Chicago, Aug. 8 – Toronto-Dominion Bank priced $1.99 million of autocallable contingent interest barrier notes with memory interest due Jan. 5, 2023 linked to the performance of the common stock of Generac Holdings Inc., according to a 424B2 filing with the Securities and Exchange Commission.
Quarterly, the notes will pay a contingent interest payment at the rate of 19% per year if the stock closes at or above the coupon barrier price, 75% of the initial share price, on the observation date for that period. Previously unpaid coupons will also be paid at that time.
The notes will be called at par if the shares of the stock close at or above the initial price on any quarterly observation date.
If the notes are not called, the payout at maturity will be par unless the stock finishes below the barrier price, 75% of the initial share price, in which case investors will be fully exposed to the decline.
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
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Issue: | Autocallable contingent interest barrier notes with memory interest
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Underlying stock: | Generac Holdings Inc.
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Amount: | $1,985,000
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Maturity: | Jan. 5, 2023
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Coupon: | 19% annual rate, payable quarterly if the stock close at or above coupon barrier price on the relevant observation date; previously unpaid coupons will also be paid.
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Price: | Par
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Payout at maturity: | Par unless the stock finishes below barrier price, in which case full exposure to decline
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Call: | Automatically at par if the stock closes at or above its initial share price on any quarterly observation date
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Initial share prices: | $357.43
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Coupon barrier level: | $268.0725; 75% of initial level
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Barrier level: | $268.0725; 75% of initial level
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Pricing date: | Dec. 17, 2021
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Settlement date: | Dec. 22, 2021
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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
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Fees: | 1%
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Cusip: | 89114TXM9
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