Published on 7/18/2022 in the Prospect News Structured Products Daily.
New Issue: TD sells $1.65 million callable contingent interest barrier notes on Dow, Nasdaq, Russell
By William Gullotti
Buffalo, N.Y., July 18 – Toronto-Dominion Bank priced $1.65 million of callable contingent interest barrier notes due July 19, 2027 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 11.06% if each index closes at or above the 65% 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 contingent interest barrier.
If the worst performer finishes below its contingent interest barrier but at or above the 60% 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
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| 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: | $1,646,000
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| Maturity: | July 19, 2027
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| Coupon: | 11.06% 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 60% barrier level, par; otherwise, 1% loss for each 1% decline of least-performing index from initial level
|
| Call option: | At par plus any coupon due on any quarterly observation date
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| Initial levels: | 30,630.17 for Dow, 11,768.4 for Nasdaq, 1,707.505 for Russell
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| Coupon barrier levels: | 19,909.6105 for Dow, 7,649.46 for Nasdaq, 1,109.8783 for Russell; 65% of initial levels
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| Barrier levels: | 18,378.102 for Dow, 7,061.04 for Nasdaq, 1,024.503 for Russell; 60% of initial levels
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| Pricing date: | July 14
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| Settlement date: | July 19
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| Agent: | TD Securities (USA) LLC
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| Fees: | 0.55%
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| Cusip: | 89114Y6Z9
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