Published on 5/26/2020 in the Prospect News Structured Products Daily.
New Issue: TD Bank sells $25,000 contingent interest barrier autocalls on Dow, Russell
By Sarah Lizee
Olympia, Wash., May 26 – Toronto-Dominion Bank priced $25,000 of autocallable contingent interest barrier notes due May 25, 2022 linked to the lesser-performing of the Dow Jones industrial average and the Russell 2000 index, according to a 424B2 filing with the Securities and Exchange Commission.
Each quarter, the notes pay a contingent coupon at an annual rate of 7% if each index closes at or above the barrier level, 67.5% of the initial level, on the observation that quarter.
After six months, the notes will be called at par if each index closes at or above the level on any quarterly valuation date.
The payout at maturity will be par plus the coupon unless the lesser performing index finishes below the barrier level, in which case investors will be fully exposed to its decline.
TD Securities (USA) LLC is the underwriter.
| Issuer: | Toronto-Dominion Bank
|
| Issue: | Autocallable contingent interest barrier notes
|
| Underlying indexes: | Dow Jones industrial average and Russell 2000 index
|
| Amount: | $25,000
|
| Maturity: | May 25, 2022
|
| Coupon: | 7% per year, payable quarterly if each index closes at or above barrier level on observation date that quarter
|
| Price: | Par
|
| Payout at maturity: | Par unless either index finishes below barrier level, in which case full exposure to lesser performing index’s decline
|
| Call: | After six months, automatically at par if each index closes at or above initial level price on any valuation date
|
| Initial level: | 24,465.16 for Dow, 1,355.531 for Russell
|
| Barrier levels: | 16,513.983 for S&P, 914.9834 for Russell, 67.5% of initial levels
|
| Pricing date: | May 22
|
| Settlement date: | May 29
|
| Agent: | TD Securities (USA) LLC
|
| Fees: | 2.25%
|
| Cusip: | 89114RK47
|
|
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
