Published on 11/5/2020 in the Prospect News Structured Products Daily.
New Issue: TD sells $1.56 million 9.8% autocallable fixed-interest barrier notes on financial stocks
By Taylor Fox
New York, Nov. 5 – Toronto-Dominion Bank priced $1.56 million of 8.04% autocallable fixed interest barrier notes due Oct. 14, 2022 linked to the shares of Bank of America Corp., BlackRock, Inc., Citigroup Inc. and Goldman Sachs Group, Inc., according to a 424B2 filing with the Securities and Exchange Commission.
Interest is payable monthly.
The notes will be called at par plus the contingent coupon if the shares of each stock close at or above the initial share price on any monthly call observation date after six months.
The payout at maturity will be par plus the contingent coupon unless the 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 underwriter.
| Issuer: | Toronto-Dominion Bank
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| Issue: | Autocallable fixed interest barrier notes
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| Underlying stocks: | Bank of America Corp., BlackRock, Inc., Citigroup Inc. and Goldman Sachs Group, Inc.
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| Amount: | $1,560,000
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| Maturity: | Oct. 14, 2022
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| Coupon: | 8.04%, payable monthly
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| Price: | Par
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| Payout at maturity: | Par plus contingent coupon 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 coupon if shares of each stock close at or above initial share price on any monthly call observation date after six months
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| Initial share prices: | $25.24 for Bank of America, $604.44 for BlackRock, $44.72 for Citigroup and $207.98 for Goldman Sachs
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| Barrier prices: | $15.144 for Bank of America, $362.664 for BlackRock, $26.832 for Citigroup and $124.788 for Goldman Sachs, 60% of initial share prices
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| Pricing date: | Oct. 8
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| Settlement date: | Oct. 14
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| Agent: | TD Securities (USA) LLC
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| Fees: | 2.8641%
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| Cusip: | 89114RUJ3
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