Published on 10/28/2021 in the Prospect News Structured Products Daily.
New Issue: TD sells $2.2 million 8% fixed interest barrier autocalls on four energy stocks
By William Gullotti
Buffalo, N.Y., Oct. 28 – Toronto-Dominion Bank priced $2.2 million of 8% autocallable fixed-interest barrier notes due Oct. 31, 2023 linked to the stocks of BP plc, Occidental Petroleum Corp., ConocoPhillips and Phillips 66, according to a 424B2 filing with the Securities and Exchange Commission.
Interest is payable monthly.
The notes will be called at par plus the coupon if the shares of each stock close at or above the initial share price on any monthly call observation date after six months.
The payout at maturity will be par plus the coupon unless any stock finishes below the barrier price, 57% of the initial share price, in which case investors will receive a number of shares of the worst performer equal to $1,000 divided by that stock’s initial share price.
TD Securities (USA) LLC is the underwriter.
| Issuer: | Toronto-Dominion Bank
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| Issue: | Autocallable fixed interest barrier notes
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| Underlying stocks: | BP plc, Occidental Petroleum Corp., ConocoPhillips and Phillips 66
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| Amount: | $2.2 million
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| Maturity: | Oct. 31, 2023
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| Coupon: | 8% annual rate, payable monthly
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| Price: | Par
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| Payout at maturity: | Par plus coupon unless any stock finishes below barrier price, in which case receive number of shares of worst performer equal to that stock’s equity ratio
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| Call: | Automatically at par plus coupon if shares of each stock close at or above initial share price on any monthly call observation date after six months
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| Initial share prices: | $29.64 for BP, $35.36 for Occidental, $77.03 for ConocoPhillips, $82.22 for Phillips 66
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| Barrier levels: | $16.8948 for BP, $20.1552 for Occidental, $43.9071 for ConocoPhillips, $46.8654 for Phillips 66; 57% of initial share prices
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| Physical delivery levels: | 33.7382 for BP, 28.2805 for Occidental, 12.982 for ConocoPhillips, 12.1625 for Phillips 66; shares per note
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| Pricing date: | Oct. 26
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| Settlement date: | Oct. 29
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| Agent: | TD Securities (USA) LLC
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| Fees: | 3.0227%
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| Cusip: | 89117GCW5
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