Published on 1/11/2021 in the Prospect News Structured Products Daily.
New Issue: TD Bank prices $1.68 million autocallable contingent interest barrier notes on four stocks
By Wendy Van Sickle
Columbus, Ohio, Jan. 11 – Toronto-Dominion Bank priced $1.68 million of autocallable contingent interest barrier notes due Jan. 4, 2024 linked to the common stocks of United Airlines Holdings, Inc., Marriott International, Inc., Uber Technologies, Inc. and Southwest Airlines Co., according to a 424B2 filing with the Securities and Exchange Commission.
Quarterly, the notes will pay a contingent interest payment at the rate of 20.4% per year if each stock closes at or above the coupon barrier price, 60% of the initial share price, on the observation date for that period.
The notes will be called at par plus the contingent interest payment if the shares of each stock close at or above their initial prices on any quarterly observation date.
If the notes are not called, the payout at maturity will be par plus any contingent interest payment due unless the least performing stock finishes below the barrier price, 60% of the initial share price, in which case investors will be fully exposed to the laggard stock’s decline.
TD Securities (USA) LLC is the agent.
| Issuer: | Toronto-Dominion Bank
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| Issue: | Autocallable contingent interest barrier notes
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| Underlying stocks: | United Airlines Holdings, Inc., Marriott International, Inc., Uber Technologies, Inc. and Southwest Airlines Co.
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| Amount: | $1.68 million
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| Maturity: | Jan. 4, 2024
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| Coupon: | 20.4% annual rate, payable quarterly if all stocks close at or above their barrier prices on the relevant observation date
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| Price: | Par
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| Payout at maturity: | Par plus any contingent interest payment due unless any stock finishes below barrier price, in which case full exposure to laggard stock’s decline
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| Call: | Automatically at par plus contingent interest payment if each stock closes at or above its initial share price on any quarterly observation date
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| Initial share prices: | $43.74 for United Airlines, $129.00 for Marriott and $46.15 for Southwest, $52.27 for Uber
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| Coupon barrier prices: | $26.244 for United Airlines, $77.40 for Marriott and $27.69 for Southwest, $31.362 for Uber; 60% of initial levels
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| Final barrier prices: | $26.244 for United Airlines, $77.40 for Marriott and $27.69 for Southwest, $31.362 for Uber; 60% of initial levels
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| Pricing date: | Dec. 29
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| Settlement date: | Dec. 31
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| Agents: | TD Securities (USA) LLC
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| Fees: | 3.25%
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| Cusip: | 89114T2Y7
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