Published on 3/14/2021 in the Prospect News Structured Products Daily.
New Issue: TD Bank prices $2.86 million autocallable contingent interest buffered notes on stocks
By Kiku Steinfeld
Chicago, March 15 – Toronto-Dominion Bank priced $2.86 million of autocallable contingent interest buffered notes due Feb. 29, 2024 linked to the common stocks of ServiceNow, Inc., ConocoPhillips, General Electric Co. and Qualcomm Inc., according to a 424B2 filing with the Securities and Exchange Commission.
Each month, the notes will pay a contingent interest payment at the rate of 13.225% per year if each stock closes at or above the coupon barrier price, 70% of the initial share price, on the observation date for that period.
The notes will be called at par if each stock closes at or above its initial price on any quarterly observation date after six months.
If the notes are not called, the payout at maturity will be par unless the least performing stock finishes below the barrier price, 70% of the initial share price, in which case investors will be exposed to the laggard stock’s decline beyond the 30% buffer.
TD Securities (USA) LLC is the agent.
| Issuer: | Toronto-Dominion Bank
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| Issue: | Autocallable contingent interest buffered notes
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| Underlying stocks: | ServiceNow, Inc., ConocoPhillips, General Electric Co. and Qualcomm Inc.
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| Amount: | $2,855,000
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| Maturity: | Feb. 29, 2024
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| Coupon: | 13.225% annual rate, payable each month that all stocks close at or above barrier price on the relevant observation date
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| Price: | Par
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| Payout at maturity: | Par unless any stock finishes below buffer price, in which case exposure to laggard stock’s decline beyond buffer
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| Call: | Automatically at par if each stock closes at or above its initial price on any quarterly observation date after six months
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| Initial share prices: | $52.01 for Conoco, $12.54 for GE, $533.46 for ServiceNow and $136.19 for Qualcomm
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| Coupon barrier levels: | $36.407 for Conoco, $8.778 for GE, $373.422 for ServiceNow and $95.333 for Qualcomm; 70% of initial levels
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| Barrier levels: | $36.407 for Conoco, $8.778 for GE, $373.422 for ServiceNow and $95.333; 70% of initial levels
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| Pricing date: | Feb. 26
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| Settlement date: | March 3
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| Agent: | TD Securities (USA) LLC
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| Fees: | 3%
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| Cusip: | 89114TAK8
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