Published on 11/24/2021 in the Prospect News Structured Products Daily.
New Issue: TD sells $1.82 million callable contingent interest barrier notes on three ETFs
By William Gullotti
Buffalo, N.Y., Nov. 24 – Toronto-Dominion Bank priced $1.82 million of callable contingent interest barrier notes due Nov. 22, 2024 linked to the performance 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 quarterly contingent coupon at an annual rate of 7.25% if each ETF closes at or above the 70% coupon barrier level on the corresponding observation date.
The notes will be callable at par plus any coupon due on any quarterly observation date.
The payout at maturity will be par plus the final coupon if each ETF finishes at or above its coupon barrier.
If the worst performer finishes below its coupon barrier but at or above the 65% barrier level, the payout at maturity will be par. 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
|
Issue: | Callable contingent interest barrier notes
|
Underlying funds: | iShares Russell 2000 ETF, SPDR S&P 500 ETF Trust, Invesco QQQ Trust, Series 1
|
Amount: | $1,815,000
|
Maturity: | Nov. 22, 2024
|
Coupon: | 7.25% annual rate, payable quarterly if each ETF closes at or above contingent interest barrier level on the corresponding observation date
|
Price: | Par
|
Payout at maturity: | Par plus final coupon if each ETF finishes at or above coupon barrier; if worst performer finishes below coupon barrier but at or above barrier level, par; 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
|
Initial levels: | $403.99 for QQQ, $232.72 for iShares, $468.89 for SPDR
|
Coupon barrier levels: | $282.793 for QQQ, $162.904 for iShares, $328.223 for SPDR; 70% of initial levels
|
Barrier levels: | $262.5935 for QQQ, $151.268 for iShares, $304.7785 for SPDR; 65% of initial levels
|
Strike date: | Nov. 19
|
Pricing date: | Nov. 22
|
Settlement date: | Nov. 26
|
Agent: | TD Securities (USA) LLC
|
Fees: | 1.9917%
|
Cusip: | 89114TVK5
|
|
© 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.