Published on 9/7/2020 in the Prospect News Structured Products Daily.
New Issue: TD Bank prices $830,000 contingent interest barrier autocallables linked to stocks
By Kiku Steinfeld
Chicago, Sept. 8 – Toronto-Dominion Bank priced $830,000 of autocallable contingent interest barrier notes due Sept. 6, 2023 linked to the least performing of the common stock of Target Corp., Lowe’s Cos. and Bank of America Corp., according to a 424B2 filing with the Securities and Exchange Commission.
Each month, the notes pay a contingent coupon at an annual rate of 10.2% if each stock closes at or above its interest barrier value, 55% of its initial share price, on the valuation date for that month.
The notes will be called at par if each stock closes at or above its initial share price on any quarterly valuation date.
The payout at maturity will be par unless any stock finishes below its barrier value, 55% of its initial value, in which case investors will be fully exposed to the decline of the least-performing stock.
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: | Target Corp., Lowe’s Cos. and Bank of America Corp.
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| Amount: | $830,000
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| Maturity: | Sept. 6, 2023
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| Coupon: | 10.2% per year, payable monthly if stocks close at or above interest barrier values on valuation date for that month
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| Price: | Par
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| Payout at maturity: | Par unless any stock finishes below barrier value, in which case full exposure to least-performing stock’s decline
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| Call: | Automatically at par if each stock closes at or above initial share price on any quarterly valuation date
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| Initial share prices: | $25.74 for BofA, $164.69 for Lowe’s, $151.21 for Target
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| Interest barrier values: | $14.157 for BofA, $90.5795 for Lowe’s, $83.1655 for Target, or 55% of initial share prices
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| Barrier values: | $14.157 for BofA, $90.5795 for Lowe’s, $83.1655 for Target, or 55% of initial share prices
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| Pricing date: | Aug. 31
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| Settlement date: | Sept. 3
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| Agent: | TD Securities (USA) LLC
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| Fees: | 3.5%
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| Cusip: | 89114RQW9
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