Published on 9/12/2020 in the Prospect News Structured Products Daily.
New Issue: TD sells $1.15 million contingent interest autocallables on Dow, Russell, S&P ETFs
By Taylor Fox
New York, Sept. 14 – Toronto-Dominion Bank priced $1.15 million of autocallable contingent interest barrier notes due Sept. 14, 2023 linked to the least performing of the SPDR S&P 500 ETF, the iShares Russell 2000 ETF and the SPDR Dow Jones industrial average ETF, according to a 424B2 filing with the Securities and Exchange Commission.
Semiannually, the notes will pay a contingent coupon at an annual rate of 8% if each fund closes at or above the 65% contingent interest barrier level on the observation date for that period.
The notes will be automatically called at par if all the funds finish above their initial levels on any semiannual call observation date.
The payout at maturity will be par plus any coupon unless any fund finishes below the 65% barrier level, in which case investors will lose 1% for each 1% decline of the lesser-performing fund from its initial level.
TD Securities (USA) LLC is the agent.
| Issuer: | Toronto-Dominion Bank
|
| Issue: | Autocallable contingent interest barrier notes
|
| Underlying funds: | SPDR S&P 500 ETF, the iShares Russell 2000 ETF and the SPDR Dow Jones industrial average ETF
|
| Amount: | $1.15 million
|
| Maturity: | Sept. 14, 2023
|
| Coupon: | 8%, payable semiannually if each fund closes at or above contingent interest barrier level on observation date for that period
|
| Price: | Par
|
| Payout at maturity: | Par plus any coupon due unless any fund finishes below barrier level, in which case 1% loss for each 1% decline of lesser-performing fund from initial level
|
| Call: | Automatically at par if all funds close above their initial levels on any semiannual call observation date
|
| Initial levels: | $279.85 for Dow, $152.13 for Russell, $339.79 for S&P
|
| Barriers: | $181.9025 for Dow, $98.8845 for Russell, $220.8635 for S&P; 65% of initial levels
|
| Pricing date: | Sept. 10
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| Settlement date: | Sept. 15
|
| Agent: | TD Securities (USA) LLC
|
| Fees: | 1.04%
|
| Cusip: | 89114RSV9
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