Published on 8/26/2021 in the Prospect News Structured Products Daily.
New Issue: TD sells $5.3 million 9% fixed interest barrier autocalls on four media stocks
By William Gullotti
Buffalo, N.Y., Aug. 26 – Toronto-Dominion Bank priced $5.3 million of 9% autocallable fixed-interest barrier notes due June 29, 2023 linked to the stocks of Charter Communications, Inc., Comcast Corp., Fox Corp. and ViacomCBS Inc., according to a 424B2 filing with the Securities and Exchange Commission.
Interest is payable monthly.
The notes will be called at par plus the coupon if the shares of each stock close at or above the initial share price on any monthly call observation date after six months.
The payout at maturity will be par plus the coupon unless any stock finishes below the barrier price, 59% of the initial share price, in which case investors will receive a number of shares of the worst performer equal to $1,000 divided by that stock’s initial share price.
TD Securities (USA) LLC is the underwriter.
| Issuer: | Toronto-Dominion Bank
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| Issue: | Autocallable fixed interest barrier notes
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| Underlying stocks: | Charter Communications, Inc., Comcast Corp., Fox Corp. and ViacomCBS Inc.
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| Amount: | $5.3 million
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| Maturity: | June 29, 2023
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| Coupon: | 9% annual rate, payable monthly
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| Price: | Par
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| Payout at maturity: | Par plus coupon unless any stock finishes below barrier price, in which case receive number of shares of worst performer equal to that stock’s equity ratio
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| Call: | Automatically at par plus coupon if shares of each stock close at or above initial share price on any monthly call observation date after six months
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| Initial share prices: | $721.29 for Charter, $56.42 for Comcast, $38.36 for Fox, $43.82 for ViacomCBS
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| Barrier levels: | $425.5611 for Charter, $33.2878 for Comcast, $22.6324 for Fox, $25.8538 for ViacomCBS; 59% of initial share prices
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| Physical delivery levels: | 1.3864 for Charter, 17.7242 for Comcast, 26.0688 for Fox, 22.8206 for ViacomCBS
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| Pricing date: | June 25
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| Settlement date: | June 30
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| Agent: | TD Securities (USA) LLC
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| Fees: | 2.7915%
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| Cusip: | 89117GBA4
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