Published on 4/26/2024 in the Prospect News Structured Products Daily.
New Issue: TD Bank prices $1.64 million callable contingent interest barrier notes on three indexes
By Wendy Van Sickle
Columbus, Ohio, April 26 – Toronto-Dominion Bank priced $1.64 million of callable contingent interest barrier notes due April 28, 2027 linked to the least performing of the Russell 2000 index, the Nasdaq-100 index and the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent monthly coupon at an annual rate of 9.9% if each index closes at or above the 70% coupon barrier level on the relevant observation date.
The notes are callable at par on any monthly interest payment date starting after three months.
The payout at maturity will be par plus the final coupon, if any if each index finishes at or above its 60% barrier level.
Otherwise, investors will lose 1% for each 1% decline of the worst performer from its initial level.
TD Securities (USA) LLC is the agent.
| Issuer: | Toronto-Dominion Bank
|
| Issue: | Callable contingent interest barrier notes
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| Underlying indexes: | Russell 2000 index, Nasdaq-100 index, S&P 500 index
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| Amount: | $1,642,000
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| Maturity: | April 28, 2027
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| Coupon: | 9.9% annual rate, payable monthly if each index closes at or above coupon barrier level on the corresponding observation date
|
| Price: | Par
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| Payout at maturity: | Par plus final coupon, if any, if each index finishes at or above its barrier value; otherwise, 1% loss for each 1% decline of worst performer from initial level
|
| Call: | At par on any monthly interest payment date starting after three months
|
| Initial levels: | 17,471.47 for Nasdaq, 2,002.643 for Russell, 5,070.55 for S&P
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| Coupon barrier levels: | 12,230.029 for Nasdaq, 1,401.8501 for Russell, 3,549.385 for S&P; 70% of initial levels
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| Barrier levels: | 10,482.882 for Nasdaq, 1,201.5858 for Russell, 3,042.33 for S&P; 60% of initial levels
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| Pricing date: | April 23
|
| Settlement date: | April 26
|
| Agent: | TD Securities (USA) LLC
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| Fees: | 0.7%
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| Cusip: | 89115G2N8
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