Published on 3/18/2021 in the Prospect News Structured Products Daily.
New Issue: TD sells $900,000 callable contingent interest barrier notes on Dow, Russell, S&P
By Wendy Van Sickle
Columbus, Ohio, March 18 – Toronto-Dominion Bank priced $900,000 of callable contingent interest barrier notes due March 7, 2023 linked to the least performing of the Dow Jones industrial average, the Russell 2000 index and the S&P 500 index, 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 12.53% if each index closes at or above the 70% contingent interest barrier level on the observation date for that quarter.
The notes will be callable at par on any quarterly observation date.
The payout at maturity will be par unless any index finishes below the 70% 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: | Callable contingent interest barrier notes
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| Underlying indexes: | Dow Jones industrial average, Russell 2000 index and S&P 500 index
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| Amount: | $900,000
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| Maturity: | March 7, 2023
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| Coupon: | 12.53%, 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 unless any index finishes below barrier level, in which case 1% loss for each 1% decline of lesser-performing index from initial level
|
| Call option: | At par on any quarterly observation date
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| Initial levels: | 30,932.37 for Dow, 2,201.051 for Russell, 3,811.15 for S&P
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| Coupon barrier levels: | 21,652.659 for Dow, 1,540.7357 for Russell, 2,667.805 for S&P; 70% of initial levels
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| Barrier levels: | 21,652.659 for Dow, 1,540.7357 for Russell, 2,667.805 for S&P; 70% of initial levels
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| Strike date: | Feb. 26
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| Pricing date: | March 2
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| Settlement date: | March 5
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| Agent: | TD Securities (USA) LLC
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| Fees: | 0.25%
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| Cusip: | 89114TCZ3
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