Published on 7/26/2023 in the Prospect News Structured Products Daily.
New Issue: TD Bank prices $1.2 million callable contingent interest barrier notes on three ETFs
By William Gullotti
Buffalo, N.Y., July 26 – Toronto-Dominion Bank priced $1.2 million of callable contingent interest barrier notes due July 24, 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 semiannual contingent coupon at an annual rate of 9% if each ETF closes at or above the 65% contingent interest barrier level on the corresponding observation date.
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
|
| Issue: | Callable contingent interest barrier notes
|
| Underlying funds: | iShares Russell 2000 ETF, SPDR S&P 500 ETF Trust, Invesco QQQ Trust, Series 1
|
| Amount: | $1.2 million
|
| Maturity: | July 24, 2026
|
| Coupon: | 9% annual rate, payable semiannually 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 unless any ETF finishes below barrier level, in which case 1% loss for each 1% decline of least-performing ETF from initial level
|
| Call option: | At par plus any coupon due on any semiannual observation date
|
| Initial levels: | $376.76 for QQQ, $195.08 for iShares, $452.18 for SPDR
|
| Coupon barrier levels: | $244.894 for QQQ, $126.802 for iShares, $293.917 for SPDR; 65% of initial levels
|
| Barrier levels: | $244.894 for QQQ, $126.802 for iShares, $293.917 for SPDR; 65% of initial levels
|
| Strike date: | July 20
|
| Pricing date: | July 21
|
| Settlement date: | July 26
|
| Agent: | TD Securities (USA) LLC
|
| Fees: | 1.7%
|
| Cusip: | 89115F4R9
|
|
|
© 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.
