By Taylor Fox
New York, Nov. 23 – Toronto-Dominion Bank priced $1.74 million of autocallable contingent interest barrier notes due Nov. 16, 2023 linked to the common stocks of Bank of America Corp., Citigroup Inc. and JPMorgan Chase & Co., according to a 424B2 filing with the Securities and Exchange Commission.
Semiannually, the notes will pay a contingent interest payment at the rate of 8% per year if each stock closes at or above the coupon barrier price, 55% of the initial share price, on the observation date for that period.
The notes will be called at par plus the contingent interest payment if the shares of each stock close at or above 90% of the initial price on any semiannual observation date after six months.
If the notes are not called, the payout at maturity will be par plus any contingent interest payment due unless the least performing stock finishes below the barrier price, 50% of the initial share price, in which case investors will be fully exposed to the laggard stock’s decline.
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 stocks: | Bank of America Corp., Citigroup Inc. and JPMorgan Chase & Co.
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Amount: | $1,740,000
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Maturity: | Nov. 16, 2023
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Coupon: | Semiannually, the notes pay a contingent coupon at rate of 8% per year if all stocks close at or above their barrier prices on the relevant observation date
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Price: | Par
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Payout at maturity: | Par plus any contingent interest payment due unless any stock finishes below barrier price, in which case full exposure to laggard stock’s decline
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Call: | Automatically at par plus contingent interest payment if shares of each stock close at or above 90% of its initial price on any semiannual observation date after six months
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Initial share prices: | $27 for Bank of America, $48.66 for Citigroup and $114.08 for JPMorgan
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Call prices: | $24.30 for Bank of America, $43.794 for Citigroup and $102.672 for JPMorgan; 90% of initial levels
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Coupon barrier prices: | $14.85 for Bank of America, $26.763 for Citigroup and $62.744 for JPMorgan; 55% of initial levels
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Final barrier prices: | $13.50 for Bank of America, $24.33 for Citigroup and $57.04 for JPMorgan; 50% of initial levels
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Pricing date: | Nov. 13
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Settlement date: | Nov. 18
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Agent: | TD Securities (USA) LLC
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Fees: | 1.5%
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Cusip: | 89114RXZ4
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