Published on 10/27/2020 in the Prospect News Structured Products Daily.
New Issue: TD prices $500,000 callable contingent interest barrier notes on indexes, ETF
By Wendy Van Sickle
Columbus, Ohio, Oct. 27 – Toronto-Dominion Bank priced $500,000 of callable contingent interest barrier notes due Oct. 22, 2027 linked to the least performing of the SPDR S&P Regional Banking ETF, the Euro Stoxx 50 index, the Russell 2000 index and the S&P 500 index, 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 9% if each asset closes at or above the 75% 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 unless any asset finishes below the 60% barrier level, in which case investors will lose 1% for each 1% decline of the least-performing asset 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 assets: | SPDR S&P Regional Banking ETF, Euro Stoxx 50 index, Russell 500 index and S&P 500 index
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Amount: | $500,000
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Maturity: | Oct. 22, 2027
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Coupon: | 9%, payable quarterly if each asset closes at or above contingent interest barrier level on observation date for that quarter
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Price: | Par
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Payout at maturity: | Par unless any asset finishes below barrier level, in which case 1% loss for each 1% decline of lesser-performing asset from initial level
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Call option: | At par on any quarterly observation date
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Initial levels: | $39.15 for ETF, 3,242.51 for Stoxx, 1,613.628 for Russell, 3,426.92 for S&P
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Coupon barrier levels: | $29.3625 for ETF, 2,431.8825 for Stoxx, 1,210.221 for Russell, 1,507.19 for S&P; 75% of initial levels
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Barrier levels: | $23.49 for ETF, 1,945.506 for Stoxx, 968.1768 for Russell, 12,056.152 for S&P; 60% of initial levels
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Pricing date: | Oct. 19
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Settlement date: | Oct. 22
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Agent: | TD Securities (USA) LLC
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Fees: | 3.75%
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Cusip: | 89114RV29
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