Published on 8/20/2020 in the Prospect News Structured Products Daily.
New Issue: TD Bank prices $8.03 million contingent interest barrier autocallables on tech stocks
By Sarah Lizee
Olympia, Wash., Aug. 20 – Toronto-Dominion Bank priced $8.03 million of autocallable contingent interest barrier notes due Aug. 23, 2023 linked to the least performing of 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 month, the notes pay a contingent coupon at an annual rate of 13% if each stock closes at or above its interest barrier value, 55% 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 its initial share price on any quarterly call observation date after six months.
The payout at maturity will be par unless any stock finishes below its barrier value, 55% 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: | Apple Inc., Amazon.com, Inc., Alphabet Inc. and Netflix, Inc.
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| Amount: | $8,033,000
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| Maturity: | Aug. 23, 2023
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| Coupon: | 13% per year, payable monthly 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 its initial share price on any quarterly call observation date after six months
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| Initial share prices: | $462.25 for Apple, $3,312.49 for Amazon.com, $1,558.60 for Alphabet, $491.87 for Netflix
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| Interest barrier values: | $254.2375 for Apple, $1,821.8695 for Amazon.com, $857.23 for Alphabet, $270.5285 for Netflix, or 55% of initial share prices
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| Barrier values: | $254.2375 for Apple, $1,821.8695 for Amazon.com, $857.23 for Alphabet, $270.5285 for Netflix, or 55% of initial share prices
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| Pricing date: | Aug. 18
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| Settlement date: | Aug. 21
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| Agent: | TD Securities (USA) LLC
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| Fees: | 3.5%
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| Cusip: | 89114RQ41
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