By Kiku Steinfeld
Chicago, March 15 – Toronto-Dominion Bank priced $1.29 million of autocallable contingent interest barrier notes with memory interest due March 16, 2022 linked to the common stock of Capital One Financial Corp., according to a 424B2 filing with the Securities and Exchange Commission.
If the stock closes at or above the barrier level – 70% of its initial level – on any quarterly review date, the notes will pay a contingent coupon for that quarter at an annual rate of 16.48% and any previously unpaid contingent interest payments with respect to any previous review days on which the stock closed below the interest barrier.
If the stock closes at or above the initial level on a quarterly review date other than the final one, the notes will be called at par.
If the notes are not called and the stock finishes at or above the 70% barrier level, the payout at maturity will be par.
Otherwise, investors will be exposed to the stock’s decline from the initial level.
TD Securities (USA) LLC is the agent. J.P. Morgan Securities LLC and JPMorgan Chase Bank, NA are the placement agents.
| Issuer: | Toronto-Dominion Bank
|
| Issue: | Autocallable contingent interest barrier notes with memory interest
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| Underlying stock: | Capital One Financial Corp.
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| Amount: | $1,291,000
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| Maturity: | March 16, 2022
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| Coupon: | 16.48% per year, payable quarterly, plus any previously unpaid contingent interest payments, if stock closes at or above barrier price on any quarterly review date
|
| Price: | Par
|
| Payout at maturity: | If the notes are not called and the stock finishes at or above the barrier level, par; otherwise, investors will be exposed to the stock’s decline from the initial level
|
| Call: | If stock closes at or above initial level on any quarterly review date other than the final one, automatically at par
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| Initial stock price: | $120.19
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| Interest barrier/barrier price: | $84.133, 70% of initial stock price
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| Pricing date: | Feb. 26
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| Settlement date: | March 3
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| Agent: | TD Securities (USA) LLC
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| Placement agents: | J.P. Morgan Securities LLC and JPMorgan Chase Bank, NA
|
| Fees: | 1%
|
| Cusip: | 89114TC42
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