Published on 10/21/2020 in the Prospect News Structured Products Daily.
New Issue: TD Bank prices $1.02 million contingent interest barrier autocallables linked to stocks
By Wendy Van Sickle
Columbus, Ohio, Oct. 21 – Toronto-Dominion Bank priced $1.02 million of autocallable contingent interest barrier notes due April 21, 2021 linked to the least performing of the common stock of Advanced Micro Devices, Inc. and the American Depositary Receipts of Alibaba Group Holding Ltd., according to a 424B2 filing with the Securities and Exchange Commission.
Each quarter, the notes pay a contingent coupon at an annual rate of 17.5% if each stock closes at or above its interest barrier value, 70% of its initial share price, on the valuation date for that quarter.
The notes will be called at par if each stock closes at or above its initial share price on Jan. 16, 2021.
The payout at maturity will be par unless any stock finishes below its barrier value, 70% 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 agent.
| Issuer: | Toronto-Dominion Bank
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| Issue: | Autocallable contingent interest barrier notes
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| Underlying stocks: | Advanced Micro Devices, Inc. and Alibaba Group Holding Ltd.
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| Amount: | $1.02 million
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| Maturity: | April 21, 2021
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| Coupon: | 17.5% per year, payable quarterly if stocks close at or above interest barrier values on valuation date for that quarter
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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 share price on Jan. 16, 2021
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| Initial share prices: | $83.17 for Advanced Micro, $307.31 for Alibaba
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| Interest barrier values: | $58.219 for Advanced Micro, $215.117 for Alibaba, or 70% of initial share prices
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| Barrier values: | $58.219 for Advanced Micro, $215.117 for Alibaba, or 70% of initial share prices
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| Pricing date: | Oct. 16
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| Settlement date: | Oct. 21
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| Agent: | TD Securities (USA) LLC
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| Fees: | 2.6%
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| Cusip: | 891160SN4
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