Published on 6/9/2021 in the Prospect News Structured Products Daily.
New Issue: TD sells $1.54 million callable contingent interest barrier notes on three indexes
By William Gullotti
Buffalo, N.Y., June 9 – Toronto-Dominion Bank priced $1.54 million of callable contingent interest barrier notes due May 19, 2025 linked to the least performing of the Dow Jones industrial average, the S&P 500 index and the Russell 2000 index, according to a 424B2 filing with the Securities and Exchange Commission.
Each quarter, the notes will pay a contingent coupon at an annual rate of 6.85% if each index closes at or above the 70% contingent interest barrier level on the observation date for that quarter.
The notes will be callable at par on any quarterly observation date.
The payout at maturity will be par 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
|
| Issue: | Callable contingent interest barrier notes
|
| Underlying indexes: | Dow Jones industrial average, S&P 500 index, Russell 2000 index
|
| Amount: | $1,537,000
|
| Maturity: | May 19, 2025
|
| Coupon: | 6.85% annual rate, payable quarterly if each index closes at or above contingent interest barrier level on observation date for that quarter
|
| Price: | Par
|
| Payout at maturity: | Par unless any index finishes below barrier level, in which case 1% loss for each 1% decline of least-performing index from initial level
|
| Call option: | At par on any quarterly observation date
|
| Initial levels: | 34,382.13 for Dow, 4,173.85 for S&P, 2,224.63 for Russell
|
| Coupon barrier levels: | 24,067.491 for Dow, 2,921.695 for S&P, 1,557.241 for Russell; 70% of initial levels
|
| Barrier levels: | 20,629.278 for Dow, 2,504.31 for S&P, 1,334.778 for Russell; 60% of initial levels
|
| Pricing date: | May 14
|
| Settlement date: | May 19
|
| Agent: | TD Securities (USA) LLC
|
| Fees: | 0.6452%
|
| Cusip: | 89114TJA1
|
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