Published on 1/5/2021 in the Prospect News Structured Products Daily.
New Issue: TD Bank sells $4.25 million dual directional barrier notes on Nasdaq
By Marisa Wong
Los Angeles, Jan. 5 – Toronto-Dominion Bank priced $4.25 million of 0% dual directional barrier notes due Dec. 10, 2021 linked to the Nasdaq-100 index, according to a 424B2 filing with the Securities and Exchange Commission.
If the final index level is greater than or equal to the initial index level, the payout at maturity will be par plus the index return, capped at 6%.
If the index finishes below its initial level but at or above the 76.8% barrier level, the payout will be par plus the absolute value of the index return.
If the index finishes below the barrier level, investors will lose 1% for every 1% index decline below the initial level.
TD Securities (USA) LLC is the agent with J.P. Morgan Securities LLC and JPMorgan Chase Bank, NA as placement agents.
Issuer: | Toronto-Dominion Bank
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Issue: | Dual directional barrier notes
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Underlying index: | Nasdaq-100
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Amount: | $4.25 million
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Maturity: | Dec. 10, 2021
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Coupon: | 0%
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Price: | Par
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Payout at maturity: | Par plus any index gain, capped at 6%; if the index finishes below its initial level but at or above the barrier level, par plus the absolute value of the index return; otherwise, 1% loss for every 1% index decline below the initial level
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Initial level: | 12,079.81
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Barrier level: | 9,277.2941, 76.8% of initial level
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Final level: | Average of index closing levels for five trading days ending Dec. 7, 2021
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Pricing date: | Nov. 24
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Settlement date: | Nov. 30
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Agent: | 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: | 1%
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Cusip: | 89114RYT7
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