Published on 10/28/2020 in the Prospect News Structured Products Daily.
New Issue: TD prices $1.5 million autocallable contingent interest barrier notes on ETFs
By Taylor Fox
New York, Oct. 28 – Toronto-Dominion Bank priced $1.5 million of autocallable contingent interest barrier notes due Oct. 3, 2024 linked to the least performing of the Invesco QQQ Trust series 1, the iShares Russell 2000 ETF and the SPDR S&P 500 ETF trust, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent quarterly coupon at an annual rate of 8.5% if each fund closes at or above the 60% contingent interest barrier level on the observation date for that period.
The notes will be automatically called at par if each fund closes at or above its initial level on any quarterly observation date.
The payout at maturity will be par plus any coupon due unless any fund finishes below the 60% 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
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| Issue: | Autocallable contingent interest barrier notes
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| Underlying funds: | Invesco QQQ Trust series 1, iShares Russell 2000 ETF and SPDR S&P 500 ETF trust
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| Amount: | $1.5 million
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| Maturity: | Oct. 3, 2024
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| Coupon: | 8.5%, payable semiannually if each fund closes at or above contingent interest barrier level on observation date for that period
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| Price: | Par
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| 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
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| Call: | Automatically at par if each fund closes at or above initial level on any quarterly observation date
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| Initial levels: | $271.56 for Invesco, $146.41 for Russell, $328.73 for S&P
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| Contingent interest barriers: | $162.936 for Invesco, $87.846 for Russell, $197.238 for S&P; 60% of initial levels
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| Barriers: | $162.936 for Invesco, $87.846 for Russell, $197.238 for S&P; 60% of initial levels
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| Pricing date: | Sept. 25
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| Settlement date: | Sept. 28
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| Agent: | TD Securities (USA) LLC
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| Fees: | 1.45%
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| Cusip: | 89114RTW6
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