Published on 3/25/2022 in the Prospect News Structured Products Daily.
New Issue: TD sells $3.8 million autocallable contingent interest barrier notes on three indexes
By William Gullotti
Buffalo, N.Y., March 25 – Toronto-Dominion Bank priced $3.8 million of autocallable contingent interest barrier notes due Sept. 26, 2024 linked to the least performing of the Nasdaq-100 index, the Russell 2000 index and the Dow Jones industrial average, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent monthly coupon at an annual rate of 11.55% if each index closes at or above the 70% coupon barrier level on the relevant observation date.
The notes will be called at par plus the coupon if each index closes at or above its initial level on any quarterly call observation date.
The payout at maturity will be par plus the final coupon if each index finishes at or above its coupon barrier.
If the worst performer finishes below its coupon barrier but at or above the 65% barrier level, the payout at maturity will be par. Otherwise, investors will lose 1% for each 1% decline of the worst performer from its initial level.
TD Securities (USA) LLC is the agent.
| Issuer: | Toronto-Dominion Bank
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| Issue: | Autocallable contingent interest barrier notes
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| Underlying indexes: | Nasdaq-100 index, Russell 2000 index, Dow Jones industrial average
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| Amount: | $3.8 million
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| Maturity: | Sept. 26, 2024
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| Coupon: | 11.55% annual rate, payable monthly if each index closes at or above coupon barrier level the corresponding observation date
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| Price: | Par
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| Payout at maturity: | Par plus final coupon if each index finishes at or above coupon barrier; if worst performer finishes below coupon barrier but not below final barrier, par; otherwise, 1% loss for each 1% decline of worst performer from initial level
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| Call: | At par plus coupon if each index closes above initial level on any quarterly call observation date
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| Initial levels: | 14,376.09 for Nasdaq, 2,065.936 for Russell, 34,552.99 for Dow
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| Coupon barrier levels: | 10,063.263 for Nasdaq, 1,446.1552 for Russell, 24,187.093 for Dow; 70% of initial levels
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| Barrier levels: | 9,344.4585 for Nasdaq, 1,342.8584 for Russell, 22,459.4435 for Dow; 65% of initial levels
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| Pricing date: | March 21
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| Settlement date: | March 24
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| Agent: | TD Securities (USA) LLC
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| Fees: | 0.65%
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| Cusip: | 89114VAP2
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