Published on 8/14/2018 in the Prospect News Structured Products Daily.
New Issue: TD Bank prices $1.09 million contingent interest barrier autocallables on three stocks
By Wendy Van Sickle
Columbus, Ohio, Aug. 14 – Toronto-Dominion Bank priced $1.09 million of autocallable contingent interest barrier notes due July 29, 2020 linked to the shares of Bank of America Corp., Wells Fargo & Co. and JPMorgan Chase & Co., according to a 424B2 filing with the Securities and Exchange Commission.
Each month, the notes will pay a contingent coupon at the rate of 7.6% per year if each stock closes at or above the barrier price, 70% of the initial share price, on the valuation date for that month.
The notes will be called at par plus the contingent coupon if the shares of each stock close at or above the initial share price on any quarterly call observation date.
The payout at maturity will be par plus the contingent coupon unless the stock finishes below the barrier price, 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: | Autocallable contingent interest barrier notes
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Underlying stocks: | Bank of America Corp., Wells Fargo & Co. and JPMorgan Chase & Co.
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Amount: | $1,086,000
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Maturity: | July 29, 2020
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Coupon: | Each month, notes pay contingent coupon at rate of 7.6% per year if all shares close at or above barrier price on valuation date
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Price: | Par
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Payout at maturity: | Par plus contingent coupon 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 contingent coupon if shares of each stock close at or above initial share price on any quarterly call observation date
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Initial share prices: | $30.94 for BofA, $58.31 for Wells Fargo, $114.85 for JPMorgan
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Barrier prices: | $21.66 for BofA, $40.82 for Wells Fargo, $80.40 for JPMorgan, 70% of initial share prices
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Pricing date: | July 26
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Settlement date: | July 31
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Agent: | TD Securities (USA) LLC
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Fees: | 2.75%
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Cusip: | 89114QPS1
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