Published on 9/7/2020 in the Prospect News Structured Products Daily.
New Issue: TD sells $3.83 million 9.8% autocallable fixed interest barrier notes on stocks
By Kiku Steinfeld
Chicago, Sept. 8 – Toronto-Dominion Bank priced $3.83 million of 9.8% autocallable fixed interest barrier notes due Sept. 6, 2023 linked to the shares of Apple Inc., Amazon.com, Inc., Alphabet Inc. and Netflix, Inc., according to a 424B2 filing with the Securities and Exchange Commission.
Interest is payable monthly.
The notes will be called at par plus the contingent coupon if the shares of each stock close at or above the initial share price on any quarterly call observation date after six months.
The payout at maturity will be par plus the contingent coupon unless the stock finishes below the barrier price, 60% 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 underwriter.
Issuer: | Toronto-Dominion Bank
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Issue: | Autocallable fixed interest barrier notes
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Underlying stocks: | Apple Inc., Amazon.com, Inc., Alphabet Inc. and Netflix, Inc.
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Amount: | $3,825,000
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Maturity: | Sept. 6, 2023
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Coupon: | 9.8%, payable monthly
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Price: | Par
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Payout at maturity: | Par plus contingent coupon 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 coupon if shares of each stock close at or above initial share price on any quarterly call observation date after six months
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Initial share prices: | $129.04 for Apple, $3,450.96 for Amazon, $1,634.18for Alphabet, $88.85 for Netflix
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Barrier prices: | $77.424 for Apple, $2,070.576 for Amazon, $980.508 for Alphabet, $317.736 for Netflix, 60% of initial share prices
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Pricing date: | Aug. 31
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Settlement date: | Sept. 3
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Agent: | TD Securities (USA) LLC
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Fees: | 3.5%
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Cusip: | 89114RQX7
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