Published on 10/27/2023 in the Prospect News Structured Products Daily.
New Issue: TD Bank sells $1.09 million market-linked autocalls with contingent downside on stocks
Chicago, Oct. 27 – Toronto-Dominion Bank priced $1.09 million of 0% market-linked securities – autocallable with contingent coupon and contingent downside due Oct. 22, 2026 linked to the lowest performing of the Amazon.com, Inc., Walt Disney Co. and Netflix, Inc., according to a 424B2 filing with the Securities and Exchange Commission.
A 17.25% quarterly coupon will be paid if all three stocks close above their 60% coupon thresholds on the related observation date.
The notes will be automatically called at par if all three stocks close above their starting prices on any quarterly calculation date starting after six months.
The payout at maturity will be par unless any stock falls by more than 40%, in which case investors will be fully exposed to the decline of the worst performer from its initial level.
TD Securities (USA) LLC and Wells Fargo Securities are the agents.
| Issuer: | Toronto-Dominion Bank
|
| Issue: | Market-linked securities – autocallable with contingent coupon and contingent downside
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| Underlying stocks: | Amazon.com, Inc., Walt Disney Co. and Netflix, Inc.
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| Amount: | $1,085,000
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| Maturity: | Oct. 22, 2026
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| Coupon: | 17.25% annual rate, payable quarterly if all three stocks close above coupon barriers on related observation date
|
| Price: | Par
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| Payout at maturity: | Par unless any stock falls by more than 40% in which case full exposure to decline of worst performer
|
| Call: | Automatically at par if all three stocks close above starting prices on any quarterly calculation date starting after six months
|
| Initial level: | $128.13 for Amazon, $84.68 for Disney, $346.19 for Netflix
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| Coupon barrier levels: | $76.878 for Amazon, $50.808 for Disney, $207.714 for Netflix; 60% of initial levels
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| Threshold level: | $76.878 for Amazon, $50.808 for Disney, $207.714 for Netflix; 60% of initial levels
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| Pricing date: | Oct. 18
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| Settlement date: | Oct. 23
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| Agents: | TD Securities (USA) LLC and Wells Fargo Securities
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| Fees: | 2.325%
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| Cusip: | 89115FDK4
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