TD Bank plans contingent interest barrier autocalls on stocks

By Sarah Lizee

Olympia, Wash., July 12 – Toronto-Dominion Bank plans to price autocallable contingent interest barrier notes with memory coupon due July 29, 2022 linked to the least performing of the common stocks of Activision Blizzard, Inc., Electronic Arts Inc., Microsoft Corp. and Sony Corp., according to a 424B2 filing with the Securities and Exchange Commission.

Each month, the notes pay a contingent coupon if each stock closes at or above its barrier value, 46% of its initial share price, on the valuation date for that month, plus any previously unpaid coupons. The contingent coupon rate is expected to be 10.02% per year and will be set at pricing.

The notes will be called at par if each stock closes at or above its call threshold value, its initial share price, on any quarterly valuation date starting Jan. 26, 2020.

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

TD Securities (USA) LLC is the underwriter.

The notes will price July 26.

The Cusip number is 89114Q3N6.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.