Published on 7/23/2021 in the Prospect News Structured Products Daily.
New Issue: TD Bank prices $1.2 million contingent interest barrier autocalls on Overstock, Tesla
By William Gullotti
Buffalo, N.Y., July 23 – Toronto-Dominion Bank priced $1.2 million of autocallable contingent interest barrier notes due July 20, 2023 linked to the least performing of the common stocks of Overstock.com, Inc. and Tesla, Inc., according to a 424B2 filing with the Securities and Exchange Commission.
Monthly, the notes will pay a contingent interest payment at the rate of 19.5% 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 will be called at par plus the contingent interest payment if the shares of each stock close at or above their call threshold, 80% of initial level, on any monthly observation date after three months.
If the notes are not called, the payout at maturity will be par plus any contingent interest payment due unless the least performing stock finishes below the barrier price, 50% of the initial share price, in which case investors will be fully exposed to the laggard stock’s decline from its initial level.
TD Securities (USA) LLC is the agent.
| Issuer: | Toronto-Dominion Bank
|
| Issue: | Autocallable contingent interest barrier notes
|
| Underlying stocks: | Overstock.com, Inc., Tesla, Inc.
|
| Amount: | $1,200,000
|
| Maturity: | July 20, 2023
|
| Coupon: | 19.5% annual rate, payable monthly if all stocks close at or above their coupon barrier prices on the relevant observation date
|
| Price: | Par
|
| Payout at maturity: | Par plus any contingent interest payment due unless any stock finishes below barrier price, in which case full exposure to laggard stock’s decline from its initial level
|
| Call: | Automatically at par plus contingent interest payment if each stock closes at or above its call threshold on any monthly observation date after three months
|
| Initial share prices: | $81.63 for Overstock, $644.22 for Tesla
|
| Call threshold: | $65.304 for Overstock, $515.376 for Tesla; 80% of initial levels
|
| Coupon barrier prices: | $48.978 for Overstock, $386.532 for Tesla; 60% of initial levels
|
| Barrier value prices: | $40.815 for Overstock, $322.11 for Tesla; 50% of initial levels
|
| Pricing date: | July 16
|
| Settlement date: | July 21
|
| Agent: | TD Securities (USA) LLC
|
| Fees: | 3.25%
|
| Cusip: | 89114TN81
|
|
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
