By Kiku Steinfeld
Chicago, March 20 – Toronto-Dominion Bank priced $1 million of autocallable contingent interest barrier notes with memory interest due March 29, 2021 linked to the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
If the index closes at or above the barrier level – 80% of its initial level – on any quarterly review date other than the final one, the notes will pay a contingent coupon for that quarter at the annual rate of 16% and any previously unpaid contingent interest payments with respect to any previous review days on which the index closed below the interest barrier.
If the index closes at or above the initial level on a quarterly review date other than the final one, the notes will be called at par plus the coupon and any previously unpaid contingent interest payments with respect to any previous review days on which the index closed below the interest barrier.
If the notes are not called and the index finishes at or above the 80% barrier level, the payout at maturity will be par plus the coupon and any previously unpaid contingent interest payments.
Otherwise, investors will be exposed to the index’s decline from the initial level.
TD Securities (USA) LLC is the agent. J.P. Morgan Securities LLC and JPMorgan Chase Bank, NA are the placement agents.
| Issuer: | Toronto-Dominion Bank
|
| Issue: | Autocallable contingent interest barrier notes with memory interest
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| Underlying index: | S&P 500 index
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| Amount: | $1,000,000
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| Maturity: | March 29, 2021
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| Coupon: | 16% per year, payable quarterly, plus any previously unpaid contingent interest payments with respect to any previous review dates if index closes at or above barrier level on any quarterly review date other than final one
|
| Level: | Par
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| Payout at maturity: | If index closes at or above initial level on any quarterly review date other than final one, par plus coupon and any previously unpaid contingent interest payments
|
| Call: | If index closes at or above initial level on any quarterly review date other than final one, automatically at par plus coupon and any previously unpaid contingent interest payments
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| Initial level: | 2,882.23
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| Barrier level: | 2,305.784, 80% of initial index level
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| Pricing date: | March 10
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| Settlement date: | March 13
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| Agent: | TD Securities (USA) LLC
|
| Placement agents: | J.P. Morgan Securities LLC and JPMorgan Chase Bank, NA
|
| Fees: | 1%
|
| Cusip: | 89114RF92
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