Published on 3/2/2022 in the Prospect News Structured Products Daily.
New Issue: TD sells $1.57 million callable contingent interest barrier notes on three indexes
By Wendy Van Sickle
Columbus, Ohio, March 2 – Toronto-Dominion Bank priced $1.57 million of callable contingent interest barrier notes due April 27, 2023 linked to the least performing of the Dow Jones industrial average, the Euro Stoxx 50 index and the S&P 500 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 8.55% if each index closes at or above the 65% 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 65% 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: | Dow Jones industrial average, Euro Stoxx 50 index, S&P 500 index
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Amount: | $1.57 million =
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Maturity: | April 27, 2023
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Coupon: | 8.55% annual rate, payable quarterly if each index closes at or above contingent interest barrier level on observation date for that quarter
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Price: | Par
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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
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Call option: | At par on any quarterly observation date
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Initial levels: | 33,223.83 for Dow, 14,189.16 for Euro Stoxx, 4,384.65 for S&P
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Coupon barrier levels: | 21,595.4895 for Dow, 2,489.0385 for Euro Stoxx, 2,787.655 for S&P; 65% of initial levels
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Barrier levels: | 21,595.4895 for Dow, 2,489.0385 for Euro Stoxx, 2,787.655 for S&P; 65% of initial levels
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Pricing date: | Feb. 24
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Settlement date: | March 1
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Agent: | TD Securities (USA) LLC
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Fees: | 1%
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Cusip: | 89114V5C7
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