New Issue: TD Bank prices $2.53 million dual directional barrier notes tied to S&P

By Sarah Lizee

Olympia, Wash., March 11 – Toronto-Dominion Bank priced $2.53 million of 0% dual directional barrier notes due March 17, 2021 linked to the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.

If the final index level is greater than or equal to the initial index level, the payout at maturity will be par plus the index return, subject to a maximum return of 7%.

If the final index level is less than the initial index level but greater than or equal to the barrier level, 84% of the initial index level, the payout will be par plus the absolute value of the index return.

If the final index level is less than the barrier level, investors will be exposed to the index’s decline from its initial level.

TD Securities (USA) LLC, J.P. Morgan Securities LLC and JPMorgan Chase Bank, NA are the agents.

Issuer:	Toronto-Dominion Bank
Issue:	Dual directional barrier notes
Underlying index:	S&P 500
Amount:	$2,525,000
Maturity:	March 17, 2021
Coupon:	0%
Price:	Par
Payout at maturity:	If index gains, plus return, capped at par plus 7%; if index falls by up to barrier level, par plus absolute return; otherwise, 1% loss per 1% decline
Initial level:	2,954.22
Barrier level:	2,481.5448, 84% of initial level
Pricing date:	Feb. 28
Settlement date:	March 4
Underwriter:	TD Securities (USA) LLC, J.P. Morgan Securities LLC and JPMorgan Chase Bank, NA
Fees:	1%
Cusip:	89114REB8

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