Published on 8/2/2022 in the Prospect News Structured Products Daily.
New Issue: TD Bank prices $2.23 million autocallable market-linked step-up notes on index basket
By William Gullotti
Buffalo, N.Y., Aug. 2 – Toronto-Dominion Bank priced $2.23 million of 0% autocallable market-linked step-up notes due July 31, 2025 linked to a weighted index basket, according to a 424B2 filing with the Securities and Exchange Commission.
The basket consists of the Euro Stoxx 50 index with a 40% weight, the FTSE 100 index with a 20% weight, the Nikkei Stock Average index with a 20% weight, the Swiss Market index with a 7.5% weight, the S&P/ASX 200 index with a 7.5% weight and the FTSE China 50 index with a 5% weight.
The notes will be called at par of $10 plus a premium of 13.6% per year if the basket closes at or above its initial level on any annual observation date.
If the basket finishes above the step-up level, 130% of the initial level, the payout at maturity will be par plus the basket return.
If the basket finishes at or below the step-up level but at or above the initial level, the payout will be par plus the step-up payment of 30%.
Investors will be fully exposed to any basket decline.
BofA Securities, Inc. is the underwriter.
| Issuer: | Toronto-Dominion Bank
|
| Issue: | Autocallable market-linked step-up notes
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| Underlying indexes: | Euro Stoxx 50 (40% weight), FTSE 100 (20% weight), Nikkei Stock Average (20% weight), Swiss Market (7.5% weight), S&P/ASX 200 (7.5% weight), FTSE China 50 (5% weight)
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| Amount: | $2,229,750
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| Maturity: | July 31, 2025
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| Coupon: | 0%
|
| Price: | Par of $10
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| Payout at maturity: | If the basket finishes above the step-up level, par plus the basket return; if the basket finishes at or below the step-up level but at or above the initial level, par plus 30%; otherwise, full exposure to any basket decline
|
| Call: | Automatically at par plus a premium of 13.6% per year if the basket closes at or above its initial level on any annual observation date
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| Initial levels: | 3,652.2 for Stoxx, 7,345.25 for FTSE, 27,815.48 for Nikkei, 11,129.33 for Swiss, 6,889.746 for S&P/ASX, 14,076.85 for FTSE China 50
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| Step-up level: | 130% of initial level
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| Pricing date: | July 28
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| Settlement date: | Aug. 4
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| Underwriter: | BofA Securities, Inc.
|
| Fees: | 2%
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| Cusip: | 891162521
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