Published on 2/25/2020 in the Prospect News Structured Products Daily.
New Issue: TD Bank sells $3.65 million contingent interest barrier autocallable on three ETFs
By Sarah Lizee
Olympia, Wash., Feb. 25 – Toronto-Dominion Bank priced $3.65 million of autocallable contingent interest barrier notes due Feb. 23, 2023 linked to the least performing of the iShares MSCI Brazil ETF, the iShares Russell 2000 ETF and the SPDR S&P 500 ETF Trust, 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 8.25% if each ETF closes at or above the 60% coupon barrier level on the observation date for that quarter.
The notes will be called at par plus the coupon if each ETF closes at or above 95% of its initial price on any quarterly observation date.
The payout at maturity will be par unless any ETF finishes below the 60% barrier level, in which case investors will lose 1% for each 1% decline of the least-performing ETF.
TD Securities (USA) LLC is the agent.
| Issuer: | Toronto-Dominion Bank
|
| Issue: | Autocallable contingent interest barrier notes
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| Underlying ETFs: | iShares MSCI Brazil ETF, iShares Russell 2000 ETF and SPDR S&P 500 ETF Trust
|
| Amount: | $3,645,000
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| Maturity: | Feb. 23, 2023
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| Coupon: | 8.25%, payable quarterly if each ETF closes at or above coupon barrier level on observation date for that quarter
|
| Price: | Par of $1,000
|
| Payout at maturity: | Par unless any ETF finishes below barrier level, in which case 1% loss for each 1% decline of least-performing ETF
|
| Call: | At par plus coupon if each ETF closes at or above 95% of its initial price on any quarterly observation date
|
| Initial levels: | $43.91 for Brazil ETF, $168.40 for Russell ETF, $338.34 for S&P ETF
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| Call levels: | $41.7145 for Brazil ETF, $159.98 for Russell ETF, $321.423 for S&P ETF; 95% of initial levels
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| Coupon/barrier levels: | $26.346 for Brazil ETF, $101.04 for Russell ETF, $203.004 for S&P ETF; 60% of initial levels
|
| Pricing date: | Feb. 20
|
| Settlement date: | Feb. 24
|
| Agent: | TD Securities (USA) LLC
|
| Fees: | 2.03%
|
| Cusip: | 89114RE85
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