Published on 3/19/2021 in the Prospect News Structured Products Daily.
New Issue: TD sells $1.25 million autocallable contingent interest barrier notes on indexes
By Taylor Fox
New York, March 19 – Toronto-Dominion Bank priced $1.25 million of autocallable contingent interest barrier notes due March 14, 2024 linked to the least performing of the Nasdaq-100 index, the Russell 2000 index and the Dow Jones industrial average, according to a 424B2 filing with the Securities and Exchange Commission.
Each quarter, the notes will pay a contingent coupon at an annual rate of 7.03% if each index closes at or above the 75% contingent interest barrier level on the observation date for that quarter.
The notes will be called at par if each index closes at or above its initial level on any quarterly call observation date after six months.
The payout at maturity will be par unless any index finishes below the 65% barrier level, in which case investors will lose 1% for each 1% decline of the lesser-performing index 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 indexes: | Nasdaq-100 index, Russell 2000 index and Dow Jones industrial average
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Amount: | $1,250,000
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Maturity: | March 14, 2024
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Coupon: | 7.03% annual rate, payable quarterly if each index closes at or above contingent interest barrier level on observation date for that quarter
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Price: | Par
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Payout at maturity: | Par unless any index finishes below barrier level, in which case 1% loss for each 1% decline of least-performing index from initial level
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Call: | At par if each index closes above initial level on any quarterly call observation date after six months
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Initial levels: | 12,794.49 for Nasdaq, 2,245.059 for Russell, 31,832.74 for Dow
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Coupon barrier levels: | 9,595.8675 for Nasdaq, 1,683.7943 for Russell, 23,874.555 for Dow; 75% of initial levels
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Barrier levels: | 8,316.4185 for Nasdaq, 1,459.2884 for Russell, 20,691.281 for Dow; 65% of initial levels
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Pricing date: | March 9
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Settlement date: | March 12
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Agent: | TD Securities (USA) LLC
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Fees: | 3.5%
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Cusip: | 89114TD66
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