Published on 4/9/2020 in the Prospect News Structured Products Daily.
New Issue: TD Bank sells $620,000 contingent barrier return enhanced notes linked to S&P 500
By Sarah Lizee
Olympia, Wash., April 9 – Toronto-Dominion Bank priced $620,000 of 0% contingent barrier return enhanced notes due April 3, 2025 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 the initial index level, the payout at maturity will be par plus 133.4% of the index return.
If the final index level is less than or equal to the initial index level but greater than or equal to the barrier level, 80% of the initial index level, the payout will be par.
If the final index level is less than the barrier level, investors will lose 1% for every 1% that the index declines from its initial level.
TD Securities (USA) LLC is the agent. J.P. Morgan Securities LLC and JPMorgan Chase Bank, NA are acting as placement agents.
| Issuer: | Toronto-Dominion Bank
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| Issue: | Contingent barrier return enhanced notes
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| Underlying index: | S&P 500
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| Amount: | $620,000
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| Maturity: | April 3, 2025
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| Coupon: | 0%
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| Price: | Par
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| Payout at maturity: | If final index level is greater than initial index level, par plus 133.4% of index return; if final index level is less than or equal to initial index level but greater than or equal to barrier level, par; if final index level is less than barrier level, 1% loss for every 1% that index declines from initial level
|
| Initial level: | 2,584.59
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| Final level: | Average of index’s closing levels on five trading days ending March 31, 2025
|
| Barrier level: | 2,067.672, or 80% of initial level
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| Strike date: | March 31
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| Pricing date: | April 1
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| Settlement date: | April 6
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| Agent: | TD Securities (USA) LLC
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| Placement agents: | J.P. Morgan Securities LLC and JPMorgan Chase Bank, NA
|
| Fees: | 3%
|
| Cusip: | 89114RHD1
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