Published on 5/17/2023 in the Prospect News Structured Products Daily.
New Issue: TD Bank sells $8 million autocallable contingent interest barrier notes on indexes
By William Gullotti
Buffalo, N.Y., May 17 – Toronto-Dominion Bank priced $8 million of autocallable contingent interest barrier notes due May 16, 2024 linked to the least performing of the Nasdaq-100 index, the S&P 500 index and the Euro Stoxx 50 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 12.81% if each index closes at or above the 70% coupon barrier level on the relevant observation date.
The notes will be called at par plus the coupon if each index closes at or above its initial level on any quarterly call 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 65% barrier level, the payout at maturity 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: | Autocallable contingent interest barrier notes
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Underlying indexes: | Nasdaq-100 index, S&P 500 index, Euro Stoxx 50 index
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Amount: | $8 million
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Maturity: | May 16, 2024
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Coupon: | 12.81% annual rate, payable quarterly if each index closes at or above coupon barrier level the corresponding observation date
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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
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Call: | At par plus coupon if each index closes above initial level on any quarterly call observation date
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Initial levels: | 13,340.18 for Nasdaq, 4,124.08 for S&P, 4,317.88 for Stoxx
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Coupon barrier levels: | 9,338.126 for Nasdaq, 2,886.856 for S&P, 3,022.516 for Stoxx; 70% of initial levels
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Barrier levels: | 8,671.117 for Nasdaq, 2,680.652 for S&P, 2,806.622 for Stoxx; 65% of initial levels
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Strike date: | May 12
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Pricing date: | May 15
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Settlement date: | May 18
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Agent: | TD Securities (USA) LLC
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Fees: | None
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Cusip: | 89114YXV8
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