Published on 12/12/2023 in the Prospect News Structured Products Daily.
New Issue: TD Bank prices $1.5 million autocallable contingent interest barrier notes on three indexes
New York, Dec. 12 – Toronto-Dominion Bank priced $1.5 million of autocallable contingent interest barrier notes due Oct. 29, 2026 linked to the least performing of the Dow Jones industrial average, the Nasdaq-100 index and the S&P 500 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 7.3% if each index closes at or above the 70% coupon barrier level on the relevant observation date plus any previously unpaid coupons.
The notes will be automatically called at par plus the coupon if each index closes at or above its initial level on any monthly call observation date starting after six months.
The payout at maturity will be par plus the final coupon if each index finishes at or above its 70% 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: | Autocallable contingent interest barrier notes
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Underlying indexes: | Dow Jones industrial average, Nasdaq-100 index, S&P 500 index
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Amount: | $1.5 million
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Maturity: | Oct. 29, 2026
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Coupon: | 7.3% annual rate, payable monthly if each index closes at or above coupon barrier level on the corresponding observation date, plus any previously unpaid coupons
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Price: | Par
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Payout at maturity: | Par plus final coupon if each index finishes at or above its barrier value; otherwise, 1% loss for each 1% decline of worst performer from initial level
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Call: | Automatically at par if each index closes above initial level on any monthly call observation date starting on April 26, 2024
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Initial levels: | 32,784.30 for Dow, 14,109.57 for Nasdaq, 4,137.23 for S&P
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Coupon barrier levels: | 22,949.01 for Dow, 9,876.699 for Nasdaq, 2,896.061 for S&P, 70% of initial levels
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Barrier levels: | 22,949.01 for Dow, 9,876.699 for Nasdaq, 2,896.061 for S&P, 70% of initial levels
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Pricing date: | Oct. 26
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Settlement date: | Oct. 31
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Agent: | TD Securities (USA) LLC
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Fees: | 3.04%
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Cusip: | 89115FFA4
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