By Taylor Fox
New York, Dec. 30 – Toronto-Dominion Bank priced $1.6 million of autocallable contingent interest barrier notes with memory interest due Dec. 28, 2022 linked to the least performing of the shares of the Invesco QQQ Trust, series 1, the iShares Russell 2000 ETF and the SPDR S&P 500 ETF trust, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent quarterly coupon at an annual rate of 7% if each fund closes at or above the 60% contingent interest barrier level on the observation date for that period, in which case a coupon will also be paid for any previously unpaid quarter.
The notes will be automatically called at par if each fund closes at or above its initial level on any quarterly observation date.
The payout at maturity will be par plus any coupon due unless any fund finishes below the 60% barrier level, in which case investors will lose 1% for each 1% decline of the lesser-performing fund from its initial level.
TD Securities (USA) LLC is the agent.
Issuer: | Toronto-Dominion Bank
|
Issue: | Autocallable contingent interest barrier notes with memory interest
|
Underlying funds: | Invesco QQQ Trust, series 1, the iShares Russell 2000 ETF and the SPDR S&P 500 ETF trust
|
Amount: | $1.6 million
|
Maturity: | Dec. 28, 2022
|
Coupon: | 7% annual rate, payable quarterly if each fund closes at or above contingent interest barrier level on observation date for that period, in which case a coupon will also be paid for any previously unpaid quarter
|
Price: | Par
|
Payout at maturity: | Par plus any coupon due unless any fund finishes below barrier level, in which case 1% loss for each 1% decline of lesser-performing fund from initial level
|
Call: | Automatically at par if each fund closes at or above initial level on any quarterly observation date
|
Initial levels: | $195.24 for iShares, $308.92 for Invesco and $367.86 for SPDR
|
Barrier prices: | $117.144 for iShares, $185.352 for Invesco and $220.716 for SPDR; 60% of initial levels
|
Pricing date: | Dec. 22
|
Settlement date: | Dec. 28
|
Agent: | TD Securities (USA) LLC
|
Fees: | 1.2%
|
Cusip: | 89114T4E9
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.