Published on 12/3/2021 in the Prospect News Structured Products Daily.
New Issue: TD Bank prices $1.5 million autocallable contingent interest barrier notes on two stocks
By Kiku Steinfeld
Chicago, Dec. 3 – Toronto-Dominion Bank priced $1.5 million of autocallable contingent interest barrier notes due Aug. 15, 2024 linked to the common stocks of DoorDash, Inc. and Moderna, Inc., according to a 424B2 filing with the Securities and Exchange Commission.
Monthly, the notes will pay a contingent interest payment at the rate of 14.3% per year if each stock closes at or above the coupon barrier price, 60% of the initial share price, on the observation date for that period.
The notes will be called at par plus coupon if each stock closes at or above 80% of its initial price on any monthly observation date.
If the notes are not called, the payout at maturity will be par 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 from its initial share price.
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: | DoorDash, Inc. and Moderna, Inc.
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| Amount: | $1,500,000
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| Maturity: | Aug. 15, 2024
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| Coupon: | 14.3% annual rate, payable monthly if each stock closes at or above coupon barrier level on relevant observation date
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| Price: | Par
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| Payout at maturity: | Par unless any stock finishes below barrier price, in which case full exposure to laggard stock’s decline from its initial share price
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| Call: | Automatically at par plus coupon if each stock closes at or above its call level on any monthly observation date
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| Initial share prices: | $190.56 for DoorDash, $385.33 for Moderna
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| Call levels: | $152.448 for DoorDash, $308.264 for Moderna; 80% of initial levels
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| Coupon barrier levels: | $114.336 for DoorDash, $231.198 for Moderna; 60% of initial levels
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| Barrier levels: | $95.28 for DoorDash, $192.665 for Moderna; 50% of initial levels
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| Pricing date: | Aug. 11
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| Settlement date: | Aug. 16
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| Agent: | TD Securities (USA) LLC
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| Fees: | 3.25%
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| Cusip: | 89114TPK2
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