By Taylor Fox
New York, Oct. 27 – Toronto-Dominion Bank priced $1.47 million of autocallable contingent interest barrier notes due Oct. 3, 2023 linked to the common stocks of Chevron Corp., Intel Corp., JPMorgan Chase & Co. and Walmart Inc., according to a 424B2 filing with the Securities and Exchange Commission.
Each month, the notes will pay a contingent interest payment at the rate of 14.43% per year if each stock closes at or above the coupon barrier price, 60% of the initial share price, on the observation date for that period.
The notes will be called at par plus the contingent interest payment if the shares of each stock close at or above 100% of the initial price on any quarterly observation date.
If the notes are not called, the payout at maturity will be par plus any contingent interest payment due unless the least performing 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 agent.
| Issuer: | Toronto-Dominion Bank
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| Issue: | Autocallable contingent interest barrier notes
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| Underlying stocks: | Chevron Corp., Intel Corp., JPMorgan Chase & Co. and Walmart Inc
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| Amount: | $1,470,000
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| Maturity: | Oct. 3, 2023
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| Coupon: | Each month, the notes pay a contingent coupon at rate of 14.43% per year if all stocks close at or above their barrier prices on the relevant observation date
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| Price: | Par
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| Payout at maturity: | Par plus any contingent interest payment due 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 interest payment if shares of each stock close at or above initial price on any quarterly observation date
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| Initial share prices: | $73.93 for Chevron, $51.43 for Intel, $96.16 for JPMorgan and $137.25 for Walmart
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| Barrier prices: | $44.358 for Chevron, $30.858 for Intel, $57.696 for JPMorgan and $82.35 for Walmart; 60% of initial levels
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| Pricing date: | Sept. 28
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| Settlement date: | Sept. 30
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| Agent: | TD Securities (USA) LLC
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| Fees: | 3.5%
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| Cusip: | 89114RTC0
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