Published on 5/27/2020 in the Prospect News Structured Products Daily.
New Issue: TD Bank prices $1.11 million contingent interest barrier autocallables linked to stocks
By Sarah Lizee
Olympia, Wash., May 27 – Toronto-Dominion Bank priced $1.11 million of autocallable contingent interest barrier notes due May 24, 2023 linked to the least performing of the common stocks of Bank of America Corp., Citigroup Inc. and JPMorgan Chase & Co., according to a 424B2 filing with the Securities and Exchange Commission.
Each quarter, the notes pay a contingent coupon at an annual rate of 15% if each stock closes at or above its interest barrier value, 50% of its initial share price, on the valuation date for that period.
The notes will be called at par if each stock closes at or above 85% of its initial share price on any quarterly call observation date.
The payout at maturity will be par unless any stock finishes below its barrier value, 50% of its initial value, in which case investors will be fully exposed to the decline of the least-performing stock.
TD Securities (USA) LLC is the underwriter.
Issuer: | Toronto-Dominion Bank
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Issue: | Autocallable contingent interest barrier notes
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Underlying stocks: | Bank of America Corp., Citigroup Inc. and JPMorgan Chase & Co.
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Amount: | $1.11 million
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Maturity: | May 24, 2023
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Coupon: | 15% per year, payable quarterly if stocks close at or above interest barrier values on valuation date for that period
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Price: | Par
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Payout at maturity: | Par unless any stock finishes below barrier value, in which case full exposure to least-performing stock’s decline
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Call: | Automatically at par if each stock closes at or above 85% of initial level on any quarterly call observation date
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Initial share prices: | $22.66 for BofA, $44.10 for Citi, $89.47 for JPM
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Interest barrier values: | $11.33 for BofA, $22.05 for Citi, $44.735 for JPM, or 50% of initial share prices
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Barrier values: | $11.33 for BofA, $22.05 for Citi, $44.735 for JPM, or 50% of initial share prices
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Pricing date: | May 22
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Settlement date: | May 29
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Agent: | TD Securities (USA) LLC
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Fees: | 1.9%
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Cusip: | 89114RLN4
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