Published on 7/20/2020 in the Prospect News Structured Products Daily.
New Issue: TD Bank prices $685,000 autocallable contingent interest barrier notes on tech stocks
By Kiku Steinfeld
Chicago, July 20 – Toronto-Dominion Bank priced $685,000 of autocallable contingent interest barrier notes due July 20, 2023 linked to the common stocks of Apple Inc., Amazon.com Inc., Alphabet Inc. and Netflix Inc., according to a 424B2 filing with the Securities and Exchange Commission.
Each six months, the notes will pay a contingent interest payment at the rate of 18% per year if each stock closes at or above the coupon barrier price, 60% of the initial share price, on the observation date for that period.
The notes will be called at par plus the contingent interest payment if the shares of each stock close at or above 85% of the initial price on any semiannual observation date other than the final one.
If the notes are not called, the payout at maturity will be par plus any contingent interest payment due unless the least performing stock finishes below the barrier price, 50% of the initial share price, in which case investors will be fully exposed to the laggard stock’s decline.
TD Securities (USA) LLC is the agent.
| Issuer: | Toronto-Dominion Bank
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| Issue: | Autocallable contingent interest barrier notes
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| Underlying stocks: | Apple Inc., Amazon.com Inc., Alphabet Inc. and Netflix Inc.
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| Amount: | $685,000
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| Maturity: | July 20, 2023
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| Coupon: | Each six months, notes pay contingent interest at rate of 18% per year if all shares close at or above barrier price on the relevant observation date
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| Price: | Par
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| Payout at maturity: | Par plus any contingent interest payment due unless any stock finishes below barrier price, in which case full exposure to laggard stock’s decline
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| Call: | Automatically at par plus contingent interest payment if shares of each stock close at or above 85% of initial price on any semiannual observation date other than final one
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| Initial share prices: | $390.90 for Apple, $3,008.87 for Amazon, $1,513.64 for Alphabet, $523.26 for Netflix
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| Call levels: | $332.265 for Apple, $2,557.5395 for Amazon, $1,286.594 for Alphabet, $444.771 for Netflix, 85% of initial levels
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| Coupon barrier prices: | $234.54 for Apple, $1,805.322 for Amazon, $908.184 for Alphabet, $313.956 for Netflix; 60% of initial levels
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| Barrier prices: | $195.45 for Apple, $1,504.435 for Amazon, $756.82 for Alphabet, $261.63 for Netflix; 50% of initial levels
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| Pricing date: | July 16
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| Settlement date: | July 21
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| Agent: | TD Securities (USA) LLC5
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| Fees: | 2.18%
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| Cusip: | 89114RP59
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