Published on 12/22/2020 in the Prospect News Structured Products Daily.
New Issue: TD prices $1.36 million autocallable contingent interest barrier notes on ETFs
By Wendy Van Sickle
Columbus, Ohio, Dec. 22 – Toronto-Dominion Bank priced $1.36 million of autocallable contingent interest barrier notes due Dec. 21, 2023 linked to the least performing of the Invesco QQQ Trust, series 1, the iShares Russell 2000 ETF and the SPDR S&P 500 ETF trust, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent semiannual coupon at an annual rate of 6.5% if each fund closes at or above the 50% contingent interest barrier level on the observation date for that period.
The notes will be automatically called at par if each fund closes at or above its initial level on any semiannual observation date.
The payout at maturity will be par plus any coupon due unless any fund finishes below the 65% barrier level, in which case investors will lose 1% for each 1% decline of the lesser-performing fund from its initial level.
TD Securities (USA) LLC is the agent.
Issuer: | Toronto-Dominion Bank
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Issue: | Autocallable contingent interest barrier notes
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Underlying funds: | Invesco QQQ Trust, series 1, iShares Russell 2000 ETF and SPDR S&P 500 ETF trust
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Amount: | $1.36 million
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Maturity: | Dec. 21, 2023
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Coupon : | 6.5%, payable semiannually if each fund closes at or above contingent interest barrier level on observation date for that period
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Price: | Par
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Payout at maturity: | Par plus any coupon due unless any fund finishes below barrier level, in which case 1% loss for each 1% decline of lesser-performing fund from initial level
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Call: | Automatically at par if each fund closes at or above initial level on any semiannual observation date
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Initial levels: | $308.98 for Invesco, $193.98 for Russell, $370.17 for S&P
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Contingent interest barriers: | $154.49 for Invesco, $96.99 for Russell, $185.085 for S&P; 50% of initial levels
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Barriers: | $200.837 for Invesco, $126.087 for Russell, $240.6105 for S&P; 65% of initial levels
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Pricing date: | Dec. 17
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Settlement date: | Dec. 22
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Agent: | TD Securities (USA) LLC
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Fees: | 1.78%
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Cusip: | 89114T3U4
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