Published on 1/3/2020 in the Prospect News Structured Products Daily.
New Issue: TD Bank prices $4.05 million contingent interest barrier autocallables linked to stocks
By Sarah Lizee
Olympia, Wash., Jan. 3 – Toronto-Dominion Bank priced $4.05 million of autocallable contingent interest barrier notes due Dec. 28, 2022 linked to the least performing of the common stock of General Motors Co., Progressive Corp. and Qualcomm Inc., according to a 424B2 filing with the Securities and Exchange Commission.
Each quarter, the notes pay a contingent coupon at an annual rate of 10.25% if each stock closes at or above its interest barrier value, 50% of its initial share price, on the valuation date for that quarter.
The notes will be called at par if each stock closes at or above its initial share price on any quarterly valuation date after six months.
The payout at maturity will be par unless any stock finishes below its barrier value, 50% 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
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| Issue: | Autocallable contingent interest barrier notes
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| Underlying stocks: | General Motors Co., Progressive Corp. and Qualcomm Inc.
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| Amount: | $4,051,000
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| Maturity: | Dec. 28, 2022
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| Coupon: | 10.25% per year, payable quarterly if stocks close at or above interest barrier values on valuation date for that quarter
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| Price: | Par
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| Payout at maturity: | Par unless any stock finishes below barrier value, in which case full exposure to least-performing stock’s decline
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| Call: | Automatically at par if each stock closes at or above initial share price on any quarterly valuation date after six months
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| Initial share prices: | $36.77 for GM, $71.69 for Progressive, $88.45 for Qualcomm
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| Interest barrier values: | $18.385 for GM, $35.845 for Progressive, $44.225 for Qualcomm, or 50% of initial share prices
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| Barrier values: | $18.385 for GM, $35.845 for Progressive, $44.225 for Qualcomm, or 50% of initial share prices
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| Pricing date: | Dec. 23
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| Settlement date: | Dec. 27
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| Agent: | TD Securities (USA) LLC
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| Fees: | 3.5%
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| Cusip: | 89114R6M3
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