Published on 1/12/2024 in the Prospect News Structured Products Daily.
New Issue: TD Bank sells $501,000 callable contingent interest barrier notes on fund, indexes
By Wendy Van Sickle
Columbus, Ohio, Jan. 12 – Toronto-Dominion Bank priced $501,000 of callable contingent interest barrier notes due Jan. 13, 2026 linked to the least performing of the S&P 500 index, the Utilities Select Sector SPDR fund and the Russell 2000 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent quarterly coupon at an annual rate of 10.5% if each asset 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 any, if each asset finishes at or above its 65% 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 assets: | S&P 500 index, Utilities Select Sector SPDR fund, Russell 2000 index
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| Amount: | $501,000
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| Maturity: | Jan. 13, 2026
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| Coupon: | 10.5% annual rate, payable quarterly if each asset 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 any, if each asset finishes at or above threshold level; otherwise, 1% loss for each 1% decline of worst performer from initial level
|
| Call option: | At par plus any coupon due on any quarterly observation date after six months
|
| Initial levels: | 4,763.54 for S&P, $65.00 for Utilities, 1,989.006 for Russell
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| Coupon barrier levels: | 3,334.478 for S&P, $45.50 for Utilities, 1,392.3042 for Russell; 70% of initial levels
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| Threshold levels: | 3,096.301 for S&P, $42.25 for Utilities, 1,292.8539 for Russell; 65% of initial levels
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| Pricing date: | Jan. 8
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| Settlement date: | Jan. 11
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| Agent: | TD Securities (USA) LLC
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| Fees: | 0.34%
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| Cusip: | 89115FP21
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