Published on 4/11/2022 in the Prospect News Structured Products Daily.
New Issue: TD Bank sells $2 million callable contingent interest barrier notes on Nasdaq, Russell
By William Gullotti
Buffalo, N.Y., April 11 – Toronto-Dominion Bank priced $2 million of callable contingent interest barrier notes due April 10, 2025 linked to the least performing of the Nasdaq-100 index and the Russell 2000 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent monthly coupon at an annual rate of 12.45% if each index closes at or above the 75% contingent interest barrier level on the relevant observation date.
The notes will be callable at par plus any coupon due on any monthly observation date after three months.
The payout at maturity will be par plus the final coupon if each index finishes at or above its contingent interest barrier.
If the worst performer finishes below the contingent interest barrier but at or above the 70% barrier level, the payout at maturity will be par. Otherwise, investors will lose 1% for each 1% decline of the lesser-performing index from its initial level.
TD Securities (USA) LLC is the agent.
| Issuer: | Toronto-Dominion Bank
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| Issue: | Callable contingent interest barrier notes
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| Underlying indexes: | Nasdaq-100 index, Russell 2000 index
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| Amount: | $2 million
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| Maturity: | April 10, 2025
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| Coupon: | 12.45% annual rate, payable monthly if each index closes at or above contingent interest barrier level on the corresponding observation date
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| Price: | Par
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| Payout at maturity: | Par plus final coupon if each index finishes at or above coupon barrier; if worst performer finishes below coupon barrier but not below barrier level, par; otherwise, 1% loss for each 1% decline of least-performing index from initial level
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| Call option: | At par plus any coupon due on any monthly observation date after three months
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| Initial levels: | 14,820.64 for Nasdaq, 2,046.043 for Russell
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| Coupon barrier levels: | 11,115.48 for Nasdaq, 1,534.5323 for Russell; 75% of initial levels
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| Barrier levels: | 10,374.448 for Nasdaq, 1,432.2301 for Russell; 70% of initial levels
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| Strike date: | April 5
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| Pricing date: | April 6
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| Settlement date: | April 11
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| Agent: | TD Securities (USA) LLC
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| Fees: | 0.6%
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| Cusip: | 89114VC96
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