Published on 4/13/2020 in the Prospect News Structured Products Daily.
New Issue: TD Bank sells $647,000 dual directional barrier notes on S&P 500
By Marisa Wong
Los Angeles, April 13 – Toronto-Dominion Bank priced $647,000 of 0% dual directional barrier notes due April 13, 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, capped at 20%.
If the index finishes below its initial level but at or above the 81.4% barrier level, the payout will be par plus the absolute value of the index return.
If the index finishes below the barrier level, investors will lose 1% for every 1% index decline below the initial level.
TD Securities (USA) LLC is the agent.
Issuer: | Toronto-Dominion Bank
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Issue: | Dual directional barrier notes
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Underlying index: | S&P 500
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Amount: | $647,000
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Maturity: | April 13, 2021
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Coupon: | 0%
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Price: | Par
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Payout at maturity: | Par plus any index gain, capped at 20%; if the index finishes below its initial level but at or above the barrier level, par plus the absolute value of the index return; otherwise, 1% loss for every 1% index decline below the initial level
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Initial level: | 2,630.07
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Barrier level: | 2,140.877, 81.4% of initial level
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Final level: | Average of index closing levels for five trading days ending April 8, 2021
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Strike date: | March 26
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Pricing date: | March 27
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Settlement date: | April 1
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Agent: | TD Securities (USA) LLC
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Fees: | 1%
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Cusip: | 89114RGT7
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