Published on 5/21/2021 in the Prospect News Structured Products Daily.
New Issue: TD Bank prices $2.49 million autocallable contingent interest barrier notes on stocks
By Wendy Van Sickle
Columbus, Ohio, May 21 – Toronto-Dominion Bank priced $2.49 million of autocallable contingent interest barrier notes due May 3, 2024 linked to the common stocks of Apple Inc., Amazon.com, Inc., Alphabet Inc. and Microsoft Corp., according to a 424B2 filing with the Securities and Exchange Commission.
Semiannually, the notes will pay a contingent interest payment at the rate of 10.5% per year if each stock closes at or above the coupon barrier price, 67.5% of the initial share price, on the observation date for that period.
The notes will be called at par if each stock closes at or above its initial price on any semiannual 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, 650% 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: | Autocallable contingent interest barrier notes
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| Underlying stocks: | Apple Inc., Amazon.com, Inc., Alphabet Inc. and Microsoft Corp.
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| Amount: | $2.49 million
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| Maturity: | May 3, 2024
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| Coupon: | 10.5% annual rate, payable semiannually if each stock closes at or above coupon barrier level on relevant observation date
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| 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
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| Call: | Automatically at par if each stock closes at or above its call level on any semiannual observation date
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| Initial share prices: | $133.48 for Apple, $3,471.31 for Amazon, $2,429.89 for Alphabet and $252.51 for Microsoft
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| Call levels: | $110.286 for Apple, $2,823.75 for Amazon, $1,847.664 for Alphabet and $213.822 for Microsoft; 90% of initial levels
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| Coupon barrier levels: | $90.4327 for Apple, $2,351.8125 for Amazon, $1,646.2505 for Alphabet and $171.0755 for Microsoft; 67.5% of initial levels
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| Barrier levels: | $88.762 for Apple, $2,256.3515 for Amazon, $1,579.4285 for Alphabet and $164.315 for Microsoft; 65% of initial levels
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| Pricing date: | April 30
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| Settlement date: | May 5
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| Agent: | TD Securities (USA) LLC
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| Fees: | 2%
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| Cusip: | 89114THL9
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