By Wendy Van Sickle
Columbus, Ohio, April 5 – Toronto-Dominion Bank priced $1.2 million of autocallable contingent interest barrier notes with memory interest due April 6, 2022 linked to the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
If the index closes at or above the barrier level – 75% of its initial level – on the related observation date, the notes will pay a contingent coupon for that quarter at the annual rate of 6.68% and any previously unpaid contingent interest payments with respect to any previous review days on which the index closed below the interest barrier.
If the index closes at or above the initial level on any quarterly review date other than the final one, the notes will be called at par plus the contingent coupon and any previously unpaid contingent interest payments with respect to any previous review days on which the index closed below the interest barrier.
The payout at maturity will be par plus the contingent coupon and any previously unpaid contingent interest payments unless the index closes below the 75% barrier level during the life of the notes and finishes below the initial level, in which case investors will be exposed to the index’s decline from the initial level.
TD Securities (USA) LLC is the agent.
| Issuer: | Toronto-Dominion Bank
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| Issue: | Autocallable contingent interest barrier notes with memory interest
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| Underlying index: | S&P 500 index
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| Amount: | $1.2 million
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| Maturity: | April 6, 2022
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| Coupon: | 6.68% per year, payable quarterly, plus any previously unpaid contingent interest payments with respect to any previous review dates, if index closes at or above barrier price on quarterly review date
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| Price: | Par
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| Payout at maturity: | Par plus the contingent coupon and any previously unpaid contingent interest payments unless the index closes below the barrier level during the life of the notes and finishes below the initial level, in which case investors will be exposed to the index’s decline from the initial level
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| Call: | If index closes at or above initial level on any quarterly review date other than the final one, automatically at par plus contingent coupon and any previously unpaid contingent interest payments
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| Initial index level: | 3,913.1
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| Barrier level: | 2,934.825, 75% of initial level
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| Pricing date: | March 22
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| Settlement date: | March 25
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| Agent: | TD Securities (USA) LLC
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| Fees: | 1%
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| Cusip: | 89114TEF5
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