Published on 2/24/2023 in the Prospect News Structured Products Daily.
New Issue: TD Bank sells $1.33 million contingent interest buffer autocalls with downside leverage
By Kiku Steinfeld
Chicago, Feb. 24 – Toronto-Dominion Bank priced $1.33 million of 0% autocallable leveraged buffered notes with downside leverage due May 23, 2024 linked to the Russell 2000 index and the S&P 500 index, according to a 424B5 filing with the Securities and Exchange Commission.
The notes will pay a contingent monthly coupon at an annual rate of 9.95% if each index closes at or above the 80% buffer level on the relevant observation date.
The notes will be automatically called at par plus the coupon if each index closes at or above its initial level on any monthly valuation date after three months.
If each index finishes at or above buffer level, the payout at maturity will be par plus the final coupon.
Otherwise, investors will lose 1.3333% for each 1% decline of the worst performer beyond 25%.
TD Securities (USA) LLC is the agent.
| Issuer: | Toronto-Dominion Bank
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| Issue: | Autocallable leveraged buffered notes with downside leverage
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| Underlying indexes: | Russell 2000 index, S&P 500 index
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| Amount: | $1,325,000
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| Maturity: | May 23, 2024
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| Coupon: | 9.95% annual rate, payable monthly if each index closes at or above buffer level on the corresponding observation date
|
| Price: | Par
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| Payout at maturity: | If each index finishes at or above buffer level, par plus final coupon; otherwise, 1.3333% loss for each 1% decline of worst performer beyond 25%
|
| Call: | At par plus coupon if each index closes at or above initial level on any monthly valuation date after three months
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| Initial levels: | 1,849.732 for Russell, 3,965.34 for S&P
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| Buffer levels: | 1,387.299 for Russell, 2,974.005 for S&P; 75% of initial levels
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| Pricing date: | Nov. 18, 2022
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| Settlement date: | Nov. 23, 2022
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| Agent: | TD Securities (USA) LLC
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| Fees: | 0.7%
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| Cusip: | 89114YGG0
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