New Issue: TD Bank prices $100,000 dual directional barrier notes tied to Humana

By Wendy Van Sickle

Columbus, Ohio, Jan. 13 – Toronto-Dominion Bank priced $100,000 of 0% dual directional barrier notes due Jan. 27, 2021 linked to the common stock of Humana Inc., according to a 424B2 filing with the Securities and Exchange Commission.

If the final stock level is greater than or equal to the initial stock level, the payout at maturity will be par plus the stock return, subject to a maximum return of 14.7%.

If the final stock level is less than the initial stock level but greater than or equal to the barrier level, 80% of the initial stock level, the payout will be par plus the absolute value of the stock return.

If the final stock level is less than the barrier level, investors will be exposed to the stock’s decline from its initial level.

TD Securities (USA) LLC, J.P. Morgan Securities LLC and JPMorgan Chase Bank, NA are the agents.

Issuer:	Toronto-Dominion Bank
Issue:	Dual directional barrier notes
Underlying stock:	Humana Inc.
Amount:	$100,000
Maturity:	Jan. 27, 2021
Coupon:	0%
Price:	Par
Payout at maturity:	If stock gains, plus return, capped at par plus 14.7%; if stock falls by up to barrier level, par plus absolute return; otherwise, 1% loss per 1% decline
Initial level:	$364.12
Barrier level:	$291.296, 80% of initial level
Pricing date:	Jan. 10
Settlement date:	Jan. 15
Underwriter:	TD Securities (USA) LLC, J.P. Morgan Securities LLC and JPMorgan Chase Bank, NA
Fees:	1%
Cusip:	89114RBS4

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