Published on 8/21/2020 in the Prospect News Structured Products Daily.
New Issue: TD prices $999,000 callable contingent interest barrier notes on Dow, Russell, S&P
By Sarah Lizee
Olympia, Wash., Aug. 21 – Toronto-Dominion Bank priced $999,000 of callable contingent interest barrier notes due Aug. 22, 2025 linked to the least performing of the S&P 500 index, the Russell 2000 index and the Dow Jones industrial average, according to a 424B2 filing with the Securities and Exchange Commission.
Each month, the notes will pay a contingent coupon at an annual rate of 7.32% if each index closes at or above the 60% contingent interest barrier level on the observation date for that month.
The notes will be callable at par on any quarterly observation date after six months.
The payout at maturity will be par plus any coupon unless any index finishes below the 60% barrier level, in which case investors will lose 1% for each 1% decline of the lesser-performing index from its initial level.
TD Securities (USA) LLC is the agent.
| Issuer: | Toronto-Dominion Bank
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| Issue: | Callable contingent interest barrier notes
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| Underlying indexes: | S&P 500 index, Russell 2000 index and Dow Jones industrial average
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| Amount: | $999,000
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| Maturity: | Aug. 22, 2025
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| Coupon: | 7.32%, payable monthly if each index closes at or above contingent interest barrier level on observation date for that month
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| Price: | Par of $1,000
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| Payout at maturity: | Par plus any coupon unless any index finishes below barrier level, in which case 1% loss for each 1% decline of lesser-performing index from initial level
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| Call option: | At par on any quarterly observation date after six months
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| Initial levels: | 27,692.88 for Dow, 1,572.066 for Russell, 3,374.85 for S&P
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| Interest barriers: | 16,615.728 for Dow, 943.2396 for Russell, 2,024.91 for S&P; 60% of initial levels
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| Barrier levels: | 16,615.728 for Dow, 943.2396 for Russell, 2,024.91 for S&P; 60% of initial levels
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| Pricing date: | Aug. 19
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| Settlement date: | Aug. 24
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| Agent: | TD Securities (USA) LLC
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| Fees: | 0.75%
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| Cusip: | 89114RR99
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