Published on 10/31/2023 in the Prospect News Structured Products Daily.
New Issue: TD Bank prices $93.84 million capped notes with absolute return buffer on S&P 500
By William Gullotti
Buffalo, N.Y., Oct. 31 – Toronto-Dominion Bank priced $93.84 million of 0% capped notes with absolute return buffer due Dec. 20, 2024 linked to the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
TD Bank sold 9,383,799 units with a face amount of $10 each, for a total principal amount of $93,837,990. The issuer sold 400,000 units to an individual investor at $9.95 per unit and the remainder to the public at par of $10, for total proceeds of $93,817,990.
The payout at maturity will be par of $10 plus any index gain, up to a maximum return of 10%.
If the index falls by up to 14.05%, investors will receive par plus the absolute value of the index return.
Investors will be exposed to any index decline beyond 14.05%.
BofA Securities, Inc. is the agent.
Issuer: | Toronto-Dominion Bank
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Issue: | Capped notes with absolute return buffer
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Underlying index: | S&P 500 index
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Principal amount: | $93,837,990
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Proceeds: | $93,817,990
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Maturity: | Dec. 20, 2024
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Coupon: | 0%
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Price: | $9.95 per unit for 400,000 units; par of $10 for remainder
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Payout at maturity: | Par plus any index gain, capped at 10%; if index falls by up to 14.05%, par plus absolute value of index return; exposure to any index decline beyond 14.05%
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Initial level: | 4,137.23
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Threshold value: | 3,555.95; 85.95% of initial value
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Pricing date: | Oct. 26
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Settlement date: | Nov. 2
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Agent: | BofA Securities, Inc.
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Fees: | 1.25% for 400,000 units; 1.75% for remainder
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Cusip: | 89116C354
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