Published on 11/3/2020 in the Prospect News Structured Products Daily.
New Issue: TD Bank prices $3.31 million contingent interest barrier autocallables linked to stocks
By Wendy Van Sickle
Columbus, Ohio, Nov. 3 – Toronto-Dominion Bank priced $3.31 million of autocallable contingent interest barrier notes due Nov. 2, 2023 linked to the least performing of the common stocks of Chevron Corp., Marathon Petroleum Corp. and Exxon Mobil Corp., according to a 424B2 filing with the Securities and Exchange Commission.
Each quarter, the notes pay a contingent coupon at an annual rate of 20.4% if each stock closes at or above its interest barrier value, 60% 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 any quarterly observation date.
The payout at maturity will be par unless any stock finishes below its barrier value, 60% 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: | Chevron Corp., Marathon Petroleum Corp. and Exxon Mobil Corp.
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| Amount: | $3,314,000
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| Maturity: | Nov. 1, 2023
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| Coupon: | 20.4% 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 any quarterly observation date
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| Initial share prices: | $66.88 for Chevron, $27.50 for Marathon, $31.57 for Exxon
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| Interest barrier values: | $40.128 for Chevron, $16.50 for Marathon, $18.942 for Exxon, or 60% of initial share prices
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| Barrier values: | $40.128 for Chevron, $16.50 for Marathon, $18.942 for Exxon, or 60% of initial share prices
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| Pricing date: | Oct. 27
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| Settlement date: | Oct. 30
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| Agent: | TD Securities (USA) LLC
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| Fees: | 3.5%
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| Cusip: | 89114RVT0
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