Published on 8/3/2023 in the Prospect News Structured Products Daily.
New Issue: TD Bank prices $1.76 million callable contingent interest barrier notes with memory on indexes
By Kiku Steinfeld
Chicago, Aug. 3 – Toronto-Dominion Bank priced $1.76 million of callable contingent interest barrier notes with memory interest due Feb. 27, 2025 linked to the S&P 500 index and Russell 2000 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent monthly interest payment at the rate of 9.5% per year if the least-performing index closes at or above the coupon barrier level, 70% of the initial level, on the observation date for that period. Previously unpaid interest, if any, will be automatically included whenever an interest payment is paid.
The notes may be called at par plus any coupon due on any monthly observation date after six months.
If the notes are not called, the payout at maturity will be par plus the final coupon unless the least-performing index finishes below the barrier level, 70% of the initial level, in which case investors will lose 1% for every 1% decline of the least-performing index from its initial level.
TD Securities (USA) LLC is the agent.
Issuer: | Toronto-Dominion Bank
|
Issue: | Callable contingent interest barrier notes with memory interest
|
Underlying index: | S&P 500 index and Russell 2000 index
|
Amount: | $1,763,000
|
Maturity: | Feb. 27, 2025
|
Coupon: | 9.5% annual rate, payable monthly if the least-performing index closes at or above barrier level on the relevant observation date; coupon payment events will automatically include any previously unpaid coupons
|
Price: | Par
|
Payout at maturity: | Par plus the final coupon unless underlying least-performing index finishes below barrier level, in which case investors will lose 1% for every 1% decline from initial level
|
Call option: | At par plus any coupon due on any monthly observation date after six months
|
Initial levels: | 1,894.675 for Russell, 3,991.05 for S&P
|
Coupon barrier levels: | 1,326.2725 for Russell, 2,793.735 for S&P; 70% of initial levels
|
Barrier levels: | 1,326.2725 for Russell, 2,793.735 for S&P; 70% of initial levels
|
Pricing date: | Feb. 22, 2023
|
Settlement date: | Feb. 27, 2023
|
Agent: | TD Securities (USA) LLC
|
Fees: | 0.8537%
|
Cusip: | 89114YQE4
|
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.