Published on 8/11/2021 in the Prospect News Structured Products Daily.
New Issue: TD Bank prices $1.7 million contingent interest barrier autocalls on credit card stocks
By William Gullotti
Buffalo, N.Y., Aug. 11 – Toronto-Dominion Bank priced $1.7 million of autocallable contingent interest barrier notes due May 23, 2023 linked to the least performing of the common stocks of American Express Co., Mastercard Inc. and Visa Inc., according to a 424B2 filing with the Securities and Exchange Commission.
Quarterly, the notes will pay a contingent interest payment at the rate of 8% per year if each stock closes at or above the coupon barrier price, 65% of the initial share price, on the observation date for that period.
The notes will be called at par plus coupon if each stock closes at or above its initial price 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, 65% 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
|
| Issue: | Autocallable contingent interest barrier notes
|
| Underlying stocks: | American Express Co., Mastercard Inc., Visa Inc.
|
| Amount: | $1,695,000
|
| Maturity: | May 23, 2023
|
| Coupon: | 8% annual rate, payable quarterly if each stock closes at or above coupon barrier level on relevant observation date
|
| Price: | Par
|
| Payout at maturity: | Par unless any stock finishes below barrier price, in which case full exposure to laggard stock’s decline
|
| Call: | Automatically at par plus coupon if each stock closes at or above its initial level on any quarterly observation date
|
| Initial share prices: | $156.86 for AmEx, $363.30 for Mastercard, $226.44 for Visa
|
| Coupon barrier levels: | $101.959 for AmEx, $236.145 for Mastercard, $147.186 for Visa; 65% of initial levels
|
| Barrier levels: | $101.959 for AmEx, $236.145 for Mastercard, $147.186 for Visa; 65% of initial levels
|
| Pricing date: | May 18
|
| Settlement date: | May 21
|
| Agent: | TD Securities (USA) LLC
|
| Fees: | 2%
|
| Cusip: | 89114TJU7
|
© 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.
