Published on 2/21/2021 in the Prospect News Structured Products Daily.
New Issue: TD Bank prices $550,000 of autocallable contingent interest barrier notes on stocks
By Taylor Fox
New York, Feb. 22 – Toronto-Dominion Bank priced $550,000 of autocallable contingent interest barrier notes due Feb. 15, 2024 linked to the least performing of the common stocks of Dollar Tree, Inc., PayPal Holdings, Inc., Wells Fargo & Co. and Exxon Mobil Corp., according to a 424B2 filing with the Securities and Exchange Commission.
Monthly, the notes will pay a contingent interest payment at the rate of 15.3% per year if each stock closes at or above the coupon barrier price, 50% of the initial share price, on the observation date for that period.
The notes will be called at par plus the contingent interest payment if the shares of each stock close at or above 95% of their initial prices on any quarterly observation date.
If the notes are not called, the payout at maturity will be par plus any contingent interest payment due unless the least performing stock finishes below the barrier price, 50% of the initial share price, in which case investors will be fully exposed to the laggard stock’s decline.
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 stocks: | Dollar Tree, Inc., PayPal Holdings, Inc., Wells Fargo & Co. and Exxon Mobil Corp.
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| Amount: | $550,000
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| Maturity: | Feb. 15, 2024
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| Coupon: | 15.3% annual rate, payable monthly if all stocks close at or above their coupon barrier prices on the relevant observation date
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| Price: | Par
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| Payout at maturity: | Par plus any contingent interest payment due unless any stock finishes below barrier price, in which case full exposure to laggard stock’s decline
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| Call: | Automatically at par plus contingent interest payment if each stock closes at or above 95% of its initial share price on any quarterly observation date
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| Initial share prices: | $109.09 for Dollar Tree, $285.03 for PayPal, $32.72 for Wells Fargo and $49.84 for Exxon
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| Call threshold prices: | $103.6355 for Dollar Tree, $270.7785 for PayPal, $31.084 for Wells Fargo and $47.348 for Exxon; 95% of initial levels
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| Coupon barrier prices: | $54.545 for Dollar Tree, $142.515 for PayPal, $16.36 for Wells Fargo and $24.92 for Exxon; 50% of initial levels
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| Barrier value prices: | $54.545 for Dollar Tree, $142.515 for PayPal, $16.36 for Wells Fargo and $24.92 for Exxon; 50% of initial levels
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| Pricing date: | Feb. 11
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| Settlement date: | Feb. 17
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| Agent: | TD Securities (USA) LLC
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| Fees: | 3.5%
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| Cusip: | 89114TAG7
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