Published on 7/23/2020 in the Prospect News Structured Products Daily.
New Issue: TD prices $615,000 callable contingent interest barrier notes on Dow, Nasdaq, Russell
By Kiku Steinfeld
Chicago, July 23 – Toronto-Dominion Bank priced $615,000 of callable contingent interest barrier notes due July 25, 2025 linked to the least performing of the Nasdaq-100 index, the Russell 2000 index and the Dow Jones industrial average, according to a 424B2 filing with the Securities and Exchange Commission.
Each quarter, the notes will pay a contingent coupon at an annual rate of 10.17% if each index closes at or above the 70% contingent interest barrier level on the observation date for that quarter.
The notes will be callable at par on any quarterly observation date.
The payout at maturity will be par plus any coupon unless any index finishes below the 60% barrier level, in which case investors will lose 1% for each 1% decline of the lesser-performing index from its initial level.
TD Securities (USA) LLC is the agent.
Issuer: | Toronto-Dominion Bank
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Issue: | Callable contingent interest barrier notes
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Underlying indexes: | Nasdaq-100 index, Russell 2000 index and Dow Jones industrial average
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Amount: | $615,000
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Maturity: | July 25, 2025
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Coupon: | 10.17%, payable quarterly if each index closes at or above contingent interest barrier level on observation date for that quarter
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Price: | Par of $1,000
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Payout at maturity: | Par plus any coupon unless any index finishes below barrier level, in which case 1% loss for each 1% decline of lesser-performing index from initial level
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Call option: | At par on any quarterly observation date
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Initial levels: | 27,005.84 for Dow, 10,870.750 for Nasdaq and 1,490.141 for Russell
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Interest barriers: | 18,904.088 for Dow, 7,609.525 for Nasdaq 1,043.0987 for Russell; 70% of initial levels
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Barrier levels: | 16,203.504 for Dow, 6,522.450 for Nasdaq and 894.0846 for Russell; 60% of initial levels
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Pricing date: | July 22
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Settlement date: | July 27
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Agent: | TD Securities (USA) LLC
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Fees: | 0.85%
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Cusip: | 89114RP67
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