Published on 11/29/2020 in the Prospect News Structured Products Daily.
New Issue: TD Bank prices $1.51 million capped barrier return enhanced notes on S&P 500
By Kiku Steinfeld
Chicago, Nov. 30 – Toronto-Dominion Bank priced $1.51 million of 0% capped barrier return enhanced notes due Nov. 16, 2023 linked to the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
If the final index level is greater than the initial index level, the payout at maturity will be par plus 200% of the index return, capped at par plus 26.4%.
If the final index level is less than or equal to the initial index level but greater than or equal to the barrier value, 85% of the initial index level, the payout will be par.
If the final index level is less than the barrier value, investors will lose 1% for every 1% that the index declines from its initial level.
TD Securities (USA) LLC is the agent. J.P. Morgan Securities LLC and JPMorgan Chase Bank, NA are the placement agents.
Issuer: | Toronto-Dominion Bank
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Issue: | Capped barrier return enhanced notes
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Underlying index: | S&P 500
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Amount: | $1,506,000
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Maturity: | Nov. 16, 2023
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Coupon: | 0%
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Price: | Par
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Payout at maturity: | If final index level is greater than initial index level, par plus 200% of the index return, capped at par plus 26.4%; if final index level is less than or equal to initial index level but greater than or equal to barrier value, par; if final index level is less than barrier value, 1% loss for every 1% that index declines from initial level
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Initial level: | 3,585.15
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Barrier value: | 3,047.3775, 85% of initial index level
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Pricing date: | Nov. 13
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Settlement date: | Nov. 18
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Agents: | TD Securities (USA) LLC
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Placement agents: | J.P. Morgan Securities LLC and JPMorgan Chase Bank, NA
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Fees: | 2%
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Cusip: | 89114RXK7
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