By William Gullotti
Buffalo, N.Y., Oct. 12 – Toronto-Dominion Bank priced $4 million of 0% capped in-buffered notes due April 4, 2028 linked to the Dow Jones industrial average, according to a 424B2 filed with the Securities and Exchange Commission.
If the index’s final level is greater than or equal to 150% of its initial level, the payout at maturity will be par plus 85.8%.
If the index’s final level is less than 150% of its initial level but greater than or equal to 130% of its initial level, the payout will be par plus 49.5% plus 1.815 times any index gain over 30%.
If the index’s final level is less than 130% of its initial level but greater than or equal to its initial level, the payout will be par plus 30% plus 0.65 times the index return.
If the index declines by no more than 10%, the payout will be par plus three times the quantity of the index’s underlying performance minus 90%. The underlying performance is equal to the final level divided by the initial level.
Otherwise, investors will lose 1% for every 1% decline of the index beyond 10%.
TD Securities (USA) LLC and BNP Paribas Securities Corp. are the agents.
| Issuer: | Toronto-Dominion Bank
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| Issue: | Capped in-buffered notes
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| Underlying index: | Dow Jones industrial average
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| Amount: | $4 million
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| Maturity: | April 4, 2028
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| Coupon: | 0%
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| Price: | Par
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| Payout at maturity: | If the index’s final level is greater than or equal to 150% of its initial level, par plus 85.8%; if the index’s final level is less than 150% of its initial level but greater than or equal to 130% of its initial level, par plus 49.5% plus 1.815 times any index gain over 30%; if the index’s final level is less than 130% of its initial level but greater than or equal to its initial level, par plus 30% plus 0.65 times the index return; if the index falls by up to 10%, par plus three times the quantity of the index’s underlying performance (the final level divided by the initial level) minus 90%; otherwise, 1% loss for every 1% decline beyond 10%
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| Initial level: | Arithmetic average of index closing levels from Oct. 5 to Nov. 10
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| Final level: | Arithmetic average of index closing levels from Dec. 31, 2027 to March 30, 2028
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| Buffer level: | 90% of initial level
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| Pricing date: | Oct. 7
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| Settlement date: | Oct. 13
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| Agents: | TD Securities (USA) LLC and BNP Paribas Securities Corp.
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| Fees: | 0.125%
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| Cusip: | 89114YED9
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