Published on 10/4/2022 in the Prospect News Structured Products Daily.
New Issue: TD Bank prices $13.85 million autocallable market-linked step-up notes on index basket
By Wendy Van Sickle
Columbus, Ohio, Oct. 4 – Toronto-Dominion Bank priced $13.85 million of 0% autocallable market-linked step-up notes due Sept. 25, 2025 linked to an index basket, according to a 424B2 filing with the Securities and Exchange Commission.
The basket consists of the Euro Stoxx 50 index with an initial weight of 40%, the FTSE 100 index and the Nikkei Stock Average index each with an initial weight of 20%, the Swiss Market index and the S&P/ASX 200 index each with an initial weight of 7.5% and the FTSE China 50 index with an initial weight of 5%.
The notes will be called at par of $10 plus a premium of 14 per year if the basket closes at or above its initial level on any annual observation date.
If the basket finishes above the step-up level, 140% of the initial level, the payout at maturity will be par plus the basket return.
If the basket finishes flat or gains up to the step-up level, the payout will be par plus the step-up payment of 40%.
Investors will be fully exposed to losses.
BofA Securities, Inc. is the underwriter.
| Issuer: | Toronto-Dominion Bank
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| Issue: | Autocallable market-linked step-up notes
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| Underlying basket: | Euro Stoxx 50 (40% weight), FTSE 100 (20% weight), Nikkei Stock (20% weight), Swiss Market (7.5% weight), S&P/ASX 200 (7.5% weight), FTSE China 50 (5% weight)
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| Amount: | $13,847,620
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| Maturity: | Sept. 25, 2025
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| Coupon: | 0%
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| Price: | Par of $10
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| Payout at maturity: | If the basket finishes above the step-up level, par plus the basket return; if the basket finishes at or below the step-up level but at or above the initial level, par plus 40%; full exposure to loss
|
| Call: | Automatically at par plus a premium of 14% per year if the basket closes at or above its initial level on any annual observation date
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| Initial level: | 3,279.04 for Stoxx, 6,881.59 for FTSE, 26,422.05 for Nikkei, 10,126.99 for Swiss, 6,554.968 for S&P/ASX, 11,575.53 for FTSE China 50
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| Step-up level: | 140% of initial level
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| Pricing date: | Sept. 29
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| Settlement date: | Oct. 6
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| Underwriter: | BofA Securities, Inc.
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| Fees: | 2%
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| Cusip: | 891162422
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