Published on 6/16/2021 in the Prospect News Structured Products Daily.
New Issue: TD Bank sells $500,000 contingent interest barrier autocalls tied to ETF, indexes
By Wendy Van Sickle
Columbus, Ohio, June 16 – Toronto-Dominion Bank sold $500,000 of autocallable contingent interest barrier notes due June 13, 2024 linked to the least performing of the iShares MSCI Brazil ETF, S&P 500 index, Russell 2000 index and Nasdaq-100 index, according to a 424B2 filing with the Securities and Exchange Commission.
Monthly, the notes will pay a contingent interest payment at the rate of 7.86% per year if each underlying closes at or above the coupon barrier level, 70% of the initial share level, on the observation date for that period.
The notes will be called at par plus the coupon if each underlying closes at or above its initial level on any quarterly observation date.
If the notes are not called, the payout at maturity will be par unless the least performing underlier finishes below the barrier level, 65% of the initial share level, in which case investors will be fully exposed to the laggard’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 assets: | iShares MSCI Brazil ETF, Russell 2000 index, Nasdaq-100 index, S&P 500 index
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| Amount: | $500,000
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| Maturity: | June 13, 2024
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| Coupon: | 7.86% annual rate, payable monthly if each underlying closes at or above coupon barrier level on relevant observation date
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| Level: | Par
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| Payout at maturity: | Par unless any underlying finishes below barrier level, in which case full exposure to laggard’s decline
|
| Call: | Automatically at par if each underlying closes at or above its initial level on any quarterly observation date
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| Initial levels: | $41.39 for ETF, 2,327.128 for Russell, 4,219.55 for S&P, 13,814.94 for Nasdaq
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| Coupon barrier levels: | $28.973 for ETF, 1,628.9896 for Russell, 2,953.685 for S&P, 9,670.458 for Nasdaq; 70% of initial levels
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| Barrier levels: | $26.9035 for ETF, 1,512.6332 for Russell, 2,742.7075 for S&P, 8,979.711 for Nasdaq; 65% of initial levels
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| Pricing date: | June 9
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| Settlement date: | June 14
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| Agent: | TD Securities (USA) LLC
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| Fees: | 3%
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| Cusip: | 89114TL59
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