Published on 1/10/2024 in the Prospect News Structured Products Daily.
New Issue: TD Bank prices $1 million callable contingent interest barrier notes on three ETFs
By William Gullotti
Buffalo, N.Y., Jan. 10 – Toronto-Dominion Bank priced $1 million of callable contingent interest barrier notes due Jan. 8, 2027 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 10.5% if each ETF closes at or above the 70% contingent interest 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 unless any ETF finishes below the 60% 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
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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: | Jan. 8, 2027
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| Coupon: | 10.5% annual rate, payable quarterly if each ETF closes at or above contingent interest barrier level on the corresponding observation date
|
| Price: | Par
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| Payout at maturity: | Par 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 quarterly observation date
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| Initial levels: | $396.28 for QQQ, $193.82 for iShares, $467.28 for SPDR
|
| Coupon barrier levels: | $277.396 for QQQ, $135.674 for iShares, $327.096 for SPDR; 70% of initial levels
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| Barrier levels: | $237.768 for QQQ, $116.292 for iShares, $280.368 for SPDR; 60% of initial levels
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| Strike date: | Jan. 4
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| Pricing date: | Jan. 5
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| Settlement date: | Jan. 10
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| Agent: | TD Securities (USA) LLC
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| Fees: | 0.5%
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| Cusip: | 89115FP70
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