Published on 3/18/2021 in the Prospect News Structured Products Daily.
New Issue: TD Bank prices $1 million contingent interest barrier autocalls on stocks
By Wendy Van Sickle
Columbus, Ohio, March 18 – Toronto-Dominion Bank priced $1 million of autocallable contingent interest barrier notes with memory interest due March 7, 2024 linked to the least performing of the common stocks of Amazon.com, Inc., Target Corp. and TJX Cos., Inc., according to a 424B2 filing with the Securities and Exchange Commission.
The notes pay a contingent month coupon at an annual rate of 12.36% if each stock closes at or above its interest barrier value, 55% of its initial share price, on the valuation date for that period.
The notes will be called at par if each stock closes at or above its initial share price on any quarterly call valuation date after six months.
The payout at maturity will be par unless any stock finishes below its barrier value, 55% 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 underwriter.
| Issuer: | Toronto-Dominion Bank
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| Issue: | Autocallable contingent interest barrier notes with memory interest
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| Underlying stocks: | Amazon.com, Inc., Target Corp. and TJX Cos., Inc.
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| Amount: | $1 million
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| Maturity: | March 7, 2024
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| Coupon: | 12.36% per year, payable monthly if each stock close at or above interest barrier on valuation date for that period
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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 level on any quarterly call valuation date after six months
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| Initial share prices: | $3,146.14 for Amazon.com, $67.25 for TJX Cos. and $186.09 for Target
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| Interest barrier: | $1,887.684 for Amazon.com, $40.35 for TJX Cos. and $111.654 for Target; 60% of initial share prices
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| Barrier values: | $1,887.684 for Amazon.com, $40.35 for TJX Cos. and $111.654 for Target; 60% of initial share prices
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| Pricing date: | March 2
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| Settlement date: | March 5
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| Agent: | TD Securities (USA) LLC
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| Fees: | 1.6%
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| Cusip: | 891160SZ7
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