Published on 9/8/2020 in the Prospect News Structured Products Daily.
New Issue: TD prices $2.2 million callable contingent interest barrier notes on Dow, TJX
By Kiku Steinfeld
Chicago, Sept.8 – Toronto-Dominion Bank priced $2.2 million of callable contingent interest barrier notes due Sept. 8, 2023 linked to the lesser performing of the Dow Jones industrial average and the common stock of TJX Cos., Inc., 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 11.64% if each underlier closes at or above the 60% contingent interest barrier level on the observation date for that month.
The notes will be callable at par quarterly.
The payout at maturity will be par plus the coupon unless either underlier finishes below its 60% barrier level, in which case investors will lose 1% for each 1% decline of the lesser-performing underlier from its initial level.
TD Securities (USA) LLC is the agent.
| Issuer: | Toronto-Dominion Bank
|
| Issue: | Callable contingent interest barrier notes
|
| Underlying indexes: | Dow Jones industrial average and TJX Cos., Inc.
|
| Amount: | $2.2 million
|
| Maturity: | Sept. 8, 2023
|
| Coupon: | 11.64%, payable monthly if each underlier closes at or above contingent interest barrier level on observation date for that month
|
| Price: | Par of $1,000
|
| Payout at maturity: | Par plus coupon unless either underlier finishes below barrier level, in which case 1% loss for each 1% decline of lesser-performing underlier from initial level
|
| Call option: | At par quarterly
|
| Initial levels: | 28,645.66 for Dow, $55.27 for TJX
|
| Interest barrier levels: | 17,187.396 for Dow, $33.162 for TJX; 60% of initial levels
|
| Barrier levels: | 17,187.396 for Dow, $33.162 for TJX; 60% of initial levels
|
| Pricing date: | Sept. 2
|
| Settlement date: | Sept. 8
|
| Agent: | TD Securities (USA) LLC
|
| Fees: | 1.25%
|
| Cusip: | 89114RSC1
|
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