Published on 5/11/2023 in the Prospect News Structured Products Daily.
New Issue: TD Bank sells $1.27 million callable contingent interest barrier notes on Dow, S&P
By William Gullotti
Buffalo, N.Y., May 11 – Toronto-Dominion Bank priced $1.27 million of callable contingent interest barrier notes due May 6, 2025 linked to the least performing of the S&P 500 index and the Dow Jones industrial average, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent quarterly coupon at an annual rate of 9.2% 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 after six months.
The payout at maturity will be par plus the final coupon if each index finishes at or above its 70% threshold level.
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
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Amount: | $1,265,000
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Maturity: | May 6, 2025
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Coupon: | 9.2% 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; otherwise, 1% loss for each 1% decline of worst performer from initial level
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Call option: | At par plus any coupon due on any quarterly observation date after six months
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Initial levels: | 4,167.87 for S&P, 34,051.7 for Dow
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Coupon barrier levels: | 2,917.509 for S&P, 23,836.19 for Dow; 70% of initial levels
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Threshold levels: | 2,917.509 for S&P, 23,836.19 for Dow; 70% of initial levels
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Pricing date: | May 1
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Settlement date: | May 4
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Agent: | TD Securities (USA) LLC
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Fees: | 0.25%
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Cusip: | 89114YWT4
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