full exposure to loss
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Call: | Automatically at par plus a premium of 15.5% per year if the index closes at or above its initial level on any annual observation date
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Initial level: | 3,640.47
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Step-up level: | 5,096.66; 140% of initial level
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Pricing date: | Sept. 29
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Settlement date: | Oct. 6
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Underwriter: | BofA Securities, Inc.
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Fees: | 2%
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Cusip: | 891162372
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