Published on 9/20/2021 in the Prospect News Structured Products Daily.
New Issue: TD Bank sells $10.48 million callable contingent interest barrier notes on Airbnb, Tesla
By Wendy Van Sickle
Columbus, Ohio, Sept. 20 – Toronto-Dominion Bank priced $10.48 million of callable contingent interest barrier notes due Sept. 19, 2024 linked to the common stocks of Airbnb, Inc. and Tesla, Inc., according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent quarterly interest payment at the rate of 20.11% 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 may be called at par plus any coupon due on any quarterly observation date.
If the notes are not called, the payout at maturity will be par plus the final coupon unless the least performing stock finishes below the barrier price, 65% of the initial share price, in which case investors will lose 1% for every 1% decline of the worst performer from its initial level.
TD Securities (USA) LLC is the agent.
| Issuer: | Toronto-Dominion Bank
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| Issue: | Callable contingent interest barrier notes
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| Underlying stocks: | Airbnb, Inc., Tesla, Inc.
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| Amount: | $10,482,000
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| Maturity: | Sept. 19, 2024
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| Coupon: | 20.11% annual rate, payable quarterly if all stocks close at or above barrier price on the relevant observation date
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| Price: | Par
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| Payout at maturity: | Par plus the final coupon unless any stock finishes below barrier price, in which case investors will lose 1% for every 1% decline of the worst performer from its initial level
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| Call option: | At par plus any coupon due on any quarterly observation date
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| Initial share prices: | $168.15 for Airbnb, $756.99 for Tesla
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| Coupon barrier levels: | $109.2975 for Airbnb, $492.0435 for Tesla; 65% of initial levels
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| Barrier levels: | $109.2975 for Airbnb, $492.0435 for Tesla; 65% of initial levels
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| Pricing date: | Sept. 16
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| Settlement date: | Sept. 21
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| Agent: | TD Securities (USA) LLC
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| Fees: | 3.3548%
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| Cusip: | 89114TRG9
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