Published on 5/17/2022 in the Prospect News Structured Products Daily.
New Issue: TD sells $1.82 million callable contingent interest barrier notes on Dow, Nasdaq, Russell
By William Gullotti
Buffalo, N.Y., May 17 – Toronto-Dominion Bank priced $1.82 million of callable contingent interest barrier notes due May 16, 2024 linked to the least performing of the Dow Jones industrial average, the Nasdaq-100 index and the Russell 2000 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent quarterly coupon at an annual rate of 15.51% if each index closes at or above the 75% contingent interest barrier level on the relevant observation date.
The notes will be callable at par plus any coupon due on any quarterly 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 70% barrier level, the payout 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
|
| Issue: | Callable contingent interest barrier notes
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| Underlying indexes: | Dow Jones industrial average, Nasdaq-100 index, Russell 2000 index
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| Amount: | $1,817,000
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| Maturity: | May 16, 2024
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| Coupon: | 15.51% annual rate, payable quarterly if each index closes at or above contingent interest barrier level on the corresponding observation date
|
| 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 barrier level, par; otherwise, 1% loss for each 1% decline of worst performer from initial level
|
| Call option: | At par plus any coupon due on any quarterly observation date
|
| Initial levels: | 32,196.66 for Dow, 12,387.4 for Nasdaq, 1,792.666 for Russell
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| Coupon barrier levels: | 24,147.495 for Dow, 9,290.55 for Nasdaq, 1,344.4995 for Russell; 75% of initial levels
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| Barrier levels: | 22,537.662 for Dow, 8,671.18 for Nasdaq, 1,254.8662 for Russell; 70% of initial levels
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| Pricing date: | May 13
|
| Settlement date: | May 18
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| Agent: | TD Securities (USA) LLC
|
| Fees: | 0.3504%
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| Cusip: | 89114VDW4
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