Published on 6/21/2020 in the Prospect News Structured Products Daily.
New Issue: TD sells $1.25 million of 12.4% fixed-interest barrier notes on stocks
By Kiku Steinfeld
Chicago, June 22 – Toronto-Dominion Bank priced $1.25 million of 12.4% fixed-interest barrier notes due June 17, 2021 linked to common stocks Wells Fargo & Co. and Citigroup Inc., according to a 424B2 filing with the Securities and Exchange Commission.
Interest is payable quarterly.
The payout at maturity will be par unless any stock finishes below its barrier level, 60% of its initial level, in which case investors will be fully exposed to the laggard stock’s decline.
TD Securities (USA) LLC is the underwriter.
Issuer: | Toronto-Dominion Bank
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Issue: | Fixed-interest barrier notes
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Underlying stocks: | Wells Fargo & Co. and Citigroup Inc.
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Amount: | $1,250,000
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Maturity: | June 17, 2021
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Coupon: | 12.4%, payable quarterly
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Price: | Par
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Payout at maturity: | Par unless any stock finishes below its barrier level, in which case investors will be fully exposed to the laggard stock’s decline
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Initial levels: | $27.97 for Wells Fargo, $52.25 for Citi
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Barrier levels: | $16.782 for Wells Fargo, $31.35 for Citi, 60% of initial levels
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Pricing date: | June 15
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Settlement date: | June 18
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Agent: | TD Securities (USA) LLC
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Fees: | 1%
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Cusip: | 89114RMT0
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