Published on 7/12/2021 in the Prospect News Structured Products Daily.
New Issue: TD sells $1.9 million 7% autocallable fixed interest barrier notes on four stocks
By Wendy Van Sickle
Columbus, Ohio, July 12 – Toronto-Dominion Bank priced $1.9 million of 7% autocallable fixed-interest barrier notes due July 7, 2023 linked to the common stocks of Boeing Co., Lockheed Martin Corp., Northrop Grumman Corp. and Raytheon Corp., 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 starting Jan. 2, 2022.
The payout at maturity will be par plus the coupon unless any stock finishes below the barrier price, 69% 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: | Boeing Co., Lockheed Martin Corp., Northrop Grumman Corp. and Raytheon Technologies Corp.
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| Amount: | $1.9 million
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| Maturity: | July 7, 2023
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| Coupon: | 7% 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 starting Jan. 2, 2022
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| Initial share prices: | $236.68 for Boeing, $381.49 for Lockheed Martin, $369.20 for Northrop, $86.70 for Raytheon Technologies
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| Barrier levels: | $163.3092 for Boeing, $263.2281 for Lockheed Martin, $254.748 for Northrop, $59.823 for Raytheon; 69% of initial share prices
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| Physical delivery levels: | 4.2251 for Boeing, 2.6213 for Lockheed Martin, 2.7086 for Northrop, 11.534 for Raytheon
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| Pricing date: | July 2
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| Settlement date: | July 8
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| Agent: | TD Securities (USA) LLC
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| Fees: | 2.9132%
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| Cusip: | 89117GBF3
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