Published on 5/11/2023 in the Prospect News Structured Products Daily.
New Issue: TD Bank sells $1 million callable contingent interest barrier notes on three ETFs
By Wendy Van Sickle
Columbus, Ohio, May 11 – Toronto-Dominion Bank priced $1 million of callable contingent interest barrier notes with memory interest due April 30, 2026 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 semiannuall contingent coupon at an annual rate of 11.45% if each ETF closes at or above the 70% contingent interest barrier level on the corresponding observation date, plus any previously unpaid coupon.
The notes will be callable at par plus any coupon due on any semiannual observation date.
The payout at maturity will be par plus the final coupon unless any ETF finishes below the 65% barrier level, in which case investors will lose 1% for each 1% decline of the lesser-performing ETF from its initial level.
TD Securities (USA) LLC is the agent.
| Issuer: | Toronto-Dominion Bank
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| Issue: | Callable contingent interest barrier notes with memory interest
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| Underlying funds: | iShares Russell 2000 ETF, SPDR S&P 500 ETF Trust, Invesco QQQ Trust, Series 1
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| Amount: | $1 million
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| Maturity: | April 30, 2026
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| Coupon: | 11.45% annual rate, payable semiannually if each ETF closes at or above contingent interest barrier level on the corresponding observation date, plus any previously unpaid coupon
|
| Price: | Par
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| Payout at maturity: | Par plus final coupon unless any ETF finishes below barrier level, in which case 1% loss for each 1% decline of least-performing ETF from initial level
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| Call option: | At par plus any coupon due on any semiannual observation date
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| Initial levels: | $309.99 for QQQ, $173.06 for iShares, $406.08 for SPDR
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| Coupon barrier levels: | $216.993 for QQQ, $121.142 for iShares, $284.256 for SPDR; 70% of initial levels
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| Barrier levels: | $216.993 for QQQ, $121.142 for iShares, $284.256 for SPDR; 70% of initial levels
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| Strike date: | April 25
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| Pricing date: | April 26
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| Settlement date: | May 1
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| Agent: | TD Securities (USA) LLC
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| Fees: | 0.5%
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| Cusip: | 89114YWN7
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