By Kiku Steinfeld
Chicago, March 18 – Toronto-Dominion Bank priced $1.1 million of autocallable contingent interest barrier notes with memory interest due July 6, 2026 linked to the least performing of the iShares Russell 2000 ETF, the Invesco QQQ Trust, Series 1 and the SPDR S&P 500 ETF Trust, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent semiannual interest payment at the rate of 9.5% per year if each ETF closes at or above its coupon barrier level, 65% of the initial level, on the observation date for that period. Any previously unpaid contingent interest payments will be automatically included whenever interest is paid.
The notes will be called at par plus the contingent interest payment and any previously unpaid contingent payments if each ETF closes at or above initial levels on any semiannual observation date.
If the notes are not called and each ETF finishes at or above its 65% trigger level, the payout at maturity will be par plus all unpaid contingent interest payments.
Otherwise, investors will be fully exposed to the worst performing ETF’s decline from its initial level.
TD Securities (USA) LLC is the agent.
| Issuer: | Toronto-Dominion Bank
|
| Issue: | Autocallable contingent interest barrier notes with memory interest
|
| Underlying funds: | iShares Russell 2000 ETF, Invesco QQQ Trust, Series 1, SPDR S&P 500 ETF Trust
|
| Amount: | $1.1 million
|
| Maturity: | July 6, 2026
|
| Coupon: | 9.5% annual rate, payable semiannually if all ETFs close at or above their coupon barrier levels on the relevant observation date; coupon payment events will automatically include any previously unpaid coupons
|
| Level: | Par
|
| Payout at maturity: | Par plus all unpaid contingent interest payments if each ETF finishes at or above its trigger level; otherwise, full exposure to worst performer’s decline from its initial level
|
| Call: | Automatically at par plus contingent interest payment and any previously unpaid contingent interest payments if each ETF closes at or above its initial level on any semiannual observation date
|
| Initial levels: | $186.38 for iShares, $363.81 for QQQ, $438.11 for SPDR
|
| Coupon barrier levels: | $121.147 for iShares, $236.4765 for QQQ, $284.7715 for SPDR; 65% of initial levels
|
| Trigger levels: | $121.147 for iShares, $236.4765 for QQQ, $284.7715 for SPDR; 65% of initial levels
|
| Pricing date: | June 30, 2023
|
| Settlement date: | July 6, 2023
|
| Agent: | TD Securities (USA) LLC
|
| Fees: | 0.65%
|
| Cusip: | 89115F3A7
|
|
|
|
|
|
|
© 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.
