Published on 9/7/2023 in the Prospect News Structured Products Daily.
New Issue: TD Bank prices $19.3 million capped notes with absolute return buffer on index basket
By Wendy Van Sickle
Columbus, Ohio, Sept. 7 – Toronto-Dominion Bank priced $19.3 million of 0% capped notes with absolute return buffer due Aug. 29, 2025 linked to a weighted basket of indexes, according to a 424B2 filing with the Securities and Exchange Commission.
The basket consists of the Euro Stoxx 50 index with a 40% weight, the FTSE 100 index with a 20% weight, the Nikkei Stock Average index with a 20% weight, the Swiss Market index with a 7.5% weight, the S&P/ASX 200 index with a 7.5% weight and the FTSE China 50 index with a 5% weight.
The payout at maturity will be par of $10 plus 1.25 times any basket gain, up to a maximum return of par plus 24%.
If the basket falls by up to 16.7%, investors will receive par plus the absolute value of the basket return.
Investors will be exposed to any basket decline beyond 16.7%.
BofA Securities, Inc. is the agent.
| Issuer: | Toronto-Dominion Bank
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| Issue: | Capped notes with absolute return buffer
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| Underlying basket: | Euro Stoxx 50 index (40% weight), FTSE 100 index (20% weight), Nikkei Stock Average index (20% weight), Swiss Market index (7.5% weight), S&P/ASX 200 index (7.5% weight), FTSE China 50 index (5% weight)
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| Principal amount: | $19,300,390
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| Maturity: | Aug. 29, 2025
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| Coupon: | 0%
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| Price: | Par of $10
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| Payout at maturity: | Par plus 1.25 times any basket gain, capped at par plus 24%; if basket falls by up to 16.7%, par plus absolute value of basket return; otherwise, 1% loss for every 1% of basket decline beyond 16.7%
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| Initial levels: | 4,297.11 for Euro Stoxx 50, 7,439.13 for FTSE 100, 32,619.34 for Nikkei Stock Average, 11,125.95 for Swiss Market, 7,4305.269 for S&P/ASX 200, 12,279.58 for FTSE China 50
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| Pricing date: | Aug. 31
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| Settlement date: | Sept. 8
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| Agent: | BofA Securities, Inc.
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| Fees: | 2%
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| Cusip: | 89116C537
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