Published on 6/16/2023 in the Prospect News Structured Products Daily.
New Issue: TD Bank sells $841,000 contingent interest barrier autocalls on three indexes
By Kiku Steinfeld
Chicago, June 16– Toronto-Dominion Bank priced $841,000 of autocallable contingent interest barrier notes due May 2, 2024 linked to the least performing of the Nasdaq-100 index, the Russell 2000 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 11.8% if each index closes at or above the 75% coupon barrier level on the relevant observation date.
The notes will be called at par plus the coupon if each index closes at or above its initial level on any monthly call observation date after three months.
The payout at maturity will be par plus any final coupon if each index finishes at or above its 70% 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
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Issue: | Autocallable contingent interest barrier notes
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Underlying indexes: | Nasdaq-100 index, Russell 2000 index, S&P 500 index
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Amount: | $841,000
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Maturity: | May 2, 2024
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Coupon: | 11.8% annual rate, payable monthly if each index closes at or above coupon barrier level the corresponding observation date
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Price: | Par
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Payout at maturity: | Par plus any final coupon if each index finishes at or final barrier; otherwise, 1% loss for each 1% decline of worst performer from initial level
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Call: | At par plus coupon if each index closes at or above initial level on any monthly call observation date after three months
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Initial levels: | 12,166.60 for Nasdaq, 1,911.456 for Russell, 4,070.56 for S&P
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Coupon barrier levels: | 9,124.95 for Nasdaq, 1,433.592 for Russell, 3,052.92 for S&P; 75% of initial levels
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Barrier levels: | 8,516.62 for Nasdaq, 1,338.0192 for Russell, 2,849.392 for S&P; 70% of initial levels
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Pricing date: | Jan. 27, 2023
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Settlement date: | Feb. 1, 2023
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Agent: | TD Securities (USA) LLC
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Fees: | 0.65%
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Cusip: | 89114YN31
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