By Taylor Fox
New York, March 19 – Toronto-Dominion Bank priced $1.16 million of callable contingent interest barrier notes due March 12, 2026 linked to the common stocks of Citigroup Inc., First Horizon Corp. and Wells Fargo & Co., according to a 424B2 filing with the Securities and Exchange Commission.
Each quarter, the notes will pay a contingent interest payment at the rate of 11.8% per year if each stock closes at or above the coupon barrier price, 60% of the initial share price, on the observation date for that period.
The notes may be called at par plus any coupon on any quarterly observation date.
If the notes are not called, the payout at maturity will be par unless the least performing 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 agent.
| Issuer: | Toronto-Dominion Bank
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| Issue: | Callable contingent interest barrier notes
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| Underlying stocks: | Citigroup Inc., First Horizon Corp. and Wells Fargo & Co.
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| Amount: | $1,155,000
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| Maturity: | March 12, 2026
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| Coupon: | 11.8% annual rate, payable each quarter that all stocks close at or above barrier price on the relevant observation date
|
| Price: | Par
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| Payout at maturity: | Par unless any stock finishes below barrier price, in which case full exposure to laggard stock’s decline
|
| Call option: | At par plus any coupon on any quarterly observation date
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| Initial share prices: | $70.99 for Citigroup, $16.69 for First Horizon and $38.13 for Wells Fargo
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| Coupon barrier levels: | $42.594 for Citigroup, $10.014 for First Horizon and $22.878 for Wells Fargo; 60% of initial levels
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| Barrier levels: | $42.594 for Citigroup, $10.014 for First Horizon and $22.878 for Wells Fargo; 60% of initial levels
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| Pricing date: | March 9
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| Settlement date: | March 12
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| Agent: | TD Securities (USA) LLC
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| Fees: | 3.75%
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| Cusip: | 89114TCU4
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