By Taylor Fox
New York, Nov. 23 – Toronto-Dominion Bank priced $1 million of autocallable contingent interest barrier notes due May 11, 2023 linked to the common stocks of Honeywell International, Inc., 3M Co., Union Pacific Corp. and United Parcel Service, Inc., according to a 424B2 filing with the Securities and Exchange Commission.
Each quarter, the notes will pay a contingent interest payment at the rate of 16.68% per year if each stock closes at or above the coupon barrier price, 70% of the initial share price, on the observation date for that period.
The notes will be called at par plus the contingent interest payment if the shares of each stock close at or above its initial price on any quarterly observation date.
If the notes are not called, the payout at maturity will be par plus any contingent interest payment due unless the least performing stock finishes below the barrier price, 70% of the initial share price, in which case investors will be fully exposed to the laggard stock’s decline.
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: | Honeywell International, Inc., 3M Co., Union Pacific Corp. and United Parcel Service, Inc.
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| Amount: | $1 million
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| Maturity: | May 11, 2023
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| Coupon: | Each quarter, the notes pay a contingent coupon at rate of 16.68% per year if all stocks close at or above their barrier prices on the relevant observation date
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| Price: | Par
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| Payout at maturity: | Par plus any contingent interest payment due unless any stock finishes below barrier price, in which case full exposure to laggard stock’s decline
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| Call: | Automatically at par plus contingent interest payment if shares of each stock close at or above initial price on any quarterly observation date
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| Initial share prices: | $184.27 for Honeywell, $163.02 for 3M, $190.07 for Union Pacific and $167.68 for United Parcel
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| Barrier prices: | $128.989 for Honeywell, $114.114 for 3M, $133.049 for Union Pacific and $117.376 for United Parcel; 70% of initial levels
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| Pricing date: | Nov. 6
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| Settlement date: | Nov. 12
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| Agent: | TD Securities (USA) LLC
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| Fees: | 3.5%
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| Cusip: | 89114RWR3
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