Published on 4/17/2020 in the Prospect News Structured Products Daily.
New Issue: TD prices $1 million contingent interest barrier autocallable on indexes
By Sarah Lizee
Olympia, Wash., April 17 – Toronto-Dominion Bank priced $1 million of autocallable contingent interest barrier notes due April 12, 2023 linked to the lesser performing of the S&P 500 index, the Russell 2000 index and the Dow Jones industrial average, according to a 424B2 filing with the Securities and Exchange Commission.
Each quarter, the notes will pay a contingent coupon at an annual rate of 7.76% if each index closes at or above the 60% contingent interest barrier level on the observation date for that quarter.
The notes will be called at par if each index closes at or above its initial price on any quarterly observation date beginning on April 9, 2021.
The payout at maturity will be par plus any coupon unless any index finishes below the 60% barrier level, in which case investors will lose 1% for each 1% decline of the lesser-performing index from its initial level.
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 indexes: | S&P 500 index, Russell 2000 index and Dow Jones industrial average
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| Amount: | $1 million
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| Maturity: | April 12, 2023
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| Coupon: | 7.76%, payable quarterly if each index closes at or above contingent interest barrier level on observation date for that quarter
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| Price: | Par of $1,000
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| Payout at maturity: | Par plus any coupon unless any index finishes below barrier level, in which case 1% loss for each 1% decline of lesser-performing index from initial level
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| Call: | At par if each index closes at or above initial price on any quarterly observation date starting on April 9, 2021
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| Initial levels: | 23,719.37 for Dow, 1,246.726 for Russell, 2,789.82 for S&P
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| Contingent interest barrier levels: | 14,231.622 for Dow, 748.0356 for Russell, 1,673.892 for S&P; 60% of initial levels
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| Barrier levels: | 14,231.622 for Dow, 748.0356 for Russell, 1,673.892 for S&P; 60% of initial levels
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| Pricing date: | April 9
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| Settlement date: | April 15
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| Agent: | TD Securities (USA) LLC
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| Fees: | 0.4%
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| Cusip: | 89114RJE7
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