Published on 7/19/2022 in the Prospect News Structured Products Daily.
New Issue: TD sells $2 million callable contingent interest barrier notes on S&P, Dow
By William Gullotti
Buffalo, N.Y., July 19 – Toronto-Dominion Bank priced $2 million of callable contingent interest barrier notes due Jan. 19, 2024 linked to the least performing of the S&P 500 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 8.09% if each index closes at or above the 60% contingent interest barrier level on the relevant observation date.
The notes will be callable at par plus any coupon due on any monthly observation date after three months.
The payout at maturity will be par plus the final coupon if each index finishes at or above its 60% barrier level. 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: | S&P 500 index, Dow Jones industrial average
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| Amount: | $2 million
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| Maturity: | Jan. 19, 2024
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| Coupon: | 8.09% annual rate, payable monthly 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 barrier level; otherwise, 1% loss for each 1% decline of worst performer from initial level
|
| Call option: | At par plus any coupon due on any monthly observation date after three months
|
| Initial levels: | 3,863.16 for S&P, 31,288.26 for Dow
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| Coupon barrier levels: | 2,317.896 for S&P, 18,772.956 for Dow; 60% of initial levels
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| Barrier levels: | 2,317.896 for S&P, 18,772.956 for Dow; 60% of initial levels
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| Pricing date: | July 15
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| Settlement date: | July 20
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| Agent: | TD Securities (USA) LLC
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| Fees: | 0.6%
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| Cusip: | 89114Y7H8
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