Published on 4/23/2024 in the Prospect News Structured Products Daily.
New Issue: TD Bank prices $860,000 callable contingent interest barrier notes on three ETFs
Chicago, April 23 – Toronto-Dominion Bank priced $860,000 of callable contingent interest barrier notes due Jan. 28, 2027 linked to the performance of the Invesco QQQ Trust, Series 1, the iShares Russell 2000 ETF and the SPDR S&P 500 ETF Trust, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a semiannual contingent coupon at an annual rate of 8.5% if each ETF closes at or above the 65% contingent interest barrier level on the corresponding observation date.
The notes will be callable at par plus any coupon due on any semiannual observation date.
The payout at maturity will be par plus the final coupon unless any ETF finishes below the 65% barrier level, in which case investors will lose 1% for each 1% decline of the worst performing ETF from its initial level.
TD Securities (USA) LLC is the agent.
Issuer: | Toronto-Dominion Bank
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Issue: | Callable contingent interest barrier notes
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Underlying funds: | iShares Russell 2000 ETF, SPDR S&P 500 ETF Trust, Invesco QQQ Trust, Series 1
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Amount: | $860,000
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Maturity: | Jan. 28, 2027
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Coupon: | 8.5% annual rate, payable semiannually if each ETF closes at or above contingent interest barrier level on the corresponding observation date
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Price: | Par
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Payout at maturity: | Par plus final coupon unless any ETF finishes below barrier level, in which case 1% loss for each 1% decline of worst performing ETF from initial level
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Call option: | At par plus any coupon due on any semiannual observation date
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Initial levels: | $425.83 for QQQ, $194.36 for iShares, $485.39 for SPDR
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Coupon barrier levels: | $276.7895 for QQQ, $126.334 for iShares, $315.5035 for SPDR; 65% of initial levels
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Barrier levels: | $276.7895 for QQQ, $126.334 for iShares, $315.5035 for SPDR; 65% of initial levels
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Strike date: | Jan. 24
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Pricing date: | Jan. 25
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Settlement date: | Jan. 30
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Agent: | TD Securities (USA) LLC
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Fees: | 1.1535%
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Cusip: | 89115FQX2
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