Published on 6/21/2021 in the Prospect News Structured Products Daily.
New Issue: TD sells $2.45 million 8.5% autocallable fixed interest barrier notes on four stocks
By William Gullotti
Buffalo, N.Y., June 21 – Toronto-Dominion Bank priced $2.45 million of 8.5% autocallable fixed-interest barrier notes due May 30, 2023 linked to the common stocks of Hilton Worldwide Holdings Inc., Las Vegas Sands Corp., MGM Resorts International and Wynn Resorts, Ltd., according to a 424B2 filing with the Securities and Exchange Commission.
Interest is payable monthly.
The notes will be called at par plus the coupon if the shares of each stock close at or above the initial share price on any monthly call observation date after six months.
The payout at maturity will be par plus the coupon unless any stock finishes below the barrier price, 60% of the initial share price, in which case investors will be fully exposed to the laggard stock’s decline, payable in shares of the worst performer.
TD Securities (USA) LLC is the underwriter.
| Issuer: | Toronto-Dominion Bank
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| Issue: | Autocallable fixed interest barrier notes
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| Underlying stocks: | Hilton Worldwide Holdings Inc., Las Vegas Sands Corp., MGM Resorts International and Wynn Resorts, Ltd.
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| Amount: | $2.45 million
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| Maturity: | May 30, 2023
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| Coupon: | 8.5% annual rate, payable monthly
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| Price: | Par
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| Payout at maturity: | Par plus coupon unless any stock finishes below barrier price, in which case full exposure to laggard stock’s decline, payable in shares of worst performer
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| Call: | Automatically at par plus coupon if shares of each stock close at or above initial share price on any monthly call observation date after six months
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| Initial share prices: | $123.59 for Hilton, $57.74 for Vegas Sands, $41.74 for MGM, $129.46 for Wynn
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| Barrier levels: | $74.154 for Hilton, $34.644 for Vegas Sands, $25.044 for MGM, $77.676 for Wynn; 60% of initial share prices
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| Physical delivery levels: | 8.0913 for Hilton, 17.319 for Vegas Sands, 23.9578 for MGM, 7.7244 for Wynn
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| Pricing date: | May 24
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| Settlement date: | May 28
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| Agent: | TD Securities (USA) LLC
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| Fees: | 2.4816%
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| Cusip: | 89117GAG2
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