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Published on 2/23/2021 in the Prospect News Structured Products Daily.

New Issue: TD Bank prices $1.53 million contingent interest barrier autocalls on tech stocks

By Wendy Van Sickle

Columbus, Ohio, Feb. 23 – Toronto-Dominion Bank priced $1.53 million of autocallable contingent interest barrier notes with memory interest due Feb. 15, 2022 linked to the least performing of the common stocks of Apple Inc., Tesla, Inc. and Microsoft Corp., according to a 424B2 filing with the Securities and Exchange Commission.

The notes pay a contingent biannual coupon at an annual rate of 20.21% if each stock closes at or above its interest barrier value, 55% of its initial share price, on the valuation date for that period, plus any previously unpaid coupon.

The notes will be called at par if each stock closes at or above 85% of its initial share price on any valuation date.

The payout at maturity will be par unless any stock finishes below its barrier value, 55% of its initial value, in which case investors will be fully exposed to the decline of the least-performing stock.

TD Securities (USA) LLC is the underwriter.

Issuer:Toronto-Dominion Bank
Issue:Autocallable contingent interest barrier notes with memory interest
Underlying stocks:Apple Inc., Tesla, Inc. and Microsoft Corp.
Amount:$1.53 million
Maturity:Feb. 15, 2022
Coupon:20.21% per year, payable biannually if each stock close at or above interest barrier on valuation date for that period, plus any previously unpaid coupon
Price:Par
Payout at maturity:Par unless any stock finishes below barrier value, in which case full exposure to least-performing stock’s decline
Call:Automatically at par if each stock closes at or above call threshold on any valuation date
Initial share prices:$135.39 for Apple, $242.82 for Microsoft and $804.82 for Tesla
Interest barrier:$81.234 for Apple, $145.692 for Microsoft and $482.892 for Tesla; 60% of initial share prices
Barrier values:$74.4645 for Apple, $133.551 for Microsoft and $442.651 for Tesla; 55% of initial share prices
Pricing date:Feb. 10
Settlement date:Feb. 16
Agent:TD Securities (USA) LLC
Fees:2%
Cusip:89114TB27

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