Published on 5/31/2021 in the Prospect News Structured Products Daily.
New Issue: TD Bank prices $780,000 autocallable contingent interest barrier notes on bank stocks
By William Gullotti
Buffalo, N.Y., June 1 – Toronto-Dominion Bank priced $780,000 of autocallable contingent interest barrier notes due May 11, 2023 linked to the least performing of the common stocks of Bank of America Corp., Citigroup Inc. and Wells Fargo & Co., according to a 424B2 filing with the Securities and Exchange Commission.
Quarterly, the notes will pay a contingent interest payment at the rate of 9.5% per year if each stock closes at or above the coupon barrier price, 65% of the initial share price, on the observation date for that period.
The notes will be called at par plus coupon if each stock closes at or above its initial price on any quarterly observation date.
If the notes are not called, the payout at maturity will be par unless the least performing stock finishes below the barrier price, 65% of the initial share price, in which case investors will be fully exposed to the laggard stock’s decline.
TD Securities (USA) LLC is the agent.
Issuer: | Toronto-Dominion Bank
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Issue: | Autocallable contingent interest barrier notes
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Underlying stocks: | Bank of America Corp., Citigroup Inc., Wells Fargo & Co.
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Amount: | $780,000
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Maturity: | May 11, 2023
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Coupon: | 9.5% annual rate, payable quarterly if each stock closes at or above coupon barrier level on relevant observation date
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Price: | Par
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Payout at maturity: | Par unless any stock finishes below barrier price, in which case full exposure to laggard stock’s decline
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Call: | Automatically at par plus coupon if each stock closes at or above its initial level on any quarterly observation date
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Initial share prices: | $42.01 for BofA, $74.78 for Citi, $46.63 for Wells Fargo
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Coupon barrier levels: | $27.3065 for BofA, $48.607 for Citi, $30.3095 for Wells Fargo; 65% of initial levels
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Barrier levels: | $27.3065 for BofA, $48.607 for Citi, $30.3095 for Wells Fargo; 65% of initial levels
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Pricing date: | May 7
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Settlement date: | May 12
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Agent: | TD Securities (USA) LLC
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Fees: | 2%
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Cusip: | 89114TJ60
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