By Kiku Steinfeld
Chicago, Nov. 14 – Toronto-Dominion Bank priced $1.06 million of autocallable contingent interest barrier notes due March 20, 2025 linked to 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 interest payment at the annual rate of 6% if the fund closes at or above the coupon barrier level, 70% of the initial fund level, on the observation date for that period.
The notes will be called at par plus the contingent interest payment if the fund closes at or above the initial level on any quarterly call observation date.
If the notes are not called, the payout at maturity will be par plus any contingent interest payment due unless the fund finishes below the barrier level, 60% of the initial fund level, in which case investors will be fully exposed to the decline.
TD Securities (USA) LLC is the agent.
| Issuer: | Toronto-Dominion Bank
|
| Issue: | Autocallable contingent interest barrier notes
|
| Underlying fund: | SPDR S&P 500 ETF Trust
|
| Amount: | $1,055,000
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| Maturity: | March 20, 2025
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| Coupon: | 6% annual rate, payable quarterly if fund closes at or above 70% of initial level on related observation date
|
| Price: | Par
|
| Payout at maturity: | Par plus any contingent interest payment due unless the fund finishes below the barrier level, in which case full exposure to the fund’s decline
|
| Call: | Automatically at par plus contingent interest payment if fund closes at or above initial level on any quarterly call observation date
|
| Initial fund level: | $417
|
| Coupon barrier: | $291.90, 70% of initial level
|
| Barrier level: | $250.20, 60% of initial level
|
| Pricing date: | March 15, 2022
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| Settlement date: | March 18, 2022
|
| Agent: | TD Securities (USA) LLC
|
| Fees: | 1.9%
|
| Cusip: | 89114VAC1
|
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