Published on 1/30/2023 in the Prospect News Structured Products Daily.
New Issue: TD Bank sells $4.06 million callable contingent interest barrier notes on three indexes
By William Gullotti
Buffalo, N.Y., Jan. 30 – Toronto-Dominion Bank priced $4.06 million of callable contingent interest barrier notes due July 31, 2024 linked to the worst performing of the S&P 500 index, the Russell 2000 index and the Nasdaq-100 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes pay a contingent monthly coupon at an annualized rate of 13% if each index closes at or above its coupon barrier level, 70% of its initial level, on the valuation date for that period.
The notes will be callable in whole at par plus any coupon due on any monthly call valuation date after three months.
If the notes are not redeemed early and each index finishes at or above 70% of its initial level, the payout at maturity will be par plus the final coupon.
Otherwise, investors will lose 1% for every 1% decline of the worst performer from its initial level.
TD Securities (USA) LLC is the underwriter.
| Issuer: | Toronto-Dominion Bank
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| Issue: | Callable contingent interest barrier notes
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| Underlying indexes: | Russell 2000 index, Nasdaq-100 index, S&P 500 index
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| Amount: | $4,063,000
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| Maturity: | July 31, 2024
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| Contingent coupon: | 13% per year, payable monthly if each index closes at or above coupon barrier on the valuation date for that period
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| Price: | Par
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| Payout at maturity: | If all indexes finish at or above barrier level, par plus final coupon; otherwise, investors will lose 1% for every 1% decline of the worst performer from its initial level
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| Call option: | In whole at par plus any coupon due on any monthly call valuation date after three months
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| Initial levels: | 11,814.69 for Nasdaq, 4,016.22 for S&P, 1,890.319 for Russell
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| Coupon barrier levels: | 8,270.283 for Nasdaq, 2,811.354 for S&P, 1,323.2233 for Russell; 70% of initial levels
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| Barrier levels: | 8,270.283 for Nasdaq, 2,811.354 for S&P, 1,323.2233 for Russell; 70% of initial levels
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| Strike date: | Jan. 25
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| Pricing date: | Jan. 26
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| Settlement date: | Jan. 31
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| Underwriter: | TD Securities (USA) LLC
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| Fees: | 0.1691%
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| Cusip: | 89114YN56
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