Published on 9/17/2020 in the Prospect News Structured Products Daily.
New Issue: TD sells $2.05 million contingent interest barrier autocalls with memory on stocks
By Sarah Lizee
Olympia, Wash., Sept. 17 – Toronto-Dominion Bank priced $2.05 million of autocallable contingent interest barrier notes with memory interest due Sept. 20, 2023 linked to the least performing of the common stocks of Broadcom Inc., Qualcomm Inc. and T-Mobile US, 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 10.05% if each stock closes at or above its interest barrier value, 50% of its initial share price, on the valuation date for that period, plus any previously unpaid coupons.
The notes will be called at par if each stock closes at or above its initial share price on any monthly call observation date after six months.
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 with memory interest
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| Underlying stocks: | Broadcom Inc., Qualcomm Inc. and T-Mobile US, Inc.
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| Amount: | $2.05 million
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| Maturity: | Sept. 20, 2023
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| Coupon: | 10.05% per year, payable monthly if stocks close at or above interest barrier values on valuation date for that period, plus any previously unpaid coupons
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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 initial level on any monthly call observation date after six months
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| Initial share prices: | $366.91 for Broadcom, $116.58 for Qualcomm, $115.93 for T-Mobile
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| Interest barrier values: | $183.455 for Broadcom, $58.29 for Qualcomm, $57.965 for T-Mobile, or 50% of initial share prices
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| Barrier values: | $183.455 for Broadcom, $58.29 for Qualcomm, $57.965 for T-Mobile, or 50% of initial share prices
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| Pricing date: | Sept. 15
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| Settlement date: | Sept. 18
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| Agent: | TD Securities (USA) LLC
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| Fees: | 3.78%
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| Cusip: | 89114RRU2
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