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TD Bank plans dual directional barrier notes linked to S&P 500 index
By Angela McDaniels
Tacoma, Wash., May 16 – Toronto-Dominion Bank plans to price 0% dual directional barrier notes due June 3, 2020 linked to the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
If the final index level is greater than or equal to the initial index level, the payout at maturity will be par plus the index return, subject to a maximum return of 7%.
If the final index level is less than the initial index level but greater than or equal to the barrier level, 80.45% of the initial index level, the payout will be par plus the absolute value of the index return.
If the final index level is less than the barrier level, investors will be exposed to the index’s decline from its initial level.
TD Securities (USA) LLC, J.P. Morgan Securities LLC and JPMorgan Chase Bank, NA are the agents.
The notes will price May 17.
The Cusip number is 89114QT32.
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