By Sarah Lizee
Olympia, Wash., July 13 – Toronto-Dominion Bank priced $845,000 of autocallable contingent interest barrier notes due July 11, 2023 linked to the least performing of the iShares Russell 2000 ETF and SPDR S&P 500 ETF Trust, according to a 424B2 filing with the Securities and Exchange Commission.
Each six months, the notes will pay a contingent coupon at an annual rate of 7.55% if each ETF closes at or above the 60% coupon barrier level on the observation date for that period.
The notes will be called at par plus the coupon if each ETF closes at or above 90% of its initial price on any semiannual observation date other than the final one.
If the notes are not called, the payout at maturity will be par plus the coupon unless any ETF finishes below the 55% barrier level, in which case investors will lose 1% for each 1% decline of the least-performing ETF.
TD Securities (USA) LLC is the agent.
| Issuer: | Toronto-Dominion Bank
|
| Issue: | Autocallable contingent interest barrier notes
|
| Underlying ETFs: | iShares Russell 2000 ETF and SPDR S&P 500 ETF Trust
|
| Amount: | $845,000
|
| Maturity: | July 11, 2023
|
| Coupon: | 7.55%, payable semiannually if each ETF closes at or above coupon barrier level on observation date for that period
|
| Price: | Par
|
| Payout at maturity: | Par plus coupon unless any ETF finishes below barrier level, in which case 1% loss for each 1% decline of least-performing ETF
|
| Call: | At par plus coupon if each ETF closes at or above 90% of its initial price on any semiannual observation date other than final one
|
| Initial levels: | $142.40 for Russell ETF, $312.23 for S&P ETF
|
| Call levels: | $128.16 for Russell ETF, $281.007 for S&P ETF; 90% of initial levels
|
| Coupon barrier levels: | $85.44 for Russell ETF, $187.338 for S&P ETF; 60% of initial levels
|
| Barrier levels: | $78.32 for Russell ETF, $171.7265 for S&P ETF; 55% of initial levels
|
| Pricing date: | July 2
|
| Settlement date: | July 6
|
| Agent: | TD Securities (USA) LLC
|
| Fees: | 2%
|
| Cusip: | 89114RNJ1
|
|
|
© 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.
