Published on 12/20/2021 in the Prospect News Structured Products Daily.
New Issue: TD sells $3.5 million callable contingent interest barrier notes on S&P, Dow, Russell
By William Gullotti
Buffalo, N.Y., Dec. 20 – Toronto-Dominion Bank priced $3.5 million of callable contingent interest barrier notes due Dec. 21, 2023 linked to the least performing of the S&P 500 index, the Dow Jones industrial average and the Russell 2000 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent monthly coupon at an annual rate of 8.75% if each index closes at or above the 65% contingent interest barrier level on the relevant observation date.
The notes will be callable at par plus any coupon due on any quarterly observation date.
The payout at maturity will be par plus the final coupon if each index finishes at or above its contingent interest barrier.
If the worst performer finishes below its contingent interest barrier but at or above the 60% barrier level, the payout at maturity will be par. Otherwise, will lose 1% for each 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 indexes: | S&P 500 index, Dow Jones industrial average, Russell 2000 index
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Amount: | $3,496,000
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Maturity: | Dec. 21, 2023
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Coupon: | 8.75% annual rate, payable monthly if each index closes at or above contingent interest barrier level on the corresponding observation date
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Price: | Par
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Payout at maturity: | Par plus final coupon if each index finishes at or above coupon barrier; if the worst performer finishes below its coupon barrier but at or above barrier level, par; otherwise, 1% loss for each 1% decline of worst performer from initial level
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Call option: | At par plus any coupon due on any quarterly observation date
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Initial levels: | 4,668.67 for S&P, 35,897.64 for Dow, 2,152.455 for Russell
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Coupon barrier levels: | 3,034.6355 for S&P, 23,333.466 for Dow, 1,399.0958 for Russell; 65% of initial levels
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Barrier levels: | 2,801.202 for S&P, 21,538.584 for Dow, 1,291.473 for Russell; 60% of initial levels
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Pricing date: | Dec. 16
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Settlement date: | Dec. 21
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Agent: | TD Securities (USA) LLC
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Fees: | None
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Cusip: | 89114TXR8
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