Published on 1/20/2020 in the Prospect News Structured Products Daily.
New Issue: TD Bank prices $675,000 contingent interest barrier autocallables on bank stocks
By Kiku Steinfeld
Chicago, Jan. 20 – Toronto-Dominion Bank priced $675,000 of autocallable contingent interest barrier notes due Jan. 20, 2022 linked to the common stocks of Bank of America Corp., JPMorgan Chase & Co. and Wells Fargo & Co., according to a 424B2 filing with the Securities and Exchange Commission.
Each quarter, the notes will pay a contingent coupon at the rate of 8.6% per year if each stock closes at or above the coupon barrier price, 65% of the initial share price, on the valuation date for that period.
The notes will be called at par plus the contingent coupon if each stock closes at or above its initial share price, on any quarterly call observation date.
The payout at maturity will be par plus the final contingent coupon unless any stock finishes below its 65% 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., JPMorgan Chase & Co. and Wells Fargo & Co.
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| Amount: | $675,000
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| Maturity: | Jan. 20, 2022
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| Coupon: | Each quarter, notes pay contingent coupon at rate of 8.6% per year if all shares close at or above coupon barrier price on valuation date
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| Price: | Par
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| Payout at maturity: | Par plus final contingent coupon unless any stock finishes below barrier price, in which case full exposure to laggard stock’s decline
|
| Call: | Automatically at par plus coupon if each stock closes at or above its initial share price on any quarterly call observation date
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| Initial share prices: | $34.67 for BofA, $48.32 for Wells Fargo, $136.72 for JPMorgan
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| Coupon barrier/barrier prices: | $22.5355 for BofA, $31.408 for Wells Fargo, $88.868 for JPMorgan, 65% of initial share prices
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| Pricing date: | Jan. 15
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| Settlement date: | Jan. 21
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| Underwriter: | TD Securities (USA) LLC
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| Fees: | 1.98%
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| Cusip: | 89114RC61
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