Published on 10/2/2023 in the Prospect News Structured Products Daily.
New Issue: TD Bank sells $614,000 callable contingent interest barrier notes on indexes
By Kiku Steinfeld
Chicago, Oct. 2 – Toronto-Dominion Bank priced $614,000 of callable contingent interest barrier notes due March 25, 2025 linked to the least performing of the Nasdaq-100 index, the Dow Jones industrial average and the Russell 2000 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent monthly coupon at an annual rate of 12% if each index closes at or above the 70% coupon barrier level on the relevant observation date.
The notes will be called at par on any quarterly call observation date after six months.
If the worst performer finishes above the 70% barrier level, the payout at maturity will be par plus any coupon due. 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: | Nasdaq-100 index, Dow Jones industrial average, Russell 2000 index
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| Amount: | $614,000
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| Maturity: | March 25, 2025
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| Coupon: | 12% annual rate, payable monthly if each index closes at or above coupon barrier level 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 final barrier, par; otherwise, 1% loss for each 1% decline of worst performer from initial level
|
| Call option: | At par on any quarterly call observation date after six months
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| Initial levels: | 12,519.88 for Nasdaq, 31,861.98 Dow, 1,725.891 for Russell
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| Coupon barrier levels: | 8,763.916 for Nasdaq, 22,303.386 for Dow, 1,208.1237 for Russell; 70% of initial levels
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| Barrier levels: | 8,763.916 for Nasdaq, 22,303.386 for Dow, 1,208.1237 for Russell; 70% of initial levels
|
| Pricing date: | March 17, 2023
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| Settlement date: | March 22, 2023
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| Agent: | TD Securities (USA) LLC
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| Fees: | 0.7%
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| Cusip: | 89114YU58
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