Published on 6/27/2019 in the Prospect News Structured Products Daily.
New Issue: TD sells $3.6 million contingent interest barrier autocalls on three stocks
By Sarah Lizee
Olympia, Wash., June 27 – Toronto-Dominion Bank priced $3.6 million of autocallable contingent interest barrier notes due June 30, 2022 linked to the shares of Amazon.com, Inc., Target Corp. and Walmart Inc., according to a 424B2 filing with the Securities and Exchange Commission.
Each month, the notes will pay a contingent coupon at the rate of 9% per year if each stock closes at or above the coupon barrier price, 55% of the initial share price, on the valuation date for that month, plus any previously unpaid coupons.
Starting Dec. 25, the notes will be called at par plus the contingent coupon if the shares of each stock close at or above the initial share price on any monthly call observation date.
The payout at maturity will be par plus the contingent coupon unless the stock finishes below the barrier price, 55% 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 underwriter.
| Issuer: | Toronto-Dominion Bank
|
| Issue: | Autocallable contingent interest barrier notes
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| Underlying stocks: | Amazon.com, Inc., Target Corp. and Walmart Inc.
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| Amount: | $3.6 million
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| Maturity: | June 30, 2022
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| Coupon: | Each month, notes pay contingent coupon at rate of 9% per year if all shares close at or above coupon barrier price on valuation date, plus any previously unpaid coupons
|
| Price: | Par
|
| Payout at maturity: | Par plus contingent coupon unless any stock finishes below barrier price, in which case full exposure to laggard stock’s decline
|
| Call: | Starting Dec. 25, automatically at par plus contingent coupon if shares of each stock close at or above initial share price on any monthly call observation date
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| Initial share prices: | $1,878.27 for Amazon, $85.70 for Target, $110.72 for Walmart
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| Barrier prices: | $1,033.0485 for Amazon, $47.1350 for Target, $60.8960 for Walmart, 55% of initial share prices
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| Coupon barrier prices: | $1,033.0485 for Amazon, $47.1350 for Target, $60.8960 for Walmart, 55% of initial share prices
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| Pricing date: | June 25
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| Settlement date: | June 28
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| Agent: | TD Securities (USA) LLC
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| Fees: | 3.35%
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| Cusip: | 89114QY51
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